27 Jul Major Swedish bank selects AxiomSL for multijurisdictional regulatory reporting in Europe
27 July 2015 – AxiomSL, a global provider of regulatory reporting and risk management solutions, announced today that a large Swedish bank has chosen to use AxiomSL’s platform to centralize its regulatory calculations and reporting in Sweden, Germany, Norway, Finland, Poland, Denmark and the United Kingdom (UK).
In Sweden, the bank will harness the AxiomSL platform to automate its statistical reporting and Capital Requirements Directive IV (CRD IV) calculations and reporting. The CRD IV calculations and reports include liquidity risk, credit risk, market risk, large exposures, capital adequacy and others. The bank will leverage the same platform to automate statistical reporting in Germany, Norway, Finland, Poland, Denmark and the UK.
AxiomSL provides a single platform that can be used for all regulatory calculation and reporting requirements globally. The platform will enable the Swedish bank to greatly reduce the cost and complexity of compliance by eliminating the need to maintain separate reporting systems for different regulatory requirements and jurisdictions.
The bank will also benefit from the ongoing support AxiomSL provides with all of its calculation and reporting solutions. AxiomSL continually monitors changes to the regulations it covers and implements the necessary upgrades to its solutions. This includes providing the latest iterations of the XBRL taxonomy that the European Banking Authority (EBA) releases for CRD IV reporting. AxiomSL gives users ongoing access to earlier versions of the EBA’s standard rules and XBRL taxonomy, which they need when rerunning or resubmitting reports.
“As regulatory changes keep coming, we are seeing increasing demand from firms that want to simplify their approach to compliance by using a single platform to manage reporting requirements in multiple jurisdictions. Our flexible, high-performance platform means we are perfectly placed to help firms achieve this,” said Ed Royan, Chief Operating Officer EMEA, AxiomSL. “This deal increases our growth in northern Europe and once again demonstrates our ability to meet the needs of a multijurisdictional bank. We look forward to working with other firms on similar projects later this year.”
Tel: +44 20 7324 5485
Tel: +44 207 448 9750
AxiomSL is the global leader in regulatory reporting and risk management solutions for the financial services industry. Established more than 20 years ago, AxiomSL empowers financial institutions to meet regulatory reporting and risk requirements across multiple regulators and jurisdictions. Via the strategic data-driven platform, firms can meet demands from various regulations, including Basel III, Dodd-Frank, AIFMD, FATCA, EMIR, FINREP/COREP and Solvency II, as well as liquidity, market and credit risk management requirements.
Leading financial firms use AxiomSL’s data management, regulatory reporting and risk management solutions to administer all internal data procedures, simplify, standardize and automate processes, and improve data integrity to successfully enhance decision-making. The AxiomSL platform integrates clients’ source data from disparate systems and locations, without any data conversion, in a cost-effective manner, providing flexibility, transparency, traceability and the ability to drill down into data sources. It also delivers analytical applications in the areas of data integration and warehousing, financial risk management, regulatory reporting, compliance and financial control. This solution enables financial institutions to have full control over every step of the process and can adapt quickly to evolving regulations.
AxiomSL’s suite delivers a fully integrated solution from data sourcing to final reports including XBRL submission.