Financial Conduct Authority (FCA) and GABRIEL (Gathering Better Regulatory Information Electronically), an online regulatory reporting system for validation, collection and storage of regulatory data. Lombard Risk Management plc (LSE:LRM), known as a leading provider of integrated regulatory reporting and compliance and collateral management solutions for the financial services industry, have announced that they have successfully completed the testing of REPORTER regulatory submissions due to the help from GABRIEL using the regulator’s new taxonomy(V2.1). In August this year, Lombard Risk reported that its regulatory reporting software, REPORTER, had the ability to provide same-time support for multiple versions of the XBRL filing taxonomy. Within the past month, a new version of the taxonomy has been released which takes into consideration the additional reporting requirements, including Asset Encumbrance, and also includes a number of taxonomy adjustments to deal with the inconsistencies that first version were guilty of having. On 11th September, the regulator provided a 2 day window to test submissions with the new taxonomy to GABRIEL. Lombard Risk was fully capable of completing regulatory submissions testing using the new taxonomy. REPORTER users will be able to make their next set of submissions in a different format that is fitting of the FCA’s criteria. Nick Davies the CTO of Lombard Risk stated: “Despite the ever-increasing changes still coming from the regulator around COREP, and the need to support the upcoming FINREP returns for the first time, Lombard Risk has continued to show not only thought leadership with its unique (and currently free to use) XBRL Checker/Validator and XBRL Visualiser, but continues to stay ahead of the competition in the regulatory space by ensuring it was able to test its world-class regulatory products and web offerings using the new 2.1 taxonomy against the limited testing window made available, all helping to ensure customers stay ahead of these challenges.”
