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Lombard Risk REPORTER Selected for Chinese Regulatory ReportingAsia Pacific Reporting Hub: Singapore, Hong Kong, Japan, Indonesia and China (November 29, 2011)
LONDON, ENGLAND -- (Marketwire) -- 11/30/11 -- 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, announces an international financial services provider's decision to expand its use of Lombard Risk's regulatory reporting solution, REPORTER, to meet its regulatory obligations in China.
The group has a widely distributed user base with multiple branches across Asia. After successfully completing the replacement of a core banking system and creating a powerful data warehouse in Singapore, they reviewed the range of regulatory submission processes that were in use at several branches (Hong Kong, Japan, Indonesia, Singapore and Shanghai) and selected Lombard Risk to provide an automated and standardised solution across its regional operations.
Lombard Risk's regulatory solution for Shanghai will meet the three key regulators' demands in China: CBRC, SAFE and PBOC - enabling the firm to prepare reports for its "full bank branch" operations in China. The submissions to the Chinese regulators have previously been made through a combination of manual processes and spreadsheets, and Lombard Risk's REPORTER solution will automate this process by calculating the returns using data in the Asia Pacific data warehouse 'hub' in Singapore and submitting them electronically.
William Tong, General Manager Asia Pacific, Lombard Risk explains: "The firm recognised the burden placed on its operations to monitor the regulators' demands (which are on the increase post financial crisis), collate the data from multiple internal systems, calculate the information required and generate and submit the reports. The firm is streamlining and automating processes across the whole of their operations, and Asia Pacific branches will enjoy accurate and timely regulatory submissions from Lombard Risk's REPORTER solution."
John Wisbey, CEO of Lombard Risk, commented: "Lombard Risk has an important commitment to Asia, with our development centre in Shanghai and more than 130 people employed in the region. We have invested heavily in regulatory reporting in Asian countries and Chinese regulatory reporting is an important addition to our portfolio. As well as our country specific solutions in individual Asian countries, we aim to be the regional supplier of choice for international banks in the region, as we are in this case."
Lombard Risk has had a long history of business in Asia, since 1989. It has 3 office locations in Asia, with more than 130 employees: Sales / Support offices in Hong Kong and Singapore, and a sizeable R&D centre in Shanghai headed up by Nick Davies, CTO. Lombard Risk has an extensive client base, many with multi-country implementations, enjoying global solutions and local knowledge.
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