Ghana International Bank gets new compliance solution to meet UK’s Financial Services Authority standards
Lombard Risk Management Plc Monday February 6, 2012 announced that the Ghana International Bank Plc (GHIB) is now using its risk product – REPORTER- to meet regulatory demands set by the UK’s Financial Services Authority (FSA).
According to the London-listed company, the GHIB selected REPORTER, a regulatory compliance solution, to automate the bank’s regulatory reporting by interfacing to the bank’s Temenos T24 core banking system.
“The execution of the regulatory calculation pertaining to GHIB’s business lines for Capital, Liquidity, Large Exposures and Statistical reporting, has allowed for accurate generation and submission of the reports which meet the Financial Services Authority (FSA), Bank of England and Her Majesty’s Revenue and Customs (HMRC) regulatory requirements,” Lombard said in a statement.
The firm explains that it was necessary to replace the existing system at GHIB when it became apparent that it could not meet the new demands of the FSA’s liquidity regime which came out in 2011 adding, “With more regulatory changes imminent, including COREP, FINREP and Basel III, the bank decided to implement a strategic solution now in order to keep in line with the ever-evolving regulatory environment.”
Mark Jeffrey, Principal Consultant, Lombard Risk, who led the successful implementation, said “Lombard Risk consultants worked closely with GHIB to achieve mutual objectives and we are delighted that GHIB are receiving the full benefit so soon. As a result of automating their regulatory reporting through REPORTER, the bank’s processes have been streamlined which has provided them with significantly enhanced data analysis and sophisticated ad-hoc management reporting.”
Mark Arthur, Senior Manager of Ghana International Banks says “Lombard Risk provided a professional service which ensured that our project objectives were fully met and were delivered on time and to budget. Consequently we have already seen significant return-on-investment. REPORTER is perfectly suited to our technology needs and seen as the strategic regulatory solution by the bank.”
By Ekow Quandzie