Date: October 19, 2004
Location: New York
AxiomSL, leading provider of regulatory reporting, financial data and risk management technology announced today that the Bank of England recognizes ControllerView® for electronic submission.
Following the thorough testing of the full set of required reports in collaboration with the Bank of England’s team, AxiomSL has met the technical specifications of the Bank of England Electronic Reporting System (BEERS). Electronic submission increasingly becoming its preferred method of transmission, the Bank of England recognizes AxiomSL as providing facilities to report in the correct electronic format.
In parallel to the testing, AxiomSL successfully implemented ControllerView® at a major bank in London to replace an existing system that could not sustain the increasing volumes and complexity of reports.
ControllerView® regulatory reporting package provides full coverage, including the latest BOE and FSA reports for capital adequacy, consequently improving management controls and workflow automation of the regulatory reporting process. In addition to reporting transparency and ease of reconciliation, ControllerView® empowers business analysts and FCD users with the ability to define and maintain the changes to regulatory returns logic and source systems through the use of AxiomSL’s Visual Business Rules without any programming effort.
Furthermore, the Integration Center™ module provides users with a very efficient way to interface and use source systems data in its original structure to generate regulatory reports. All returns and underlying detail information can then be analyzed by users, senior management and auditors and reconciled through full drill down to required level of granular data. Such unique and efficient platform allows for an interactive communication between the bank’s internal staff and regulators.
“I’m very happy that ControllerView® has been recognized by the Bank of England, says Patrice Melloul, AxiomSL’s Managing Director for Europe. Though our solution had been installed and used in most financial centers around the world, it was important to us to be recognized in the UK. In regards of regulators’ increasing demand for accountability and upcoming Basle II challenges, ControllerView®, running from a central location, satisfies global banks’ regulatory reporting requirements under multiple jurisdictions. ControllerView® offers a significant saving of time to controllers and peace of mind to senior management from the knowledge that banks’ regulatory data is automatically validated, cross checked by the system and electronically submitted to regulators.” The full list of Bank of England and FSA reports covered by ControllerView® can be found here.