Case Studies

The Cambridge

The Client

The Cambridge is an independent, mutual society which has been integral to the community since 1850. They provide funding for people buying their own homes and are a trusted home for people in a position to save.

The Situation

Since 2012, the Cambridge has used the ALMIS® system primarily for ALM (Asset Liability Management) and regulatory reporting. The building society uses interest rate swaps to reduce and manage any interest risk resulting from offering customers a range of fixed rate products. It went on to install the CRD IV reporting functionality to comply with changes in the regulatory reporting environment. However, when the new financial reporting standard was introduced in 2015, like many companies they needed to start accounting for comparative purposes which meant placing derivatives on the balance sheet at fair value.

The Solution

The Cambridge quickly realised they would need to adopt hedge accounting to reduce accounting and capital volatility. Designed for banking institutions, the ALMIS Hedge Accounting module minimises the administrative burden of complying with complex accounting regulations and reducing accounting volatility. It was recommended to the Society as they were already using the ALMIS® system and had all the data they needed.

‘Since we implemented the ALMIS® Hedge Accounting module in 2015 the software has served us well. Because ALMIS have deep knowledge of what to expect from the audit process, the granular nature of data outputs has made review, reconciliation and reporting much easier.’

Emmanuel Daniels – Financial Controller, The Cambridge

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