Nationwide Building Society Live with AxiomSL’s Platform for COREP Reporting and XBRL Submissions
London, New York and Singapore – September 10, 2014 – AxiomSL, a global provider of regulatory reporting and risk management solutions, was selected by Nationwide Building Society to deliver Bank of England (BOE), Prudential Regulation Authority (PRA), and Financial Conduct Authority (FCA) reporting requirements. AxiomSL was selected over other solutions on the market, as it is able to accommodate Nationwide Building Society’s complex data infrastructure and automate all of its regulatory reporting needs on one platform.
AxiomSL’s strategic regulatory reporting platform is currently live delivering prudential and liquidity reporting including COREP, LCR and NSFR reporting via XBRL. Later this year the platform will be leveraged to deliver financial (FINREP) and risk/stress reporting. AxiomSL delivers the control, transparency and flexibility needed for clients to analyse their information and confidently submit accurate reports to regulators providing a strategic cost-effective solution to manage current and evolving regulatory reporting needs.
“AxiomSL’s strategic regulatory reporting platform provided a flexible and scalable solution. This integrated platform consolidates workflow processes and controls, reducing our internal cost while enhancing further data integrity and traceability,” commented Rob Brown from Nationwide Building Society.”
“Regulatory risks are no longer just focused on the ability to comply but are about meeting the requirements of a multitude of regulations while keeping up with the rapid pace of change,” said Edward Royan, AxiomSL EMEA COO. “The common trend among all of these regulations is the increased need for transparency, data quality, data reconciliation and data granularity to meet all disclosure requirements. AxiomSL’s strategic platform successfully leverages clients’ existing data infrastructure to meet regulatory requirements across multiple regulators and jurisdictions.”
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About Nationwide Building Society
Nationwide is the world’s largest building society as well as a top three savings and mortgage provider in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million members. Customers can manage their finances in branch, on the telephone, internet and post. The Society has around 15,000 employees. Nationwide’s head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.
Axiom Software Laboratories, Inc., (AxiomSL) is the global leader in regulatory reporting and risk management solutions for the financial services industry. Established more than 20 years ago, AxiomSL empowers financial institutions to meet regulatory reporting and risk requirements across multiple regulators and jurisdictions. Via the strategic data-driven platform, firms can meet demands from various regulations, including Basel III, Dodd-Frank, AIFMD, FATCA, EMIR, FINREP/COREP and Solvency II, as well as liquidity, market and credit risk management requirements.
Leading financial firms use AxiomSL’s data management, regulatory reporting and risk management solutions to administer all internal data procedures, simplify, standardize and automate processes, and improve data integrity to successfully enhance decision making. The AxiomSL platform integrates clients’ source data from disparate systems and locations, without any data conversion, in a cost-effective manner, providing flexibility, transparency, traceability and the ability to drill down into data sources. It also delivers analytical applications in the areas of data integration and warehousing, financial risk management, regulatory reporting, compliance and financial control. This solution enables financial institutions to have full control over every step of the process and can adapt quickly to evolving regulations.
AxiomSL’s suite delivers a fully integrated solution from data sourcing to final reports including XBRL submission.