Lombard Risk is to supply OneSavings Bank with its regulatory reporting platform, AgileReporter, under a 10-year contract.
According to Lombard Risk, the platform will help the bank to streamline regulatory reporting, data management and analytics.
The solution will enable OneSavings to gather key management information and analytics around trends, variances for audits and approvals.
James Phillips, head of regulatory strategy at Lombard Risk, said: “We’ve been a regtech pioneer for a long time, and it’s rewarding to see forward-looking companies such as OneSavings investing in systems and processes already suited for the further evolution of the reporting industry.”
Cameron Joe, head of regulatory reporting at OneSavings, commented: “Lombard Risk offered the best solution to fully streamline our regulatory reporting and ensure we are on time, regulated, and compliant.”
“As a growing FTSE 250-listed bank we wanted to build a scalable, reliable and technology rich foundation that provides the flexibility to adapt and develop as we grow the business and our product offerings.”
Lombard Risk recently committed to converting a busy pipeline of contract proposals, that had been delayed from the first half of the year due to external market pressures, such as regulatory deadlines.
In the firm’s H1 revenue report, Alastair Brown, Lombard Risk CEO, said: “We recognise that this has been a challenging first half for Lombard Risk. A number of opportunities we had hoped to secure in the period remain in the pipeline as market distractions such as the second Markets in Financial Instruments Directive caused companies to delay on committing to new projects. “
“This leaves us much to do in the second half, and converting our strong visible pipeline will be crucial to us meeting market forecasts.”
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