05 Nov AxiomSL’s Platform Is Supporting A Growing Number Of Global Financial Institutions To Complete Their Common Reporting Standard (CRS) Reporting Requirements
Singapore, 5 November 2018 – AxiomSL, the global leader in regulatory reporting, data and risk management solutions, issued a statement today that a number of clients, including DBS and OCBC Bank, have successfully submitted all required Common Reporting Standard (CRS) reports deployed from AxiomSL’s CRS solution across a multitude of jurisdictions and tax authorities. AxiomSL’s CRS solution provides firms with the compliance monitoring and analytics tools required to perform compliance due diligence related to global CRS reporting requirements.
Singapore-based banks, DBS Bank1 and OCBC Bank2, join a growing community of global financial institutions deploying AxiomSL’s solution to address the operational data integrity and control requirements of this important global regulation.
In February 2018, the Inland Revenue Authority of Singapore (IRAS) mandated that all Reporting Singaporean Financial Institutions must complete CRS registration3. CRS’ new information-gathering and reporting requirements for financial institutions (FIs) mandates an automated exchange of information between participating jurisdictions regarding an individual’s taxation obligations.
To comply with CRS, FIs must perform enhanced client due diligence and information reporting to their local tax authority especially regarding a clients’ change in circumstance. FIs operating across multiples jurisdictions and lines of businesses now need to contend with varying data sources, differences in data collection methodologies and submission formats. These factors will contribute to growing compliance and monitoring costs4.
As more countries adopt CRS, some local regulators have imposed country specific requirements and sometimes with very short notice. A practical challenge of CRS implementation is that regulations are still constantly evolving despite fixed compliance deadlines. For example, one major Southeast Asian regulator recently amended reporting formats three days before the compliance date, while another added two new reporting jurisdictions only a month ahead of FIs’ compliance deadline. Key learnings from these implementations are that there remains a high degree of fluidity for interpretations of regulations such as CRS due to the multi-jurisdictional intricacies and nuances. A successful solution will need to enable clients to adapt in real time and with maximum efficiency. AxiomSL’s CRS reporting solution has the robustness and flexibility to adapt to these revisions within a short timeframe.
AxiomSL provides a data-driven compliance platform which empowers financial institutions to meet multi-jurisdictional CRS requirements with confidence. Through its Web User Interface, AxiomSL’s solution offers an intuitive workspace, providing FIs’ compliance teams the ability to track, monitor, remediate and report non-compliant individuals during its due diligence processes. The solution is fully integrated into AxiomSL’s award-winning regulatory data integrity and control platform ControllerView®, which enables FIs to analyse, trace, audit, control and scale their compliance obligations across multiple jurisdictions.
Abraham Teo, Global Head of Tax Products & Head of Product Management (APAC) at AxiomSL, commented: “In line with regulators’ rising expectations for improved governance, data quality and control, it has become crucial for FIs to optimise business processes and exert higher data integrity and control. We are pleased that Singapore’s reputable home-grown banks DBS and OCBC have deployed AxiomSL’s CRS solution to meet Singapore’s regulatory reporting requirements. This reaffirms the trust FIs place in AxiomSL’s solutions. We look forward to continuing delivery of a flexible and comprehensive reporting solution that provides end-to-end support for multiple regulatory requirements.”
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AxiomSL, the global leader in regulatory reporting, data and risk management solutions was established more than 25 years ago, with offices worldwide. AxiomSL’s unique enterprise data management (EDM) platform empowers firms to address data governance and risk aggregation while delivering the analytics, workflow automation, validation, audit functionality and reporting required by multiple stakeholders across global and local regulations.
The AxiomSL’s collaborative platform, known for its robustness, adaptability and transparency, imposes no constraints on where the data is located and enables financial firms to avoid duplication and double storage. It seamlessly integrates clients’ source data from disparate systems and 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 (LCR & NSFR), MAS 610, APRA, Dodd-Frank Act, IFRS 9/CECL, Global Shareholding Disclosures, FATCA/CRS, EMIR, COREP/FINREP, 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 “Reporting Product of the Year” at the Asia Capital Markets Awards 2017 as well as “Best Implementation at a Sell-side Firm” for the second year running for the 2017 Sell-side Technology Awards and recently received the RegTech Awards for “Most Innovative Use of a Vendor Solution to Address a Dodd-Frank Requirement. AxiomSL was highlighted as a ‘Category Leader’ by Chartis Research in its 2017 Sell-side Risk Management Technology report. It was also awarded by The Asian Banker for “Best Compliance Risk Technology Implementation of the Year” in 2016. The company’s work has also been recognized through a number of other accolades, including Waters Rankings’ Best Reporting System Provider, Best Reporting Initiative in the American Financial Technology Awards and in the Customer Satisfaction section of the Chartis RiskTech100 rankings. www.axiomsl.com