The Yorkshire Building Society, the UK’s second largest, has revealed plans to implement Pennsylvanian financial system provider SunGard’s Ambit liquidity risk programme, in an effort to comply with UK regulations on liquidity risk reporting.
The regulatory requirements also include liquidity reporting of the Capital Reporting Requirements Directive (CRDIV), the European regulatory standards on bank capital adequacy and liquidity.
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According to SunGard, the Ambit system will enable the Yorkshire to improve liquidity management through improved forecasting of business and market data.
The provider claimed this insight will be instrumental in helping the society price, manage and allocate liquidity more effectively within the county and the UK market.
Mark Smith, head of asset liability management at the Yorkshire Building Society, said: "Our organic, year on year growth naturally impacts key regulatory indicators for the measurement of capital and liquidity to which we, as an organization, have to manage."
"We therefore needed a solution to help us better forecast and manage our future liquidity in line with continued growth and regulation."
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By GlobalDataSmith also cited SunGard’s experience in European regulation as among the Yorkshire’s reasons for choosing the US-based firm.
According to SunGard, the Yorkshire is far from exceptional in seeking assistance to navigate a changing regulatory framework.
Alwin Meyer, chief operating officer of risk and performance management in SunGard’s capital markets business, said: "Liquidity risk management and reporting are critical priorities for firms around the world, many of which are facing challenges with data access and quality due to siloed infrastructures and legacy systems."
"We are seeing firms like Yorkshire Building Society investing in improving their operating frameworks to help acquire the reporting and cost efficiencies needed to successfully navigate today’s complex regulatory landscape while maintaining sound performance."
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