The Head of Regulatory Reporting at VERMEG’s client, a UK Bank, needed to sort out inefficiencies, and went to market to source a suitable regulatory reporting package. AGILE REPORTER fits the bill:

• Choice of AGILE REPORTER from amongst competitors: “We looked at a range of different regulatory reporting platforms and VERMEG offered the best solution to fully streamline our regulatory reporting and ensure we are on time, regulated, and compliant.”
• Requirement for scalability and reliability: “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.”

VERMEG’s client, a large US bank, determined the need to replace legacy installations with a strategic solution for regulatory reporting. The bank set about an end-to-end redesign of the regulatory report production, and sign-off and attestation processes.
AGILE REPORTER by VERMEG replaced the retired systems and delivered significant benefits:

• Filing: “Converted to AGILE REPORTER from our previous vendor and achieved a marked improvement in filing methodology”
• Easier: “GUI is more user friendly than our old system – this made for a more positive & organized experience for the user and facilitated training of new employees”
• Time: “this is most evident in running [a regulatory form] validation – it used to take from 1-1½ hours in our previous package, and is now about a minute in AGILE REPORTER”; “…speed of print/export reduced from an estimated 30min to one minute”; “making an edit to an input cell was reduced from at least a few minutes…about a second”.
• Risks avoided: “Avoided the risk of not filing on time with the Fed, due to the various system slowness issues with our previous vendor system”.

As a mid-tier domestic bank, VERMEG’s client had regulatory pressure to improve systems and controls. It was found that the business case for automation made economic sense irrespective of regulatory guidance.
AGILE REPORTER installation comprehensively optimised processes and mitigated regulatory risk:

• Cost savings: “On the ground estimates of cost savings were over 50%, in an environment where testing was traditionally 50% of project cost”
• Regulatory efficiency: “Evidence to regulatory authorities of having appropriate systems and controls in place for the regulatory reporting process”
• Control framework: “Automation of operational risk management – implementing a control framework to help monitor issues and make timely corrective actions”
• Result: “guaranteed accuracy of regulatory reports at lower cost”.