Major Swiss bank extends strategic AxiomSL deployment to include Irish reporting

25 June 2015 – AxiomSL, a global provider of regulatory reporting and risk management solutions, announced today that a major global Swiss bank has decided to expand its use of AxiomSL’s platform to support reporting to the Central Bank of Ireland, including new monetary and interest rate disclosures mandated by the European Central Bank (ECB).

The Swiss private and investment bank has been using AxiomSL for almost a decade. It first implemented the AxiomSL platform in the UK for reporting to the Bank of England and Financial Services Authority. Based on the success of this project, it decided to also deploy the AxiomSL platform in the US and then in Asia-Pacific, where it is used in Singapore, India, Korea, Australia and Japan. The bank also leverages AxiomSL for headquarters reporting in Switzerland.

As part of a strategic, long-term relationship, the bank has continually rolled out the AxiomSL platform in different jurisdictions when regulatory changes are introduced. The latest project in Ireland has been prompted by the implementation there of the ECB’s Balance Sheet Item (BSI) and Monetary Financial Institution (MFI) Interest Rate (MIR) reporting requirements. BSI/MIR is the ECB’s new statistical reporting framework for financial firms’ balance sheet items and interest rates. It continues the move in Europe to more granular, taxonomy-based reporting structures.

The Swiss bank will also use AxiomSL to automate other reporting to the Central Bank of Ireland, including the preparation and submission of Resident Offices Returns (RS2), Survey of Credit Institutions Returns (CRS2), Maturity and Sectoral Returns (MTS), Revaluation Adjustment Returns (RV2), Reclassification Adjustments Returns (RC2) and Analysis of Lending and Deposits Returns (SQ2).

AxiomSL’s platform supports traditional (e.g. XML) and taxonomy-based (e.g. XBRL) reporting requirements in multiple jurisdictions. This has enabled the Swiss bank and other clients to greatly reduce the cost and complexity of compliance by using a single platform to satisfy a range of reporting requirements.

As in other countries, AxiomSL provides all of the templates needed for reporting to the Central Bank of Ireland. These templates are updated when amendments are made by the regulator. This ensures clients remain compliant with changing requirements and it relieves them of the burden of continually monitoring and analyzing regulatory announcements.

“We are very pleased this longstanding client has decided to use our platform in yet another jurisdiction. We view the decision as an endorsement of our technology and client services,” said Ed Royan, Chief Operating Officer, EMEA, AxiomSL. “There is no let-up in the pace of regulatory change across the globe. We are seeing strong demand for an infrastructure that simplifies the management of regulatory reporting. AxiomSL delivers this by providing a single platform that can be used for multiple requirements – including both traditional and taxonomy-based reporting – and by ensuring clients always have up-to-date templates.”

Press contacts:

Eva Schueckel
Greentarget
Email: eva.schueckel@greentarget.co.uk
Tel: +44 20 7324 5485
Nicholas Hamilton
AxiomSL
Email: nhamilton@axiomsl.com
Tel: +44 207 448 9750

About AxiomSL:

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.

www.axiomsl.com