Lombard Risk Management, which offers integrated collateral management, liquidity and regulatory reporting solutions, launched its COREP/Basel III solution using the new Web-based version of its regulatory compliance software suite.
The firm presented the new Web-based version utilizing a working example of the forthcoming December 2012 European Banking Authority's COmmon REPorting (COREP), which the firm described as being Basel II's the first obvious reporting manifestation.
Lombard Risk's new Web-based regulatory compliance solution offers regulatory reporting, stress testing and scenario analysis, management / business information and collateral management on a fully-integrated Web platform.
The new solution was developed to directly respond to the increasing and changing demands of global regulators for transparency and insight into firms' operations at a detailed level. This will enable firms to cofidently meet these requirements.
"The absolute key to modern regulatory reporting is to have the ability to react very quickly to regulatory change and to be able to deal with ad-hoc reporting requests whether from regulators or from senior management" CEO John Wisbey said. "Our new, web-based solution suite deals with all these challenges as well as having the best user interface in the industry, excellent workflow, multi-level authorisation, and multi-language capability, all based on our tried and tested core engine and ETL tool which is used by more than 200 financial institutions around the world."
"Financial institutions leveraging our customisable workflow enabled solution will be more effective and efficient," CTO Nick Davies said. "Firms can immediately move from a reactive operational model to a proactive one with RAG status traffic light indicators representing regulatory processing Key Performance/Risk Indicators (KPIs/KRIs). This provides a higher return on investment (ROI) with improved data quality and reduced regulatory submission risk."