16 May ICBC (London) plc chooses to extend AxiomSL deployment to support CRS reporting
London – 16th May 2016 – AxiomSL, the leading global provider of regulatory reporting and risk management solutions, announced today that Industrial and Commercial Bank of China (ICBC) (London) plc has decided to extend its use of the AxiomSL platform to cover the reporting required as part of the Common Reporting Standard (CRS)/Automatic Exchange of Information (AEI) and the Foreign Account Tax Compliance Act (FATCA). The decision will allow the bank to avoid the increased infrastructure costs often associated with the introduction of a new regulation or tax requirement.
This is the second time ICBC (London) plc has expanded its use of the AxiomSL platform, which can be used to comply with multiple regulatory calculation and reporting requirements globally. The bank began using the platform in 2013 to run its Basel capital calculations and for reporting to the Prudential Regulation Authority (PRA) and Bank of England (BOE). In 2014, it expanded its deployment of the platform to comply with the transaction reporting requirements of the European Market Infrastructure Regulation (EMIR).
By now also using the same instance of the AxiomSL platform for CRS and FATCA, ICBC (London) will be able to contain the cost of regulatory compliance by avoiding the need to implement new hardware and retrain staff. The ability to use the same platform for multiple regulatory reporting requirements also ensures consistency between the data that is submitted to different regulators and results in efficiency because the same data does not need to be loaded on to multiple reporting tools.
The number of accounts that financial firms must report on as part of CRS will be significant. The AxiomSL platform provides all of the functionality firms need to manage this volume by automating their CRS reporting. The platform supports the aggregation and cleansing of data, the population of templates and submission of completed reports.
AxiomSL also provides all of the report templates required as part of CRS and updates them when they are changed. The flexibility of the platform means that changes to CRS reporting templates can be added quickly without impacting existing logic.
“It is clear this is the time to adopt a strategic solution for CRS and FATCA. We have been very pleased with the results of using AxiomSL’s platform for the Basel, PRA, BOE and EMIR requirements, so the decision to also use it for CRS and FATCA came naturally. The scalability and flexibility of AxiomSL’s platform means we can contain the cost of regulatory compliance by using a single infrastructure to manage multiple requirements,” said Shuyi Yuan, Deputy CEO at ICBC (London) plc.
“We are pleased that ICBC (London) has decided to expand its use of our platform to comply with more regulatory requirements,” said Ed Royan, Chief Operating Officer, EMEA, AxiomSL. “The number of reports that will need to be submitted as part of CRS means firms need to start thinking strategically about their compliance. We are proud to offer a single platform that can be used to comply with not only these requirements, but also many others around the world.”
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About Industrial and Commercial Bank of China Limited
Industrial and Commercial Bank of China Limited (“ICBC”), formerly known as Industrial and Commercial Bank of China, was established on 1 January 1984. On 28 October 2005, the Bank was wholly restructured to a joint-stock limited company. On 27 October 2006, the Bank was successfully listed on both SSE and SEHK. At the close of 2015 through its continuous endeavor and stable development, ICBC has topped the world ranking as the largest listed bank in terms of market capitalization; customer deposits and profitability; possessing an excellent customer base; a diversified business structure; strong innovation capabilities and market competitiveness. The group provides comprehensive financial products and services to 5.3 million corporate banking customers and 496 million personal banking customers by virtue of the distribution network consisting of 17,094 domestic institutions, 404 overseas institutions and over 1,611 correspondent banks worldwide. Through its E-banking network facilities, ICBC has developed its internationalised trans-market operating structure; offering not only the first choice banking brand for Chinese customers but also as the most trusted financial brand globally. ICBC has maintained long-term investment grade credit ratings of “A1” by Moody’s; “A” by Standard & Poor’s; “A” by Fitch while the outlook on all ratings is stable. ICBC is also continually committed to supporting economic and social development; protecting environment and resources. ICBC always hold a great belief of its future as a global leading brand offering the best profitability, performance, prestige and at the same time reliability. www.icbc-ltd.com
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