02 Dec Banking Arena Challenges—the Next Gen Solutions
December 2, 2015 –
With an ever-increasing and evolving set of regulatory requirements, Financial Institutions (FIs) are struggling to keep up with the stricter regimen for compliance regulations. Significantly complex and exceptionally large volumes of granular data compel FIs to re-assess their data management and reporting systems. As a result, FIs are struggling to adapt quickly to new regulatory changes and address issues around risk aggregation and data governance. It is not only the amount of change that is a challenge; the frequency of changes and speed of developments also present difficulties as deadlines are set before the rules are fully agreed. The new liquidity risk rules are just one element of a tidal wave of regulations that are sweeping through financial firms. AxiomSL’s full enterprise-wide approach enables FIs to conquer the traditionally siloed nature of bank operations while addressing the scalability, performance, and transparency challenges.
To comply with numerous regulatory requirements and enhance information oversight, financial reporting, and risk analysis, firms should establish integrated data taxonomies and architecture across the enterprise. This includes information on the characteristics of the data as well as unified naming conventions for the data attributes, while avoiding major redesign of the entire enterprise technology. AxiomSL’s platform standardizes clients’ metadata across the enterprise data sources, which may be dispersed across the bank, and creates common translation tables using its Visual Business Rules™ technology. Further, this integrated approach consolidates and provides aggregation for financial, risk, and transactional data while managing large volumes. To achieve maximum transparency, AxiomSL introduced a concept of on-demand business data models to extend granular data sources with aggregated results for internal and external reporting, coupled with validation, reconciliation, and variance analysis to meet normal and crisis accuracy requirements.
“AxiomSL’s collaborative platform enables IT and business people to focus on data lineage, data quality, integration, and metadata to establish a solid foundation for data and process governance while empowering CIOs, CROs, and CFOs with complete control in establishing and maintaining reporting logic to any degree of complexity,” says Alexander Tsigutkin, CEO of AxiomSL. “Our strategic integrated platform, ControllerView®, delivers solutions for regulatory, risk analytics and management reporting with drill down capabilities to the original source data. The platform provides the scalability to meet multiple regulatory requirements with greater performance, accuracy while ensuring full transparency and control.”
AxiomSL’s strategic platform, allows FIs to take advantage of all subject matter challenges, whether it comes from an analytical perspective or aggregation in shareholders’ disclosure requirements. Complying with the latest regulatory reforms, the integrated platform allows FIs to automate and streamline business operations, while optimizing processes and systems. It also assists in data enrichment and transparency to enhance decision making and reduce operational costs—amplifying regulatory reporting capabilities. Further, AxiomSL’s platform enables FIs to harmonize and reconcile large volumes of source data and eliminate duplicate efforts by integrating risk and finance reporting into a single business intelligence layer.
A strategic and holistic approach supported by an integrated platform, such as AxiomSL, enables FIs to not only meet their analytical and regulatory reporting obligations, but also manage the effect of Risk Weighted Assets (RWA), Liquidity (LCR), and Leverage Ratio (LR) simultaneously to achieve operational efficiency and gain a competitive advantage. AxiomSL, headquartered in New York with offices around the world, provides the analytics to meet regional and global regulatory standards as well as the external and internal reporting.
Working closely with Tier 1 and Tier 2 FIs, AxiomSL recognizes the need for data governance structure across all financial services industry to achieve compliance with BCBS 239 international rules and eradicate the “black box” effect during the assembly and aggregation of data demanded by management teams and regulators.
This article was originally published in Banking CIO Outlook.