GFI Group has selected Lombard Risk to handle reporting amid changing regulatory demands
Lombard Risk Management plc (Lombard Risk), a leading provider of integrated regulatory reporting, compliance and collateral management solutions for the financial services industry, is pleased to announce that GFI Group has selected Lombard Risk REPORTER for EBA Common Reporting for its operations in the United Kingdom and for those of its subsidiary Kyte Group.
Lombard Risk REPORTER is an end-to-end regulatory reporting solution for the global financial services sector that will provide GFI Group with the XBRL format reporting mandated by the regulators. The need for XBRL reporting was determined by an EU directive that came into force on January 1st 2014 and, starting May 30th 2014, all submissions of regulatory returns in Europe will be required to be performed in XBRL (computer code) format.
Darryl Denyssen, Finance Director for EMEA at GFI Group said: “Following the EU directive requiring FCA regulated firms to submit their prudential returns in XBRL format, GFI Group has chosen to partner with Lombard Risk in meeting this new requirement. We reviewed a number of potential solutions for XBRL reporting and firmly believe that Lombard Risk’s REPORTER offering was best suited to our needs. Along with being a highly cost effective offering, we were particularly impressed with Lombard Risk’s knowledge and experience in this field, along with their commitment to providing a high quality and personalized support service.”
It is interesting as we see the new EU regulations come into place, what kind of new partnerships are being formed to comply with the new cumbersome reporting and transparency requirements. You can download the full press release from Lombard here.