AxiomSL’s integrated platform empowers financial firms in the Cayman Islands to perform analytics, address regulatory requirements and meet new and evolving regulations while providing transparency and granularity required by regulators.

As the global leader in risk management and regulatory reporting solutions for over 20 years, AxiomSL’s data-driven platform delivers data lineage, risk aggregation, analytics, workflow automation, validation and audit functionality needed for disclosures to the Cayman Islands Monetary Authority.

AxiomSL’s solutions seamlessly integrate clients’ source data from disparate systems and locations, without forcing data conversion, to meet regional and global regulatory standards as well as internal and external reporting requirements. Its high performance and scalable platform delivers analytical applications in the areas of risk management, capital and liquidity reporting.

Cayman Islands Quarterly Prudential Report (CIQPR)

CIQPR, the most complicated reporting responsibility for banks operating in the Cayman Islands, is the Basel II minimum capital requirements reporting mandate from the Cayman Islands Monetary Authority (CIMA). Encapsulating approximately 30 reports, filed quarterly, CIQPR requires banks to report their financial statements and various credit, operational and market risk schedules.

As an offshore jurisdiction, Cayman has a particularly diverse array of banking institutions, from local private banks to foreign subsidiary branches of global financial services firms, but most of these have handled CIQPR—in force since 2009—in a similar fashion: by manually aggregating data from multiple sub-systems in an Excel file, and delivering final CIQPR Basel II and Quarterly Prudential Returns files in that format.

Until recently this was a workable, if not always efficient, way of achieving reporting compliance, as CIMA provided no unified system or preferred file format for submission; however, CIMA is now in the early stages of introducing its Regulatory Enhanced Electronic Forms Submission System (REEFS), which is designed to use XBRL-based schema and which will make Excel-based submission more difficult as it is gradually implemented in 2017 and beyond.

As a result, firms are beginning to adjust their approach and searching for a more sophisticated taxonomy solution that can both interface with REEFS as well as provide greater transparency into CIQPR data to glean more value from the filing process.

AxiomSL, borrowing from its well-established relationships with both CIMA and Cayman banks, has developed a solution that provides these advantages via a number of unique features:

  • Cost-effective, seamless transition to REEFS using advanced XBRL-based taxonomy in close consultation with CIMA
  • Full reconciliation between source system data and end reports
  • Complex instrument coverage, reflecting the increased balance sheet holdings of loans, credit instruments and fixed income that are more difficult to track and value
  • A familiar, spreadsheet-like desktop that doesn’t require users to relearn an entirely new interface, and
  • Customizable reports that allow banks to access, slice and reuse risk data aggregation for internal benefits

A handful of global banks are already working with AxiomSL to implement the CIQPR solution for their foreign branch CIQPR filing in Cayman.