10 May AxiomSL Honored by 2018 RegTech Awards for 2nd Consecutive Year
Firm Receives Awards for “Best Risk Calculation Engine for Regulatory Compliance” and “Most Innovative Use of a Vendor Solution to Address a Dodd-Frank Requirement”
NEW YORK, LONDON, SINGAPORE, MEDELLIN, May 10, 2018 – AxiomSL, the leading global provider of regulatory reporting, risk and data management solutions, today announced it has been recognized by the 2018 RegTech Awards, which celebrate the year’s leading technologies and third-party vendors. AxiomSL was honored in two categories, “Best Risk Calculation Engine for Regulatory Compliance” and, for two years in a row, “Most Innovative Use of a Vendor Solution to Address a Dodd-Frank Requirement.”
AxiomSL received the “Best Risk Calculation Engine for Regulatory Compliance” award for its solutions that allow financial institutions (FIs) to comply with International Financial Reporting Standard 9 (IFRS 9). This regulation requires firms to invest heavily in credit-risk analytics and credit-impairment methodologies as they move from a passive annual credit-review regime to an active monthly credit reporting.
AxiomSL’s risk-calculation engine, with its end-to-end solution for IFRS 9, effectively solves these challenges by seamlessly integrating with the client’s existing credit risk model architecture and allowing them to tackle the problem step-by-step, progressively industrializing the entire process. Clients can utilize built-in workflow capabilities to stage the impairment calculations on demand and identify low risk pools, thus focusing their energies on the expected credit loss calculations that may have a material effect on the bank’s profit/loss statement. By providing a perspective on the sources of credit losses and offering all models and data sets on the platform, AxiomSL’s IFRS 9 solution unifies a bank’s Credit Risk, Accounting, Finance and Technology functions, allowing them to meet this regulatory requirement.
“We are delighted to be recognized as the Best Risk Calculation Engine for Regulatory Compliance by the RegTech Awards,” said Alex Tsigutkin, CEO and Founder of AxiomSL. “Large banks operate a myriad of credit-risk models and multiple credit-impairment frameworks. It’s critical to gather all the dispersed, diverse credit data and artifacts into one credit ecosystem. AxiomSL houses all of these – credit risk models, portfolio exposures, credit ratings, impairment rules, etc. – in a single Data Integrity and Controls platform. As a result, powerful and timely insights are gathered, and Finance and Risk teams can more adroitly steer the bank’s financials on a continuous basis.”
For the second year in a row, AxiomSL received the award for “Most Innovative Use of a Vendor Solution to Address a Dodd-Frank Requirement,” honoring the firm’s solution for Comprehensive Capital Adequacy Review (CCAR). This cutting-edge, holistic platform allows for the integration of heterogeneous data, which reduces report processing time to deliver strategic data sourcing and transparency. This solution works in sync with AxiomSL’s dynamic data-lineage module to provide a best-in-class platform that elevates collaboration across business functions.
“We’re pleased to be honored once again for enabling firms to overcome the challenges associated with meeting Dodd-Frank reporting requirements,” said Mr. Tsigutkin. “AxiomSL’s platform interfaces with the client’s architecture, receiving input and delivering output to disparate databases and systems while leveraging automated workflows. It nimbly responds to the intense data volume that firms face in meeting CCAR requirements. By combining business logic, mapping, permissioning and validation frameworks, it enables FIs to streamline the entire regulatory process and conform to required reporting formats.”
Organized by the A-Team Group of Data Management Review, and overseen by the RegTech Award Advisory Board, the RegTech Awards recognize both start-up and established providers of RegTech solutions, services, consultancy and legal advice. Winners are determined by a vote held amongst Data Management Review members at financial institutions using the technologies nominated, providing a true reflection of suppliers considered to be the best performers, by their clientele.