Austrian Central Bank Reporting Deadline Looms for Banks
London and Vienna – 8 December 2014 – AxiomSL, a global provider of regulatory reporting and risk management software, today announces the launch of a solution which enables banks to comply with the new Smart Cube reporting requirements that will be implemented in Austria by the Oesterreichische Nationalbank (OeNB) from 30 June 2015.
The OeNB has developed the Smart Cube system to standardize and improve the quality of the data it receives from domestic banks and subsidiaries of foreign banks. The Smart Cubes cover a variety of topics, including assets and liabilities, collateral and exposures. Ultimately, the Smart Cube system is intended to reduce the burden on banks by standardizing the data they must report for different purposes. However, migrating to the new system will require banks to make significant changes. The implications of these changes will be explored during a breakfast briefing that AxiomSL is hosting in Vienna on 14 January.
AxiomSL’s solution provides all of the data mapping, transformation, drilldown and reporting functionality needed to produce Smart Cube reports and submit them to the OeNB. The solution creates both Smart Cubes and the Basic Cubes on which they are based.
The advantages of AxiomSL’s Smart Cube reporting solution include:
- One platform model: The Smart Cube reporting solution is built on the same platform as all of AxiomSL’s other regulatory solutions, which cover requirements including Common Reporting (COREP) and Financial Reporting (FINREP), the Markets in Financial Instruments Directive II (MiFID II), the Dodd-Frank Act and many others. This ‘one platform’ approach ensures consistency across reports submitted for different regulations. It also reduces cost and complexity because clients do not need to maintain separate systems to comply with different regulations.
- Transparency: Dashboards allow users to monitor the entire Smart Cube reporting process. The solution also enables users to drill down from their Smart Cubes to the algorithms and Basic Cubes that have been used, and also down to their master data.
- Updating feature: AxiomSL monitors changes to the OeNB’s requirements on an ongoing basis and updates its solution accordingly. Version controls allow users to track changes to the regulations and compare differences.
Commenting on the forthcoming reporting requirements and the launch of AxiomSL’s solution, Ralf Menegatti, Product Owner, AxiomSL, said, “With the OeNB’s Smart Cube reporting requirements just six months away, banks need to start thinking now about how they will address this major overhaul of regulatory reporting in Austria. Many other reporting requirements are also due to be implemented in the coming months, as part of regulations such as MiFID II and FATCA. The multitude of requirements on the horizon means market participants must think holistically.
“We are reducing the burden on our clients by providing a single platform that can be used to comply not only with the OeNB’s Smart Cube requirements, but also all other reporting regulations globally. Our Smart Cube reporting solution has been designed to meet the needs of both business and technical users, and makes the entire compliance process transparent.”
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About Smart Cube reporting
The Smart Cube reporting requirements will be phased in from 30 June 2015 as per the table below, starting with financial instruments, such as loans, deposits and securities. This will be followed by more complex instruments, such as derivatives.
AxiomSL Information Breakfast – ‘Regulatory Reporting Trends in the Financial Sector: A Focus on Austria’
This event, which will be held in Vienna on 14 January, will focus on key trends in the Austrian financial sector. The topics covered will include the impact of the Smart Cube reporting system, FATCA, Basel III, FINREP, COREP and IFRS.
AxiomSL will also be staging a breakfast briefing in Frankfurt on 13 January, where the agenda will cover the impact of banking reforms in Germany, as well as requirements such as FATCA, FINREP, COREP and others.
About 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.