Bank of Cyprus UK Chooses Lombard Risk to Replace Existing Regulatory Reporting Solution

Lombard Risk Management plc (AIM:LRM.L), a leading provider of integrated collateral management and regulatory reporting solutions for the financial services industry, is pleased to announce that Bank of Cyprus UK has chosen Lombard Risk’s AgileREPORTER for automated regulatory reporting.

Bank of Cyprus UK provides branch, online and mobile banking services to personal and business customers.  Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, it is required to submit regulatory reports to the Bank of England, the Financial Conduct Authority and the European Banking Authority. AgileREPORTER will provide comprehensive coverage of all its capital, statistical and liquidity reporting needs for both local and European regulators.

Bank of Cyprus UK wanted to improve on their existing regulatory reporting solution which required a number of supplementary manual processes to deliver its reports.AgileREPORTER was chosen to provide automated reporting for multiple regulators through a single platform.

Andrew Michaelides, Chief Financial Officer of Bank of Cyprus UK said: “As complex regulatory requirements continue to evolve, a comprehensive, automated reporting solution is a must, to simplify and accelerate the reporting process and reduce operational risk. We selected Lombard Risk because their solution meets our needs and they have established expertise in this area.”

For Bank of Cyprus UK, AgileREPORTER will automate end-to-end reporting from the acquisition of data through calculation, formatting and submission.

Alastair Brown, Lombard Risk’s Chief Executive Officer added: “We’re delighted that Bank of Cyprus UK selected Lombard Risk at the end of a competitive process. We look forward to working together to bring agility to the bank’s regulatory reporting process through a single, automated solution.”