10 Mar AxiomSL’s Regulatory Reporting platform selected by Banco Sabadell for the second time
13 March 2017 – AxiomSL, the leading global provider of regulatory reporting and risk management solutions, announced today that Banco Sabadell has chosen AxiomSL’s strategic platform to automate its regulatory reporting. The platform will be implemented at Banco Sabadell’s headquarters in Barcelona and is the bank’s second project with AxiomSL, having also used AxiomSL for its UK arm, TSB.
Banco Sabadell will use the platform, which boasts native XBRL functionality, for reporting to the relevant national regulator and supervisor. The coverage will include Common Reporting (COREP), Financial Reporting (FINREP), Liquidity Coverage Ratio (LCR), Net Stable Funding Ratio (NSFR), Asset Encumbrance (AE) regulatory requirements as well as all local central bank reporting.
AxiomSL will support all of the report templates required by Banco Sabadell and the latest versions of the EBA’s XBRL taxonomy. When these are changed by the regulator, AxiomSL releases updated versions within a month. This unrivalled delivery time was an important factor in Banco Sabadell’s decision to choose AxiomSL.
National and European reporting requirements continue to change frequently. By working with AxiomSL, Banco Sabadell will always have access to the most up-to-date report templates and will have ample time to test them before the submission deadlines. The flexibility and time to market offered by AxiomSL make its platform very attractive.
With AxiomSL, firms do not need to use an Extract, Transform, Load (ETL) integration layer to convert their data in to a specific format before loading it onto the platform. Instead, they can load their data in its existing format. This increases time to market and transparency, and reduces total cost of ownership.
“We are very pleased to have been selected by Banco Sabadell. We have many years of experience in EBA reporting and are confident that we will continue to deliver excellent results on this project,” said Ed Royan, Chief Executive, EMEA, AxiomSL. “Ongoing changes to reporting requirements continue to create challenges for financial firms. The way in which we are able to separate our regulatory update releases from our software releases enables us to deliver new report templates quickly, making sure our clients remain compliant. We look forward to developing our relationship with Banco Sabadell over the coming years.”
AxiomSL is the global leader in regulatory reporting and risk management solutions for the financial industry, 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.
AxiomSL’s platform supports compliance with a wide range of global and local regulations, including Basel III capital and liquidity requirements, the Dodd-Frank Act, FATCA, AEI (CRS), EMIR, COREP/FINREP, CCAR, FDSF, BCBS 239, Solvency II, AIFMD, IFRS 9, MAS, ASIC, REMIT, SFTR, 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.
About Banco Sabadell
With 135 years of history, Banco Sabadell leads Spain’s fourth largest banking group and is one of the best capitalised Spanish financial institutions. Banco Sabadell has assets in excess of 212 billion euros, a network of more than 2,700 branches, and the trust of 11,8 million customers.
Banco Sabadell has gone through a historic period of growth in the last decade, highlighting its strength during the crisis and the restructuring of the Spanish financial system, as well as internationally by expanding to Mexico, Peru, Colombia and the United Kingdom, where it took over the TSB in 2015.
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