Oracle and Lombard Risk partner for regulatory reporting solution
Lombard Risk Management and Oracle Financial Services have teamed up to deliver a global regulatory reporting solution.
Called Oracle Financial Services Regulatory Reporting Solution (OFSRRS), it automates the end-to-end process and integrates Oracle’s Financial Services Data Foundation (FSDF) compute engines with Lombard Risk’s regulatory reporting solution AgileReporter.
AgileReporter is the latest version of Lombard Risk’s long-standing offering in this space, Reporter. It has recently been “refreshed” with a Java re-write.
OFSRRS provides full data lineage so companies “can prove to regulators how they arrived at reporting numbers and meet regulatory requirements”.
Both firms say this integration not only helps banks address regulatory reporting requirements, but addresses BCBS 239 principles of governance and architecture, risk data aggregation, risk reporting, and supervisory review to “help them achieve a comprehensive view” of risk exposures across business lines and legal entities.
Alastair Brown, Lombard Risk’s CEO, says end-to-end regulatory reporting automation has “eluded the industry for years” and adds that the solution “enables multi-jurisdiction institutions to establish a global regulatory report production platform, integrated with full granular data lineage and drill-down”.