London, 21 September 2016 – AxiomSL, the leading global provider of regulatory reporting and risk management solutions, announced today that one of the big four US banks has chosen AxiomSL’s capital calculation and reporting solutions for their two European subsidiaries in the UK and Ireland, as well as for their branches in the Netherlands, Switzerland, Luxembourg, Belgium, Germany, Italy, France and Spain.
The Global Systemically Important Bank (G-SIB) will use AxiomSL to consolidate their data management, capital calculation and multi-jurisdiction reporting onto a single platform, helping to contain the cost of meeting these regulatory challenges. The solution adapts to the bank’s current data structures through a unified data model without the need for an ETL process.
As AxiomSL’s regulatory and software modules are updated independently, the bank is able to adopt EMEA or local country-specific rules and deliver these in a timely manner, while still adhering to the overall group architecture. AxiomSL will deliver all the changes to the calculations and reports that evolve locally for the US bank, while giving the bank the flexibility to leverage the group data structures and minimizing the impact of change.
AxiomSL is specifically assisting the bank with the new “Basel IV” calculations such as the Standardized Approach to Counterparty Credit Risk (SA-CCR) and the Fundamental Review of the Trading Book (FRTB), as well as existing Pillar 1 capital calculations. AxiomSL will deliver these new calculations early so that the banks’ team can run the impact assessment process on their production regulatory platform.
“We are delighted that another major US bank has decided to use our platform not only in the UK and Ireland, but across major European jurisdictions as well,” said Alex Tsigutkin, Chief Executive Officer, AxiomSL.
“I believe AxiomSL was chosen as our single platform was able to plug into the bank’s overall data management system and will allow us to run calculations and reports for the EMEA region, without disrupting or impacting on our reporting systems for the bank’s other jurisdictions.
“Banks today are looking for a cost effective way of remaining compliant with multiple regulations in different countries. AxiomSL’s platform gives them the ability to achieve this by using a single deployment to comply with multiple requirements. The bank’s decision to use our platform across Europe is testament to the benefits of this approach.”
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AxiomSL is the leading global provider of regulatory reporting and risk management solutions for financial services firms, including banks, broker dealers, asset managers and insurance companies. Its unique enterprise data management (EDM) platform delivers data lineage, risk aggregation, analytics, workflow automation, validation and audit functionality.
The AxiomSL platform seamlessly integrates clients’ source data from disparate systems and geographical locations without forcing data conversion. It enriches and validates the data, and runs it through risk and regulatory calculations to produce both internal and external reports. The platform supports disclosures in multiple formats, including XBRL. The unparalleled transparency offered by the high-performance platform gives users the ability to drill down on their data to any level of granularity.
AxiomSL’s platform supports compliance with a wide range of global and local regulations, including Basel III capital and liquidity requirements, the Dodd-Frank Act, FATCA, AEI (CRS), EMIR, COREP/FINREP, CCAR, FDSF, BCBS 239, Solvency II, AIFMD, IFRS, central bank disclosures, and both market and credit risk management requirements. The enterprise-wide approach offered by AxiomSL enables clients to leverage their existing data and risk management infrastructure, and reduces implementation costs, time to market and complexity.
AxiomSL was awarded The Asian Banker’s 2016 ‘Best Compliance Risk Technology Implementation of the Year’ as well as ‘Best Implementation at a Sell-side Firm’ in the 2016 Sell-side Technology Awards. It was voted Best Reporting System Provider in the 2015 Waters Rankings and was highlighted as a ‘category leader’ by Chartis Research in its 2015 Sell-side Risk Management Technology report. The company’s work has also been recognized through a number of other accolades, including success in the Best Reporting Initiative category of the American Financial Technology Awards and in the Customer Satisfaction section of the Chartis RiskTech100 rankings.