14 Feb Fifth Third Bank Chooses AxiomSL for its Strategic Regulatory Reporting
Empowering Bank Holding Companies to comply with ever-changing regulations while ensuring full transparency, scalability, and reducing cost
New York – 15 February 2017 – AxiomSL, the global provider of regulatory reporting and risk management solutions, announced today that Fifth Third Bank, a top 20 US commercial banking organization, will deploy the AxiomSL data-driven platform to meet the requirements for its analytical and regulatory reporting needs. The regulations covered will include U.S. Liquidity calculations (LCR), CCAR requirements and other required Federal Reserve reporting.
In these times of constantly changing regulations, with ever increasing data analytical and reporting requirements, financial institutions need to adopt a more strategic and holistic approach supported by an integrated platform. AxiomSL’s system enables banks to not only meet their analytical and regulatory reporting obligations, but also manage their risk exposure across all business functions more effectively and transparently. The high-performance capabilities of the platform in gathering, aggregating, enriching, validating and processing large amounts of data across multiple systems at any level of granularity, running the data through relevant calculations and populating the reports, were key considerations for Fifth Third Bank.
“Our decision to build a relationship with AxiomSL is due, in large part, to our interest in keeping pace with the complexity of today’s regulatory environment and in maintaining cost-effectiveness across all operations,” said Blane Scarberry, Vice President, Director of External Reporting at Fifth Third Bank. “AxiomSL’s integrated platform is expected to enable us to meet financial and regulatory requirements, while also streamlining our reporting processes across critical business functions. This should provide us with the flexibility to meet evolving regulatory demands.”
“We are very pleased to have been selected by Fifth Third Bank as their strategic regulatory partner and are looking forward to working closely with them in ensuring a rapid paced implementation,” said Alex Tsigutkin, Chief Executive Officer (CEO), AxiomSL. “To this end, AxiomSL’s platform will leverage their existing data and risk management infrastructure to meet LCR and CCAR requirements while ensuring that data is analysed, enriched and reconciled in a consistent, auditable manner with drill down and validation checks. This strategic and holistic approach empowers U.S. BHC’s to address quickly stringent and multiple submission deadlines emanating from regional and global authorities while delivering data aggregation capabilities, data governance and internal controls.”
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About Fifth Third Bank:
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $142 billion in assets and operates 1,295 full-service Banking Centers, including 99 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,650 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 22.8 percent interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2015, had $297 billion in assets under care, of which it managed $25 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858.
AxiomSL is the leading global provider of regulatory reporting and risk management solutions for financial services firms, 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.
The AxiomSL platform seamlessly integrates clients’ source data from disparate systems and geographical locations without forcing data conversion. It 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 the 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, FATCA, AEI (CRS), EMIR, COREP/FINREP, CCAR, FDSF, BCBS 239, Solvency II, AIFMD, IFRS, 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 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