Lombard Risk Management has agreed to supply its flagship regulatory reporting platform to OneSavings Bank.
The platform, dubbed AgileREPORTER, will be used to gather key management information and analytics around trends, variances for audits and approvals at the challenger bank.
It will also enable OneSavings Bank to track and prove its compliance with all relevant Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA), Bank of England and European Banking Authority (EBA) requirements.
OneSavings Bank, a specialist lender and retail savings group with a balance sheet of over £6bn, said it has taken 10-year licence for AgileREPORTER.
Cameron Joe, head of regulatory reporting at OneSavings Bank, said: “We looked at a range of different regulatory reporting platforms and Lombard Risk offered the best solution to fully streamline our regulatory reporting and ensure we are on time, regulated, and compliant. As a growing FTSE 250-listed bank we wanted to build a scalable, reliable and technology rich foundation that provides the flexibility to adapt and develop as we grow the business and our product offerings.”
Founded in 1989, Lombard Risk helps its clients reduce the cost and complexity of managing risk while maximising accuracy, speed and value according to its website.
The company’s clients include banking businesses, counting over 30 of the world’s ‘Top 50’ financial institutions, as well as investment firms, asset managers, hedge funds, fund administrators, insurance firms and large corporations worldwide.
With regulations like MiFID II fast approaching, European financial services firms are under increasing strain to find ways to manage and reduce the burden of compliance, regulation and risk. Due to the increasing need, Global investments in the RegTech sector have been increasing.
Last year, more than $889m was invested across 86 RegTech deals according to data by FinTech Global. In the first three quarters of the year, investments into the global RegTech sector stands at more $523m, having seen a total of 47 deals.
Last month, InfoReach, a provider of multi-asset electronic trading technology for capital markets, incorporated MiFID II support into its solutions. While PerformLine, a provider of automated compliance solutions for enterprises, launched its Complaint Risk Signal Platform.
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