REG-Reporter is IDOM's flagship financial product which 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. It can easily work with multiple sources of information as it cleanses the data, standardizes data elements and automates report production.

Additionally, REG-Reporter can help an organization accomplish its automation objectives -- data repository of detailed transactions; ability to translate into standard codes (i.e. country, currency, product, customer type, relationship, industry); clear auditable reports and work papers; concise logical instructions; report diary; and forms management.

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 agencies - such as the Federal Reserve Bank (Fed), 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.

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 features, 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 deliver an "update release" to our customers in the form of a CD. Due to the architecture of our software, we can easily make the relevant changes and ensure that our customers are in compliance in the time-frame required.