OneSavings Bank in regtech project with Lombard Risk
The platform will be used to gather key management information and analytics on trends, variances for audits and approvals at OneSavings Bank. It also enables the UK-based 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.
Cameron Joe, head of regulatory reporting at OneSavings Bank, says: “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.”
OneSavings bank is a relatively new entrant in the UK banking sector – it is an amalgamation of a number of financial services businesses owned by US-based private equity firm JC Flowers.
The bank says it has invested in building a “highly efficient” compliance operation not constrained by legacy systems and processes that other financial services providers have to contend with.