The Lombard Risk integrated product suite enables financial institutions to meet risk and regulatory requirements now and as they continue to evolve for collateral management and regulatory compliance.
REG-Reporter – Financial Reporting
Download a pdf version of this press release LONDON, UK – 19th December 2011: Lombard Risk Management plc (LSE: LRM) (“Lombard Risk”), a leading provider of integrated collateral management and liquidity, regulatory and MIS reporting solutions for the financial services industry,...
REG-Reporter addresses the financial reporting requirements of both domestic and international banks and financial institutions by automating compliance with mandated reports to central banks, regulatory agencies, senior management and head offices. The solution helps ensure the accuracy and integrity of financial reports while increasing the efficiency of reporting and mitigating associated risks. It also increases the level of transparency that the central banks are demanding worldwide. REG-Reporter works easily with multiple sources of information as it standardizes data elements and automates report production.
Additionally, REG-Reporter can help an organization accomplish its automation objectives – a data repository of detailed contract-level information; the ability to translate internal information into standard codes (i.e. country, currency, product, customer type, relationship, industry); clear auditable reports and working papers which simplify the work of auditors; concise logical instructions which are maintained as the regulators make changes; report diary; and forms management.
The REG-Reporter process flow
REG-Reporter combines information from all of a bank’s front and back office systems together with general ledger information and feeds it into a central data repository, where key data is translated into standardized codes recognized by the inherent logic of the software. This single source of information eliminates the concerns associated with using several banking applications. The resulting data is then compiled into the line and column of the report formats accepted by the applicable central bank / regulatory agency. If a bank already utilizes a data repository/warehouse with the required level of information, REG-Reporter can interface directly with this source to produce the required reports.
Ease of integration
A REG-Reporter Interface Specification Guide is available to simplify the integration process. The guide describes the interface file layout and details the information that has to be filled into various fields of the file. For ease of integration, the fields and record types are described in general banking terms, enabling the development of interface programs from a wide range of banking applications. Other important integration features include:
- Automated extract programs (Adaptors) and import procedure (ETL)
- Generic standard/logical instructions in reports
- Client specific logic instructions in reports (if required)
- Data mapping within REG-Reporter, NOT within the extract
- Both contract-level data and general ledger balances imported
The REG-Reporter reconciliation reports
Regulatory agencies and internal bank management worldwide are demanding more detail and transparency for financial and regulatory reporting. A complete reconciliation of reported figures back to the general ledger has become an industry requirement. To that end, REG-Reporter provides several reconciliation reports within the application to satisfy even the most stringent of bank policies.
- Asset/Liability reconciliation. This listing provides a trial balance for assets and liabilities at the general ledger account level. Since the general ledger accounts are used as a basis for further reconciliation functions, it is important to confirm that total assets and total liabilities in REG-Reporter are consistent with the bank’s general ledger account balances.
- GL and Sub-ledger reconciliation. This report provides the tool for reconciling sub ledger amounts to their respective posting general ledger account balances.
- Report Reconciliation. This report provides a reconciliation of the records that comprise the amounts on the generated report with the corresponding general ledger balances.
Lombard Risk recognizes that an extremely important element of providing an automated regulatory reporting solution is the on-going maintenance of the software. We offer several unique services, which have earned us the reputation as the industry standard for automating banks’ regulatory reporting needs.
Keeping up with the regulators
Whenever there is a change or modifications to any of the reports we maintain, we will create an “update release” which can be conveniently downloaded from our secure website.
Features “at a glance”
REG-Reporter is a proven solution that has been reviewed by banking regulators and approved by internal and external auditors. The software offers a wide range of report formats, online reporting, built-in reporting logic and a complete audit trail. Reports can be submitted electronically to regulatory authorities. Because REG-Reporter combines data into a single database and translates it into standard codes, it simplifies report preparation and ongoing maintenance. REG-Reporter includes built-in logic allowing the standard data from the source systems to be translated into the salient line and column of each report, making it easy to determine the basis on which reports are to be produced.
Key features include:
- Automatic generation of U.S. & International regulatory reports. REG-Reporter’s current list of reports is available upon request.
- Electronic submission of statutory returns to central banks
- Reporting with general ledger and sub-ledger reconciliation (Database Reconciliation Reports, Asset/Liability Reconciliation Reports, Trial Balance Reports, Average Balance Reconciliation Reports)
- Detailed audit trail of reported figures
- Drill down/Drill Up capabilities – users have the ability to drill down from any line within a regulatory report to a detailed audit trail; from the audit trail, one can further drill down to interrogate each individual deal/contract, which also includes the additional related information held in the data repository
- Efficient interfacing architecture ensuring that data extraction is 100% independent of report generation
- Manual data adjustment with data modification log
- Variance analysis for all reports between any two periods
- News & Press Releases
Lombard Risk recently hosted its Regulatory Compliance User Group conference. Held this year in New York City, the User Group comprises banks from across North and South America that use Lombard Risk’s innovative software to facilitate their US and Canadian regulatory reporting requirements.
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Download a pdf version of this press release LONDON, UK – 19th December 2011: Lombard Risk Management plc (LSE: LRM) (“Lombard Risk”), a leading provider of integrated collateral management and liquidity, regulatory and MIS reporting solutions for the financial services industry,…