NEW YORK, November 22nd, 2016 – AxiomSL, the leader in risk data management and regulatory reporting for financial services, has released a new taxonomy solution for reporting and submitting the CIQPR to the Cayman Islands Monetary Authority (CIMA).
Originally passed by CIMA in 2009, the CIQPR is filed on a quarterly basis and requires banks to produce approximately 30 reports of varying complexity, including complete financial statements, and a range of credit, operational and market risk schedules necessary to calculate their capital adequacy requirements. In order to complete the CIQPR, banks operating in Cayman have to complete risk data sourcing and aggregation processes from multiple systems, but in the past, banks have had the choice of delivering the data to regulators either via XBRL templates or within manually-submitted, traditional Excel files.
AxiomSL developed a more sophisticated, XBRL-based taxonomy after CIMA recently announced that Cayman banks will be required to make submissions via a new reporting portal, known as the Regulatory Enhanced Electronic Forms Submission, or REEFS. The new portal is designed, in part, to encourage all firms to transition to XBRL and is set to become required for banks next year, leading both local and internationally domiciled institutions to reconsider their data management strategy today, even as on-the-ground operational resources for many of them remain limited.
The new solution will process all CIQPR reconciliations, enable banks to perform greater drill-down into underlying CIQPR calculations, and provides options to produce customized reports for internal use. It is designed to interface with the new REEFS portal, while also retaining users’ traditional Excel view.
“CIMA is a leading regulator among offshore jurisdictions, and the new CIQPR REEFS platform is in line with the push for greater transparency into Cayman-domiciled holdings and, as a result, requirements for more granular data,” says Alex Tsigutkin, AxiomSL CEO. “We are already working with a number of global institutions to tackle their upcoming REEFS transition for CIQPR, and expect that many banks will adopt a similar strategy in modernizing their CIPQR taxonomy and approach in the coming year.”
AxiomSL is the leading global provider of regulatory reporting, data 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 for change 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 the Dodd-Frank Act – CCAR, Basel III capital and liquidity requirements, IFRS 9/CECL, FATCA/CRS, EMIR, FDSF, BCBS 239, Solvency II, AIFMD, 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.
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