Logica, has this week launched Logica Insurance and Banking Reporting Architecture (IBRA), a new multi-jurisdictional solution for financial institutions to meet statutory reporting requirements in all the markets in which they operate. Logica says that IBRA 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with this transition, particularly those with inflexible and hard coded reporting programs, siloed data repositories or outdated technology platforms."
Tim Brew, Director, Logica Global Products Business, said: "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 in migration. 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."
IBRA, says Logica can be implemented as an independent regulatory reporting system, deployed as an ASP or utilised on a SaaS basis.
