IMX Software announces that its new StressrepTM stress testing automation solution has now been deployed to support the creation of Comprehensive Capital Analysis and Review (CCAR) and Dodds-Frank Act Stress Test (DFAST) Reporting submissions for one of the top 3 largest US banks.

This Federal Reserve Bank (FRB) regulatory reporting is now mandatory for banks with assets exceeding US$50 billion dollars.

Built in conjunction with Holley Holland, business transformation experts with extensive experience of process improvement, process automation and regulatory change, the new StressrepTM toolset supports banks with their annual stress testing submissions to the FRB, optimising processes through automation that embeds stress reporting controls and workflows to improve productivity during short reporting windows.

StressrepTM has the advantage of being able to interface with a bank’s operating environment and provides all the functionality needed to submit the FRB Stress Testing FRY XML submissions in a compliant yet cost-effective manner. It supports XML file creation for FRY 14-A submissions and will also soon support the FRY 14-Q and FRY 14-M submissions. Additional functionality is also being added to support the OCC submission which has recently been mandated to be in XML.

“Banks need to collect, validate and proof stress data on a regular basis. This is a complex and high risk function for these banks“, explains Steven Whaley, Stress Testing Reporting lead at Holley Holland. “We developed StressrepTM in conjunction with IMX Software to take stress out of preparing FRB Stress Testing reports, thereby allowing bank executives to focus on analysing the outputs, not collating the data. In addition, with international regulators implementing stress testing regulations in their jurisdictions, we are expanding our tool to support our clients globally”.

Some core StressrepTM services offered on a managed service basis include the analysis and incorporation of the latest FRB’s instructions or amendments as well as the creation of the revised templates. Banks can therefore decide to continue working within their excel environment and upload their key information into StressrepTM or it can be mapped to banks’ source systems to increase automation.

A Windows client application from an enterprise grade Microsoft-certified Gold Developer, StressrepTM is easily installed and accessible via the business desktop. Once launched, the application will communicate with the StressrepTM cloud server for user authentication and capture the latest relevant FRB templates. Sensitive stress test data never leaves the bank’s network and is securely stored either on the local drive or a network drive.