Date: September 30, 2009
Location: New York
AxiomSL has announced today that the leading global financial services firm which recently obtained BHC status went live with AxiomSL’s ControllerView® global regulatory reporting solution in a record time of only three months. The successful automation of the Bank’s Regulatory Reports FRY-11 & FR 2314, from source feed to electronic submission, for over 50 entities has allowed a significant reduction in the effort required to compile and submit the reports.
AxiomSL’s implementation services team worked closely with the Bank’s internal IT and business groups to provide a best practice approach to accomplish this initial success. This achievement has illustrated one of the many benefits of the solution in its flexibility to allow for a quick time to market deployment. AxiomSL’s ControllerView® automated numerous sources and manual processes delivering successful filing of the June quarter end reports. Implementation of other reports is scheduled to provide complete coverage of all required BHC reports. The ControllerView® product suite was selected as a solution for all Regulatory Reporting and Data Management, including full reporting to Federal Reserve, FDIC and Department of Treasury.
In addition ControllerView® is being utilized to fulfill a number of internally required reconciliation’s and reports which are sourced from a multitude of source systems and data warehouses across the enterprise utilizing AxiomSL’s IntegrationCenter™ dynamic data management platform. Besides providing an accurate and transparent reporting process using its high performance engine by integrating and aggregating large volumes of data for the regulatory reporting needs of the Bank, the solution also serves as a platform for analysis and ad-hoc reporting to satisfy the requirements of multiple division heads. AxiomSL’s ControllerView platform is utilizing unique methodologies of sourcing information for financial reporting, which dramatically reduces the number of reconciliation processes which need to be developed, allowing for a quick deployment and satisfaction of regulator’s demand for greater accuracy and transparency within the financial control of the institutions. “We are happy to demonstrate that even in the most challenging regulatory environment we are able to provide our clients with solutions that reduce time to market, ease the burden of constantly changing regulatory requirements and establish a complete transparency in financial reporting” says Alex Tsigutkin, the CEO of AxiomSL’s.