Leading US Global Financial Services Firm Selects AxiomSL's Strategic Regulatory Platform

New York, Monday, May 31, 2010 - Axiom Software Laboratories Inc, leading global provider of Regulatory Reporting and Risk Management solutions has announced today that a leading US based global financial services firm has selected its regulatory reporting and data management products, ControllerView® and Integration CenterTM as the strategic platform to cater for its multinational regulatory reporting needs. ControllerView® will be used to generate all regulatory reports in multiple jurisdictions, while Integration CenterTM will give the bank the ability to incorporate data from multiple source systems. 

Initially prompted by the Bank’s need to implement a Liquidity Reporting solution to face the new FSA requirements, a thorough system evaluation followed by comprehensive proof of concept exercise were conducted. After a successful demonstration of Axiom’s flexibility coupled with its strong data management infrastructure, the bank decided to extend the initial scope and to use Axiom as a strategic platform to automate and improve its reporting process globally. The solution will be deployed in stages; starting with FSA liquidity reporting followed by the full suite of reports required by the FSA and the Bank of England, upcoming Federal Reserve Liquidity Reporting and several entities in Asia.

ControllerView® offers the flexibility required to support equally changes in reports and source systems while providing the essential transparency needed for a clear view of calculations, processes and results to both users and regulators. The system also provides a set of reporting templates which are maintained throughout regulatory changes. Its ability to handle disparate sources of data along with its proven high volumes performance has turned Axiom into the solution of choice for many institutions with global regulatory needs.

The Axiom solution is being adopted by firms that need the flexibility to meet ever changing requirements whilst maintaining control and transparency across data, calculations and reporting output.  It is being extended for usage within financial reporting, tax reporting, financial consolidation, in fact, anywhere where data needs to be used to support decisions and/or used to produce reports.

“We were impressed by the flexibility and power of the solution and the quality of professional services during a comprehensive proof of concept phase” commented the instituton’s Technology Executive Director. “This along with increasing regulatory demands encouraged us in taking a strategic decision to proceed with Axiom, not only for all of our UK operations but moreover on a global scale. We are now aggressively evaluating AXIOM for regulatory requirements in other global jurisdictions commencing with the US followed by a number of Asian jurisdictions”.

“We are delighted to add this prestigious institution to the growing list of global financial firms that have made a commitment to the Axiom solution in helping to address the challenges they face across jurisdictions, systems, and entities.  Axiom is the only solution available to global organizations serious about addressing the ever increasing demands of global regulators and executives for a complete picture of the enterprise” added Alex Tsigutkin, CEO of Axiom. “Given the aggressive deadlines for liquidity reporting requirements, we are looking forward to a swift and successful delivery.

About Axiom Software Laboratories, Inc.

Axiom SL is a leader in software solutions for enterprise Risk Management, Data Management, Regulatory Reporting and Compliance. Axiom SL's proven technological platform solves the highly complex data, risk and financial management challenges faced by the world's leading financial instituions. Axiom SL's products help clients deal with the dynamics of business and technology changes, adapting to different data and technical environments, allowing mission critical activities to be performed across the entire enterprise. Axiom SL's professionals cover a range of disciplines, including risk management, database and middleware technology, financial control and regulatory reporting.