02 Oct BMCE Bank International extends use of AxiomSL’s Strategic Platform to meet IFRS 9 requirements
LONDON, 02/10/2017: AxiomSL, the leading global provider of regulatory reporting and risk management solutions, today announces that BMCE Bank International Plc (BBI Plc), a subsidiary of BMCE Bank of Africa Group, one of Africa’s largest banks, has chosen to implement the International Financial Reporting Standard 9 Financial Instruments (IFRS 9) using AxiomSL platform. The solution will integrate the bank’s impairment model, impact directly the general ledger and deliver all regulatory reports updates.
AxiomSL’s comprehensive IFRS 9 solution calculates expected credit loss on a granular level, providing results computed for each contract. It enables classification and measurement, as well as impairment calculations. Clients are able to use their own data models and granular data throughout the entire reporting process for improved flexibility.
The solution supports impact analysis between International Accounting Standard (IAS) 39 and IFRS 9, and integrates data across multiple business functions, ensuring the entire IFRS9 process is streamlined and simplified.
The solution also provides full audit trails, data mining and data lineage, allowing clients to trace data back to its original source which is essential for regulatory compliance. This data is updated according to clients’ specific needs, creating greater efficiencies.
BMCE Bank International Plc is already using AxiomSL’s bespoke platform to report statistical requirements to the Bank of England’s (BoE) and a range of calculation requirements mandated by the Capital Requirements Directive IV (CRD IV) including Common Reporting (COREP).
Mohammed Afrine, CEO of BMCE Bank International, said: “Expanding the functional coverage of our AxiomSL platform to address IFRS 9 challenges is in line with our IT strategy to enhance our solutions and work with the best providers. AxiomSL IFRS 9 solution coverage and the platform capability to interface with both our accounting system and our impairment model was a key decision factor. AxiomSL has proven to be a reliable support and solution provider to address the constantly evolving regulatory landscape.”
Edward Royan, EMEA CEO of AxiomSL, said: “We are thrilled that BMCE International Bank has chosen to use our platform for compliance with IFRS 9. We are committed to providing solutions that offer full transparency and allow clients to meet regulatory requirements in an efficient way, and this expansion proves we have succeeded in our aim.”
About BMCE Bank International Plc
BMCE Bank International Plc (BMCE Bank International), formerly known as MediCapital Bank, is a leading international bank specialising in African investment. We connect international institutions and investors with a diverse portfolio of investment opportunities on the continent.
BMCE Bank International structures private sector deals that are below the radar of larger investment banks and beyond the scope of local banks. We offer a full service of investment and wholesale banking facilities with core divisions in Corporate Banking and Financial Markets. We also specialise in providing corporations in Africa with access to international capital markets and financial expertise.
BMCE Bank International has a proven team of non-executive and executive directors, with many years’ experience of working across a range of banking sectors and geographical regions. Together we bring an unrivalled knowledge of the opportunities that Africa presents, and the experience and expertise to capitalise upon them.
Our passion for doing business in Africa is driven by our desire to contribute to the long-term development of African economies. We believe that we have identified an approach to doing business on the continent – and in other emerging economies around the world – that creates substantial and long-term opportunities, both for those parties involved in an enterprise and for a wider range of stakeholders.
BMCE Bank International is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. http://www.bmce-intl.co.uk/
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, 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. 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 employs over 600 staff globally that are dedicated to servicing clients across many of the world’s major financial centres, including New York, São Paulo, London, Paris, Brussels, Luxembourg, Frankfurt, Amsterdam, Madrid, Singapore, Beijing, Hong Kong and Tokyo.
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. www.axiomsl.com.
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