Logica launches global regulatory reporting solution
Logica, a leading business and technology service company, has today launched Logica Insurance and Banking Reporting Architecture (IBRA), a new multi-jurisdictional solution that enables financial institutions to meet statutory reporting requirements in all the markets in which they operate. IBRA’s unique architecture and framework will help financial institutions deliver global, European and country-specific regulatory reports, reducing lead times and compliance costs. IBRA has been developed to meet all global regulations and will be configurable to address new regulations such as Basel III and any demands imposed by the European Banking Authority (EBA).
Michael Versace, Research Director – Global Risk, IDC Financial Insights said: “On one hand, new financial and account regulations around the world, such as Basel III, IFRS and Dodd Frank are coming into cleared focus. On the other hand, regulatory bodies, such as the newly formed EBA and OFR, support global harmonisation of reporting requirements and more frequent reporting. For global institutions with operations in many different countries and multiple products in each region, positioning, compiling and otherwise managing regulatory data, analytics, and reports will be a big challenge. A baseline for meeting emerging requirements is an open architecture and intelligent data model for regulatory reporting. Many institutions will struggle with this transition, particularly those with inflexible and hard coded reporting programs, siloed data repositories, outdated technology platforms.”
Tim Brew, Director, Logica Global Products Business, said: “There is a drastic increase in the number, frequency and complexity of reports for all financial institutions. However, regulation should not be viewed only as a burden. Financial institutions can derive real value from their regulatory data, which can be used to improve management decision-making. With over 25 years of experience in this space, we are pleased to bring to market our new solution IBRA, which will lower compliance costs. IBRA puts financial institutions in control of their regulatory reporting, so they can meet any frequency, configuration or type of report, globally. Our priority is to support our current clients to migrate, we will make this as simple, low risk and cost effective as possible. Our aim is to help them adhere to the new pan-European and ultimately international regulations.”
The solution will fully integrate with existing business systems thereby simplifying the whole migration process. IBRA can be implemented as an independent regulatory reporting system, or deployed as an ASP or utilised on a SaaS basis.
By using IBRA, financial institutions can shorten their lead times to produce reports and respond more quickly to changes in reporting requirements. The product can be configured by Logica’s experts enabling them to produce reporting solutions without constant and significant IT intervention. This reduces IT maintenance costs. IBRA offers transparency, helping to verify the accuracy of the results and trace all the processing steps applied. Users can drill-down from a figure on a regulatory report back to the underlying transactional data and vice versa. Financial institutions can therefore be confident that they can handle any queries from the regulatory bodies.
Functionality also includes fully automated workflow with intelligent exception handling capabilities. The product is highly scalable and can process up to 100 million transactions per day. IBRA can also run multiple versions of a regulatory report within a single installation, allowing financial institutions to easily reproduce historical reports, and to prepare for forthcoming changes in a regulator’s reporting requirements well in advance of these coming into effect.
Logica’s regulatory reporting tools are used by more than 650 financial institutions in Europe including Lloyd’s Banking Group, Societe Generale, and IKB Deutsche Industriebank. In the UK, Logica was the first company to offer a regulatory reporting solution in response to the Bank of England’s requirements in 1986.
NOTES TO EDITORS
Logica is a business and technology service company, employing 39,000 people. It provides business consulting, systems integration and outsourcing to clients around the world, including many of Europe's largest businesses. Logica creates value for clients by successfully integrating people, business and technology. It is committed to long term collaboration, applying insight to create innovative answers to clients’ business needs.
Logica is listed on both the London Stock Exchange and Euronext (Amsterdam) (LSE: LOG; Euronext: LOG). More information is available at www.logica.com.
To find out more about IBRA please visit: www.logica.com/IBRA
Metia for Logica – Global Products Business
Tel: +44 (0)20 3100 3584