Business and technology service company, Logica, has launched its Insurance and Banking Reporting Architecture (IBRA), a multi-jurisdictional solution that enables institutions to meet statutory reporting requirements in all the markets where they operate.

IBRA aims to help financial institutions to deliver global, European and country-specific regulatory reports, reduce lead times and lower compliance costs.

The solution was developed to meet all global regulations, and will be configurable to address new regulations as and when necessary, such as Basel III, and any issuances from the European Banking Authority (EBA).

“On one hand, new financial and account regulations around the world, such as Basel III, IFRS and Dodd Frank, are coming into cleared focus,” commented Michael Versace, research director – global risk, at IDC Financial Insights. “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.”

Logica Global Products Business director, Tim Brew, added that there has been a drastic increase in the number, frequency and complexity of reports for all financial institutions, but said regulation should not be seen as a burden. “Financial institutions can derive real value from their regulatory data, which can be used to improve management decision-making. IBRA puts financial institutions in control of their regulatory reporting, so they can meet any frequency, configuration or type of report, globally.”

The solution will integrate with existing business systems, and can be implemented as an independent regulatory reporting system, deployed as an ASP or used on a SaaS basis.

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