August 6, 2014 – Author: David Attenborough, Head of EMEA Business Development
As the Bank of England (BOE) rolls out the Online Statistical Collection Application (OSCA), a new submission mechanism for its statistical reporting, some market participants have discovered their incumbent software will not be upgraded to meet the requirements of the BOE’s new system and they are being forced to move on and re-platform.
The challenge for many market participants lies in identifying a replacement solution capable of accommodating OSCA, while ensuring that business impact and migration costs are kept to a minimum. In addition, firms are looking to find alternative packages that can evolve to meet future changes to the BOE’s submission mechanism and that also enable compliance with other reporting requirements, such as those of the Financial Conduct Authority (FCA).
A replacement BOE disclosure solution must provide sophisticated file import functionality, and assist in establishing complex reporting logic and in conducting detailed audits on all submissions.
AxiomSL received BOE recognition of its electronic submission capability a decade ago, and understands the need for financial institutions to retain complete control when establishing and maintaining reporting logic to any degree of complexity. Users are provided with access to AxiomSL’s Visual Business Rules to individually define mapping logic to meet reporting and accounting requirements. The resulting reports can be produced within minutes.
As well as BOE disclosures, our auditable platform can be utilised for all other major reporting requirements facing firms in the UK and globally today, including FCA reporting, Common Reporting (COREP) and Financial Reporting (FINREP).
AxiomSL’s ‘one platform’ approach is helping worldwide market participants control their costs and ensure consistency across the multiple reports they submit to various regulators in the developing regulatory landscape.
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