06 Feb Leading Canadian bank goes live with AxiomSL’s regulatory reporting platform for Singapore and Hong Kong branches
Singapore, 7 February 2017 – AxiomSL, the global leader in regulatory reporting and risk management solutions, announced that a leading Canadian bank has successfully completed the first phase of their regional program to implement AxiomSL’s regulatory platform into both Singapore and Hong Kong branches. This comprehensive regulatory reporting solution addresses the regulatory requirements for the Monetary Authority of Singapore (MAS), the Hong Kong Monetary Authority (HKMA) and the Hong Kong Deposit Protection Board (HKDPB). All solutions are in support of the new requirements announced by the regulators in 2015 and 2016. The bank has continued onto the second phase of the program which will see the parallel implementation of the MAS and HKMA regulatory reporting requirements in replacement of their current regulatory reporting solution.
With the continuously evolving regulatory reporting requirements, global banks are now seeing an even greater need for integrated solutions in their regulatory reporting and analytics processes. AxiomSL’s platform provides a streamlined, comprehensive solution that covers all regulatory requirements with the added benefit of a rapid implementation rate.
AxiomSL’s regulatory solutions enable the bank to have complete control throughout the entire reporting and analysis processes. The platform provides flexibility in regulatory calculations and reporting while integrating seamlessly with the banks’ existing architecture. AxiomSL’s solution will also be able to adapt and address the variety of requirements specific to a private bank and improve automation, including edit checks and results validation, which will lower the overall cost of compliance.
Commenting on the implementation of the platform, Olivier Kamoun, CEO Asia Pacific and global Chief Product Officer AxiomSL said, “We are pleased to continue our relationship as the banks’ strategic technological partner. AxiomSL’s data and process platform will enable the bank to enhance efficiencies by responding quickly to the stream of demands emanating from regulatory authorities globally. The seamless integration of AxiomSL’s strategic platform with the clients’ existing infrastructure allows them to achieve compliance across multiple jurisdictions whilst ensuring full control of the entire workflow process. This ultimately provides the scalability and transparency that is required for a more efficient compliance process.”
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AxiomSL is the global leader in regulatory reporting and risk management solutions for 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.
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 9, 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 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. Its data and process control platform was recognized as “Category Leader” in the 2016 Chartis FinTech Quadrant® for Data integrity and Control Solutions. 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 several 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. For more information visit www.axiomsl.com.