From July 2015, banks and other financial institutions with proprietary businesses in the United States will be bound to submit compliance reports under the Volcker Ruling.
The compliance is required under section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act 2010, and is designed to restrict American banks, or banks with American interests, from making certain kinds of speculative investments which are not beneficial for their customers.
The ruling is named after the retired former Federal Reserve Chairman, Paul Volcker, who lobbied for these stronger restraints on risk taking within the financial industry.
The ruling has been put in place by US regulators and has been approved by the US Securities and Exchange Commission (SEC), The Federal Reserve, The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC).
IBM Cognos Information Management tools are the perfect technology solutions to assist banking institutions in producing all required Volcker compliance reporting. Working with our banking partners, the IBM Cognos TM1 and BI suite of products is proving to be a winning strategy on quickly formulating the key analytics and dashboards ahead of pure canned reports for delivery.
Easily handling and shaping the wide array of market risk data, including risk position limits, sensitivities, VaR and Stress VaR, and combining those with key financial P&L attribution data (market to market P&Ls, trade data and others) and customer facing data on aging and turnover, the IBM Cognos solution enables a robust solution to be integrated quickly to meet these compliance needs.
If you’ve hit a dead-end, or haven’t started preparing for Volcker, or if you need some assistance with an ongoing programme, then reach out to us, to find out how we can help with your Volcker delivery programme.