13 Aug American G-SIB chooses AxiomSL for CRD IV reporting in Germany, France and the UK
13 August 2015 – AxiomSL, a global provider of regulatory reporting and risk management solutions, announced today that an American global systemically important bank (G-SIB) has decided to extend its deployment of the AxiomSL platform to support regulatory reporting in Germany, France and the United Kingdom (UK). The regulations covered will include the Capital Requirements Directive IV (CRD IV) and local statistical reporting requirements.
The G-SIB has chosen to use AxiomSL in Europe following the success of similar projects in the US and Singapore. The bank will initially harness the platform for compliance with the Liquidity Coverage Ratio (LCR), Net Stable Funding Ratio (NSFR) and Additional Liquidity Monitoring Metrics (ALMM) components of CRD IV in Germany, France and the UK. Due to the flexibility of AxiomSL’s platform, the three liquidity reports will be implemented in the three countries in a single project. At a later stage, the G-SIB will further extend its use of AxiomSL to include all remaining CRD IV reports and statistical reporting requirements in Germany and the UK.
AxiomSL offers a single platform that can be used for all regulatory calculation and reporting requirements globally. The high-performance capabilities of the platform were a key consideration for the G-SIB, as the remittance periods for liquidity reporting are being reduced across Europe. AxiomSL will enable the bank to meet new daily liquidity reporting requirements with complete confidence.
The flexibility offered by the AxiomSL platform was also important for the G-SIB. AxiomSL provides taxonomies for individual reporting requirements and gives users the ability to implement business rules for points of commonality between different reports.
“We are delighted this American G-SIB has decided to expand its partnership with us by using our platform in Europe,” said Ed Royan, Chief Operating Officer EMEA, AxiomSL. “Increased regulatory harmonization in Europe is creating great opportunities for international firms to streamline their approach to compliance. This is an excellent example: in a single a project, the bank will implement the LCR, NSFR and ALMM in three countries. They will do all of this on a single instance of our platform. It is an incredibly efficient use of infrastructure and resources. We are seeing increasing interest from other firms that want to take advantage of regulatory harmonization in this way.”
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AxiomSL is the global leader in regulatory reporting and risk management solutions for the financial services industry. Established more than 20 years ago, AxiomSL empowers financial institutions to meet regulatory reporting and risk requirements across multiple regulators and jurisdictions. Via the strategic data-driven platform, firms can meet demands from various regulations, including Basel III, Dodd-Frank, AIFMD, FATCA, EMIR, FINREP/COREP and Solvency II, as well as liquidity, market and credit risk management requirements.
Leading financial firms use AxiomSL’s data management, regulatory reporting and risk management solutions to administer all internal data procedures, simplify, standardize and automate processes, and improve data integrity to successfully enhance decision-making. The AxiomSL platform integrates clients’ source data from disparate systems and locations, without any data conversion, in a cost-effective manner, providing flexibility, transparency, traceability and the ability to drill down into data sources. It also delivers analytical applications in the areas of data integration and warehousing, financial risk management, regulatory reporting, compliance and financial control. This solution enables financial institutions to have full control over every step of the process and can adapt quickly to evolving regulations.
AxiomSL’s suite delivers a fully integrated solution from data sourcing to final reports including XBRL submission.