In 2018 AxiomSL received a record nine awards/recognitions covering a range of capabilities, and in an EY survey, was acknowledged as the Leading Technology choice for regulatory reporting globally. We are honored by these industry accolades and deeply grateful for the support and trust of our valued clients that made this success possible.
CORE TECHNOLOGY AWARDS: Transparency Embodies Trust
AxiomSL overall and its ControllerView® signature high-performance data-integrity and control platform were singled out by leading industry organizations. For the second consecutive year, Chartis Research, a provider of research and analysis on the global market for risk technology, recognized AxiomSL as a Category Leader in its FinTech Quadrant® “Data Integrity and Control Solutions in Financial Services.” To create its ranking, Chartis assessed technology solutions used by leading financial firms (FIs) around the world. AxiomSL’s core technology was ranked among the leaders for its capabilities in seamlessly ingesting, calculating and enriching risk, finance and operational data in their native sources while providing full control and lineage throughout the entire process.
Risk.net, an online publication dedicated to financial risk management and the global derivatives markets, named ControllerView the “Risk Data Repository and Data Management Product of the Year” as part of the Risk Markets Technology Awards. As the volume and diversity of data pools explodes and stakeholders’ expectations for improved governance, data quality and controls keep rising, FIs look to AxiomSL as they create a culture of accountability and trust around data. ControllerView was recognized for its ability to analyze and reconcile disparate source data which, combined with its dynamic data-lineage and audit-defense framework, empowers FIs to effectively and quickly meet regulatory changes without any operational disruption.
These recognitions and awards related to our core technology were further validated by a survey conducted by Ernst & Young of 47 U.S. financial firms. The report, “Optimizing the regulatory reporting function,” a 2018 Federal Reserve regulatory reporting survey, featured AxiomSL with almost half (49%) of firms surveyed using AxiomSL as part of their technology solution for regulatory-report production. This result demonstrates that we are the tool of choice among financial institutions, and that our market penetration is trending upward, growing from 15% in 2012 to 49% in 2018. When EY asked FIs “Which tool is currently being used or considered as a single tool for generating and managing all regulatory reports globally,” AxiomSL was overwhelming named — 64% of FIs responded that they are currently assessing or using our technology for their global enterprise regulatory strategy.
COMPLEX SOLUTIONS: CCAR and Our Risk-Calculation Engine
In 2018 AxiomSL had the largest footprint for CCAR (Comprehensive Capital Analysis and Review) implementation among American FIs. Responding to regulators’ heightened demands for improved data-quality while struggling to source, aggregate and reconcile disparate data has compelled FIs to move from a piecemeal manual-processes approach to a holistic approach, opting for AxiomSL’s one strategic platform that delivers scalability, transparency, lineage and workflow automation. To enable FIs to meet CCAR’s complex reporting requirements, we addressed and solved challenges around retrieving, standardizing and ingesting huge volumes of financial, risk and reference data emanating from diverse silos, business functions. For the quality of our platform and CCAR solution, we received two prestigious awards. WatersTechnology Sell-Side Technology Awards deemed our solution the “Best Reporting Platform for the Sell-Side.” And the RegTech Awards, overseen by the A-Team Group of Data Management Review, singled us out as the “Most Innovative Use of a Vendor Solution to Address a Dodd-Frank Requirement.”
Similarly, our solutions addressing complex risk calculations and IFRS-9 compliance requirements received three prominent awards. In a second selection, RegTech Awards named our IFRS-9 solution as the “Best Risk Calculation Engine for Regulatory Compliance.” Risk.net’s Risk Technology Awards chose AxiomSL as the “IFRS 9 Enterprise Solution of the Year” and also named our Basel-III solution the “Regulatory Capital Calculation Product of the Year.”
In both IFRS 9 accolades, AxiomSL was recognized for its one-platform, industrial-strength risk-calculation engine which is designed to integrate seamlessly with clients’ architecture. AxiomSL’s platform enables FIs to operate myriad credit-risk models, credit transition matrices, through-the-cycle and point-in-time estimates and credit impairment frameworks, across a dispersed landscape. Typically, banks run massive Excel-macros to calculate various asset types. In contrast, AxiomSL uses a set of visual-business-rules to automate an end-to-end process. This approach empowers the client to fine-tune its impairment results through a series of what-if simulations, to identify the rule-set that best aligns with their business model, and to optimize ECL results. AxiomSL’s single-controlled environment creates a collaborative landscape where Finance can reconcile/analyze the provisions-calculation process, and Risk can build and execute point-in-time models.
COLLABORATIVE PLATFORM: Bedrock of any successful compliance reporting regime
At AxiomSL, we pride ourselves on having never lost a client in our 25+ year history. Therefore, we were especially pleased that WatersTechnology’s American Financial Technology Awards recognized our work with a large Canadian bank as the “2018 Best Collaboration Initiative” and that Regulation Asia Awards for Excellence recognized our MAS 610 Open Taxonomy solution in Singapore as the “Outstanding Collaborative Initiative.”
AxiomSL strongly believes technology should be an integral part of a collaborative ecosystem. To that end, AxiomSL was instrumental in convening an industry-wide initiative to define an open data structure (a “Taxonomy”) to streamline FIs compliance efforts for the revised MAS 610/1003 reporting mandate. This collaborative partnership included nine banks (two D-SIBs and seven international banks), PwC Singapore and BR-AG. This unprecedented industry-led initiative delivered the completion of the MAS 610 Open Taxonomy in June 2018 utilizing AxiomSL’s holistic data-integrity and control platform as the test bed that enabled this collaborative approach to succeed across all stakeholders.
The strength of the collaboration platform, expressed by most of our clients and by these Canadian FIs, is the non-intrusive data-ingestion that enables FIs to map and connect heterogeneous datasets and processes across business functions. Thereby, it acts as a strategic catalyst for integrating risk, finance and operational data environments while providing dynamic data-lineage that identifies the source of every input and demonstrates how an object navigates throughout the entire workflow process.
AxiomSL provides a robust foundation for operational efficiency, controls, governance, data integrity and traceability where decision-makers across the enterprise are now able to share trusted data for very first time, a powerful insight differentiator – within a collaborative environment where our clients’ success is bolstered by the dedicated engagement of AxiomSL’s technical and regulatory subject-matter experts.
Lastly, I wanted to take a moment to thank you, our clients, for continuing to place your trust in us. Without you, none of what we accomplished over the past year would be possible. On behalf of everyone at AxiomSL, I wish you much prosperity and success in 2019, and we all look forward to continuing our partnership.
Francine L. Gittins
Global Head of Marketing and Communications, AxiomSL