28 Sep CNH Industrial Financial Services selects AxiomSL’s strategic platform for AnaCredit and Schema-A reporting in Belgium
LONDON, 28/09/2018: AxiomSL, the leading provider of regulatory reporting and risk management solutions, today announces that CNH Industrial Financial Services, a global financial services player in the Capital Goods financing business, has selected AxiomSL’s strategic platform to implement AnaCredit and local statistical (Schema-A) reporting in Belgium.
By selecting AxiomSL, CNH Industrial Financial Services will meet its objective to automate their reporting process, from data sourcing to submission of the reports, to the National Bank of Belgium (NBB).
AnaCredit is a major European Central Bank (ECB) initiative which requires financial institutions to report granular loan level data. The NBB has merged the ECB’s AnaCredit reporting requirement into its Belgium specific BECARIS reporting regime, adding additional local complexity. Schema-A is the NBB’s traditional aggregated statistical reporting regime that has been in place for several years.
CNH Industrial Financial Services chose AxiomSL’s platform because it will ensure that the client can manage many types of reporting complexity, both granular and aggregated, while meeting the fast approaching reporting deadline for AnaCredit in September 2018. The platform also aids CNH Industrial Financial Services in future-proofing, as it provides a stronger process to maintain the compliance levels and increases the capabilities for control.
AxiomSL’s scalable platform and business dashboards allow users to quickly process, monitor and validate their reports and ensure they are submitted accurately to the regulators. The flexible nature of the solution enables users to drill down from the final reports to source data and delivers transparency into their entire reporting process. Once they are satisfied with their reports, client can sign off on them before they are submitted to relevant domestic credit register.
Pierre-Thomas Joire, Chief Accounting Officer, CNH Industrial Financial Services commented: “AnaCredit and local statistical reporting requirements fuelled the need for us to incorporate technology in our compliance program to improve efficiency. AxiomSL’s integrated solution and smooth and lean data model will enable us to deal confidently with increasing regulatory requirements. We look forward to working with the team at AxiomSL.”
Ed Royan, CEO, AxiomSL EMEA commented: “We are pleased that CNH Industrial Financial Services has selected AxiomSL for AnaCredit and local statistical reporting. Regulators across the world require more granular, frequent and better quality data. Firms are under immense pressure to satisfy these demands whilst carrying out their business-as-usual activities. AxiomSL’s multi-award winning strategic platform delivers cross-jurisdictional regulatory reporting and risk management solutions and greatly reduces the compliance burden on clients with automation, data governance and end-to-end data management capabilities. We look forward to a long-term partnership with CNH Industrial Financial Services”.
About CNH Industrial Financial Services
CNH Industrial Financial Services in Belgium is a branch of CNH industrial Financial Services SA headquartered in France and present via branches in 5 European countries. CNH Industrial Financial Services is a subsidiary of CNH Industrial Global N.V. and offers a comprehensive range of financial services solutions and ancillary services to the dealers and end-customers of the CNH Industrial company’s brands.
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..
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