Lombard Risk launches ComplianceASSESSOR 22 November 2012London Reporter: Jenna Jones
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A new compliance and audit application will help firms to comply with all applicable laws and regulations irrespective of jurisdiction.
Lombard Risk Management’s ComplianceASSESSOR will alliviate the pressures of “a plethora of regulations as governments seek to regulate as a means of protecting individual economies”.
“Regulatory risk—the risk of non-compliance and the repercussions that follow—is now a major challenge and of serious concern for institutions,” said a statement from Lombard Risk.
In conjunction with the launch, Lombard Risk has appointed David Wilford as director of compliance products. He will lead the ComplianceASSESSOR-dedicated team as its product director.
Wilford has more than 35 years experience, primarily in the areas of risk management and regulation.
John Wisbey, CEO of Lombard Risk, said: “Our clients look to us for solutions to all their regulatory needs and an increasingly important part of that is to ensure that their firm as a whole is meeting, and/or working towards meeting, all aspects of compliance.”
“ComplianceASSESSOR has been designed to show senior management how a firm complies and continues to comply with regulations. It addresses the new approach to supervision by providing a means of assessing the state of compliance with all applicable regulations at business unit and regulation level—irrespective of jurisdiction—and addressing deficiencies through appropriate action plans.”
Wilford added: "With governments seeking to impose further regulations as a means of stabilising and protecting economies, and the regulators taking a more intrusive approach to supervision, it is clear that many compliance and audit functions will come under enormous pressure, possibly to breaking point, without investment in resources and appropriate applications."
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