06 Apr AxiomSL Takes Best Implementation Prize in 2017 Sell-Side Technology Awards for Second Year
Wide-Ranging Prudential Reporting Project with One of World’s Largest Custodian Banks
NEW YORK, April 6, 2017 – AxiomSL, the leading global provider of regulatory reporting, risk and data management solutions, today announced it placed first in Waters magazine’s “Best Implementation at a Sell-Side Firm” category in the 2017 Sell-Side Technology Awards. The award, which AxiomSL won for the second consecutive year, was given for a wide-ranging prudential reporting project with one of the world’s largest custodian banks.
AxiomSL was engaged by this global bank to transform four specific U.S.-based reporting processes required by the Federal Reserve Bank and state regulators, including FR Y-9C and 14-Q disclosures. As a result, more than 9,000 data points highlighting bank asset holdings, positions and related risk valuations are now aggregated and automatically populated using a platform backed by AxiomSL’s domain knowledge and engineering expertise, which makes direct use of the Fed’s Micro Data Reference Manual (MDMR) coding procedures.
As with AxiomSL’s 2016 winning implementation at Standard Chartered – U.K., this year’s entry featured the ability to deliver in an extremely efficient and cost-effective manner. Projects of this magnitude typically require years; this implementation, however, was completed in approximately six months by AxiomSL’s team.
Importantly, the bank’s technology team was able to leverage AxiomSL’s strength in U.S. reporting to properly plan its agile development processes. As a result, the team was able to free up and dedicate more time to the bank’s broader data warehouse transformation intiative. AxiomSL streamlined data sourcing, repository, aggregation, and reporting flow which enables the bank to complete more thorough analysis of the data in these reports, ensuring greater consistency and data quality at the point of submission, as well as traceability and full workflow and control over the entire process.
“We are again honoured to receive this prestigious award for our work with this respected global custodian bank,” said AxiomSL CEO Alex Tsigutkin. “For several years, many of our largest banking clients have undertaken similar work to meet the extensive data management and reporting challenges posed by regulators around the world, but rarely on such a compressed timeline or covering this number of modules simultaneously. We are especially proud of the collaborative working relationship and rapid deployment of our solution that successfully delivered this implementation. AxiomSL’s unique expertise in this area, combined with our robust and integrated platform, empower the bank to achieve greater control, automation, data accuracy, and full transparency, while producing timely reports with the analytics required by regulators and internal management demands. AxiomSL’s platform for change management will continue to be the sell-side’s preferred choice when tackling enterprise-wide projects of this magnitude.”
The Sell-Side Technology Awards are managed by the highly-respected Waters magazine and recognizes the work of the leading financial technology providers serving banking institutions. The winners are decided by four senior members of the Waters editorial team and four senior technologists and veteran consultants of the investment banking sector. The Best Implementation award is typically one of the program’s most competitive categories, and is awarded on the basis of project scope, precision and broader significance of the end-state for the client.
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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. For more information, visit AxiomSL at www.axiomsl.com.