Date: February 1, 2004
Location: New York
AxiomSL, a leading provider of data management and financial management solutions announced today the completion of its ControllerView®’s regulatory reporting solution, for the London operations of a Global Swiss Bank.
ControllerView® replaces the Bank’s previous regulatory reporting system for all its BOE and FSA reports. The move improves management controls and workflow automation of the regulatory reporting process, including electronic report submission. The Bank’s decision was driven by ControllerView®’s coverage of all BOE and FSA reports, its faster processing speed , and the improved reporting transparency and the ease of reconciliation. The Bank’s Controllers now directly manage compliance with changes to any reporting requirements and can control all report logic and data sources without the vulnerabilities of dependence on Vender support or cost of maintaining an internal programming effort. The production processing speed, under 3 hours, against more than 3 Million records is a 40% improvement.
AxiomSL’s IntegrationCenter™ and Dynamic Data Warehouse™ serves as the data management platform for the integration and warehousing of large sub-ledgers generated from a multitude of source systems linked to enterprise reference data, storing the complete history of aggregations, detail sub-ledgers and electronic return submissions. London’s completion now gives the Bank a single system covering its major foreign Trading Markets in London, the US and Asia Pacific. This is the only software product on the market today that is able to satisfy a global bank’s reporting requirements under multiple jurisdictions, running from a central location. It allows IT to maintain data management control, while business users own and control their regulatory reporting results. Having this single reporting solution also saves significant money in system operations and training costs.
Even though ControllerView® ran well in other Centers, we still needed to see if could significantly improve on our current performance against the larger volumes in our London’s operations and satisfy our local reporting requirements, said the Bank’s Executive Director. “After evaluating other solutions available on the market, the content and performance tests we ran on our UK volumes with ControllerView® exceeded our expectations. Considering our 10+ years of satisfied experience with AxiomSL’s team and products globally, the choice was obvious. After only a three months implementation, the system is now fully operational and regulatory reports are submitted electronically from ControllerView® directly to our regulators.”
“We’re happy to know that our continual investments to improve our technology has paid off for a valued client. This is particularly rewarding in view of where we are now with the current Capital Requirements (CAD3) and how this same set of underlying technologies also solves new Basel II challenges. We have demonstrated that ControllerView® offers superior performance and value for a bulge bracket UK trading operation, in terms of report coverage and large volumes. By using AxiomSL’s ControllerView® and IntegrationCenter™ clients gain unprecedented control over their regulatory reporting and data management, at a time of increasing accountability for content accuracy and transparency,” says Axiom’s CEO Alex Tsigutkin. “We also believe the Bank’s decision to run this mission critical operation on a Linux platform only improves the cost-to-value equation.”