REG-Reporter is IDOM's flagship reporting solution and has become the de facto industry standard for automating banks'
regulatory reporting needs. This innovative solution addresses the financial
reporting requirements of both domestic and international banks and
financial institutions by automating compliance with mandated reports to
regulatory authorities, senior management and head offices. REG-Reporter
helps ensure the accuracy and integrity of financial reports while
increasing the efficiency of reporting.
As identified on the
Federal Reserve'swebsite,
REG-Reporter is a recognized provider ofInternet Electronic Submission (IESUB) functionality. To
learn more about
IESUB, click on the link below.
Bankers attempt to prepare regulatory reports using
banking applications that were developed to process transactions and produce
accounting entries, not to do reporting. This situation is further
complicated by the use of multiple banking applications running on different
platforms from various vendors, including legacy systems developed in-house.
Increasing and changing reporting requirements of various
regulatory agencies - such as the Federal Reserve Bank (Fed) and other
members of the FFIEC, U.S. Treasury, Securities and Exchange Commission
(SEC), Superintendents of Banks or a bank's own head office - as
well as multiple and varied sources of data, make it complex and time
consuming to prepare reports. Banks that rely solely on the general ledger
and sub-ledgers for reporting find that it is very difficult to understand
and analyze reported figures since they use some form of a spreadsheet to do
their reporting which has no easy-to-follow audit trail, nor is there any
reporting logic that can be analyzed. Finally, as more and more banks merge
across borders, they are seeking simplified global solutions. Although the
merged banks have different IT systems across branches, they want a standard
data model and one database for reporting.
REG-Reporter combines data from all of a bank's front and
back office systems into a central data repository, where key data is
translated into standardized codes recognized by the inherent logic of the
software. This single source of information eliminates the concerns
associated with using several banking applications. The resulting data is
then compiled into the line and column of the applicable report formats
accepted by regulatory agencies such as the Fed, SEC and Superintendents of
Banks. If a bank already utilizes a data warehouse with the required level
of information, REG-Reporter can interface directly with this and produce
the required reports.
Using REG-Reporter, financial institutions can reduce the
amount of time spent in preparation of regulatory reports by up to 80
percent. The manual process of preparing the reports takes upwards of 1,700
hours annually (based upon the Federal Reserve Bank's estimated annual
reporting burden), of which more than 80 percent of the time is spent in
preparation and less than 20 percent in analysis. This frequently results in
errors and makes audits more complicated due to a complex paper-based trail.
Automating the reporting process with REG-Reporter cuts the process down to
approximately 400 hours annually, of which 20 percent is preparation and 80
percent is analysis, significantly improving accuracy and audit
preparedness. This also simplifies the work of examiners.
REG-Reporter is a proven solution that has been reviewed by banking
regulators and approved by internal and external auditors. It can be used to
transmit reports to the Federal Reserve over FedLine or IESUB.
Because REG-Reporter combines data into a single database
and translates it into standard codes, it simplifies report preparation and
ongoing maintenance. Unlike competitive solutions, REG-Reporter includes
built-in logic allowing the standard data from the source systems to be
translated into the salient line and column of each report, making it easy
to determine the basis on which reports are to be produced. In fact, users
can drill down from any line within a report to show the transactional
details of each line. The software offers a wide range of report formats,
online reporting, built-in reporting logic and a complete audit trail.
Reports can be submitted electronically to regulatory authorities.
The Product Code Translation
Table translates the bank’s internal transaction type, deal type, sub-type,
product code, etc. to REG-Reporter's standard codes.
Using REG-Reporter, users have the ability to drill down from any line
within a regulatory report to a detailed audit trail. From the audit trail,
one can further drill down to interrogate each individual deal/contract,
which also includes the additional related information held in the Data
Repository.
Automates all domestic & international regulatory reports to the
Fed, FFIEC and U.S. Treasury as well as to
other applicable Central Banking authorities
Reporting with General Ledger and Sub-Ledger Reconciliation
Detailed audit trail of reported figures
Automated work flow and report generation
Drill down capability from submitted reports to an audit trail
which has contract level information
Electronic report submission to the applicable regulatory
authorities
Manual data adjustment with data modification log
Variance reporting for all reports between any two periods
Standard Excel import interface
Multi-user access
Data repository in RDMS format
Head office code and currency maintenance for head office
reporting
Flexible report instructions, maintenance of standard and
bank-specific instructions
Through the REG-Reporter data warehouse, and
the depth of information that it contains, additional reporting can be
produced for MIS and head office reports by utilizing third-party
vendor applications such as Business Object’s Crystal Reports and
PowerPlay and ReportNet from Cognos.
IDOM’s REG-Reporter software supports reports to various
regulatory reporting authorities in the United States as well as around the
globe. The PDF file below provides a sample listing of the many reports that REG-Reporter currently supports.
This list of supported regulatory reports is continually being updated as we branch
out into more and more countries. If you do not see a report that you require please contact IDOM.
IDOM recognizes that an extremely important element of
providing an automated regulatory reporting solution is the on-going
maintenance of the software. To meet and exceed the maintenance needs of our
clients, we offer several unique services, which have earned us the
reputation of being the de facto industry standard for automating banks'
regulatory reporting needs.
Keeping Up With the Regulators
Every time there is a change or modification to any of
the reports we maintain, we will create an "update release" - which can
be easily downloaded from our
secure website. Due to the
architecture of our software, we can easily make relevant changes and ensure
that our customers are in compliance in the time-frame required.
New Software Enhancements
REG-Reporter users have the advantage of participating in RUCUS, the REG-Reporter
User Community of the United States (www.rucus.org), which brings together
users from around the country. Formed in October 1997, RUCUS provides users
a forum to discuss software and business-related issues which impact
regulatory reporting and also assists IDOM in product development and in
determining the future direction of REG-Reporter.
In order to provide our clients with
flexible payment arrangements, IDOM offers a leasing program for the REG-Reporter
software and its related services. Please contact IDOM for additional
information.
List of Regulatory Reports (PDF Version)
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