West Bromwich Building Society, the UK’s seventh-largest building society by assets, has selected compliance software from UK-based software provider Lombard Risk to automate their regulatory reporting.
According to Lombard, REPORTER is a fully scalable regulatory compliance solution that keeps pace with regulatory requirements and is fully automated from data collection to electronic output.
In the UK, building societies are regulated by the Financial Services Authority (FSA) under the Financial Services and Markets Act 2000, to ensure societies are run in a safe and prudent manner.
Lombard Risk said REPORTER solution will enhance all of West Bromwich Building Society’s existing and new reporting processes, including the EBA Common Reporting COREP regulations.
John Wisbey, chief executive officer, Lombard Risk said: "Adherence to the new EBA Common Reporting COREP regulations, including large exposures, liquidity coverage and net stable funding, as well as existing FSA and Bank of England reporting, is a major challenge for financial institutions of all sizes.
"With our solution clients can be assured of compliance knowing that Lombard Risk is committed to being the global leader in regulatory reporting."