03 Oct Banco Colpatria S.A. Selects AxiomSL’s Strategic Analytics and Reporting Platform to Meet Basel III and Complex Regulatory Requirements in Colombia
Colombia, New York, London and Singapore – September 27, 2017 – AxiomSL, the leading provider of regulatory reporting and risk management solutions to the financial services industry, announced today that Banco Colpatria S.A. (hereinafter “Banco Colpatria”), one of the leading banks in Colombia, will be deploying AxiomSL’s analytics and reporting platform to meet Colombian regulatory requirements. With AxiomSL’s high performance technology, Banco Colpatria will have the ability to adapt to the ever-changing regulatory environment to meet complex calculations and multiple submission deadlines.
Now that the modified Basel capital framework Basel III has taken effect for banks of all sizes, financial service institutions (FSIs) are facing challenges in implementing the new rules as Basel III sets tougher minimum capital requirements. AxiomSL’s enterprise-wide solution streamlines reporting and analytics processes across all business functions, which enables FSIs to maintain the required capital by accessing a unified view into the bank’s risk management and financial data with greater transparency and granularity.
“We selected AxiomSL’s integrated platform because of its proven technology in addressing complex financial calculations and regulatory requirements while retaining our native data models” said Carlos Brina, Vice President of Finance from Banco Colpatria. “They will be a valuable partner in implementing greater transparency, end-to-end automation capabilities, and audit trail capabilities throughout our organization.”
“Since regulators are increasingly requiring full drill-down into the source and demanding access to all levels of data (transactional, reference, etc.), it was critical to implement a solution that went beyond regulatory requirements and offered additional business benefits such as leveraging our existing systems and data across the enterprise for risk analytics functions and processes,” added Luis Santiago Perdomo Maldonado CEO from Banco Colpatria.
“We are thrilled to have Banco Colpatria as part of our distinguished list of clients,” said Alex Tsigutkin, CEO AxiomSL. “I believe that AxiomSL’s holistic data-driven platform, delivering risk aggregation with full data and process governance, will empower them to respond quickly and accurately to external regulator demands,” Jack Villacis head of Latin America for AXIOMSL added. “With the increased regulations, tighter margins, and ever-changing market conditions, it is critical that FSIs have a responsive, configurable IT solution where they can drill down and slice-and-dice through data supported by pre-built dashboards and visualizations” Villacis said.
AxiomSL’s solutions provide complete control over every step of the regulatory reporting and risk management process. It delivers a flexible and robust platform for regulatory calculations and reporting that seamlessly integrates to clients’ existing infrastructure, scales to address large volume of disparate data, improves automation, produces and discloses reports (with edit checks and results validation), and ultimately lowers the costs of compliance. Further, it allows FSIs to make rapid and frequent changes to meet evolving regulatory requirements.
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