07 Aug Bank of China extends use of AxiomSL’s regulatory platform to implement AnaCredit reporting in France
LONDON, 07/08/2018: AxiomSL, the leading provider of regulatory reporting and risk management solutions, today announces that Bank of China has decided to extend its use of AxiomSL’s strategic platform to meet AnaCredit reporting requirements in France. AxiomSL will support the bank’s objective to automate the complex process of AnaCredit reporting and ensure submission in a timely and efficient manner. The decision enables the bank to avoid the increased infrastructure costs often associated with the introduction of a new regulatory requirement.
Bank of China began using the platform in Singapore to meet Monetary Authority of Singapore (MAS) 649 liquidity reporting requirements in 2015 and now further extends this relationship to include AnaCredit reporting in France.
AxiomSL’s scalable platform and business dashboards allow users to quickly process, monitor and adjust large quantities of data that are required to comply with the AnaCredit regulation, providing end to end data management, a single source of submission and quick time to market. The solution is able to leverage Bank of China’s existing data structure to rapidly and accurately aggregate the requisite AnaCredit data from multiple systems. This data is then mapped onto the European Central Bank’s (ECB) data structure and used to populate the mandatory report templates. The solution then applies the regulatory validation rules.
Jérôme Dion, Head of Risk and Financial Management, Bank of China Paris commented: “We chose to extend our usage of AxiomSL’s platform because it proved to lower the overall cost and complexity of regulatory reporting for our firm. We have received positive feedback with the outcome of utilising the platform for regulatory reporting in Singapore, so the decision to use it for AnaCredit compliance in France came naturally. The platform’s ability to facilitate multi-jurisdictional reporting on a global level will also allow us to tackle any additional regulatory reporting requirements confidently. We look forward to continuing to work with the team at AxiomSL.”
Ed Royan, CEO, AxiomSL EMEA commented: “We are delighted that Bank of China has decided to extend its use of our platform to comply with AnaCredit requirements in France. Navigating the maze of regulatory requirements is an enormous challenge for financial institutions and our strategic end-to-end offering significantly eases the regulatory burden for firms. Our commitment to delivering regional and global solutions for our clients enables them to efficiently meet granular, frequent and complex reporting requirements across multiple jurisdictions through a single platform, whilst generating significant cost savings and improved operational efficiency. We look forward to continuing our successful partnership with Bank of China.”
About Bank of China
As China’s most internationalised and diversified bank, Bank of China provides a comprehensive range of financial services to customers across the Chinese mainland as well as 56 countries and regions. The Bank’s core business is commercial banking, including corporate banking, personal banking and financial markets services.
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.
Known for its robustness, adaptability and transparency, AxiomSL’s collaborative platform 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, 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 this 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, the Dodd-Frank Act, AnaCredit, FATCA, AEI (CRS), EMIR, COREP/FINREP, CCAR, FDSF, BCBS 239, Solvency II, AIFMD, IFRS 9, MAS, ASIC, REMIT, MiFID II, SFTR, central bank disclosures, and both market and credit risk management requirements. AxiomSL’s enterprise-wide approach enables clients to leverage their existing data and risk management infrastructure, reducing implementation costs, time to market and complexity.
AxiomSL has received a number of awards and industry recognitions. Most recently, the firm was named “Best Risk Calculation Engine for Regulatory Compliance” in Data Management Review’s 2018 RegTech Awards and 2018 Category Leader for “Data Integrity and Control Solutions in Financial Services” by Chartis Research. This was the second year AxiomSL has been honored with both awards. In addition, the company was recognized as the “Best Reporting Platform for the Sell-Side” in WatersTechnology’s 2018 Sell-Side Technology Awards. The company’s cutting-edge solutions have received additional accolades from other industry leaders and observers, including the Waters Magazine Rankings, American Financial Technology Awards, and Chartis RiskTech100. For more information, visit www.axiomsl.com.
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