9 November 2015 – AxiomSL, the leading global provider of regulatory reporting and risk management solutions, announced today that an American global systemically important bank (G-SIB) has gone live on AxiomSL’s platform in Germany, France and the United Kingdom (UK), following an implementation project that was completed in just three months. The bank has now chosen to also use AxiomSL to comply with a range of regulatory reporting requirements in Switzerland.
The G-SIB decided earlier this year to use the AxiomSL platform to support reporting of the Liquidity Coverage Ratio (LCR), Net Stable Funding Ratio (NSFR) and Additional Liquidity Monitoring Metrics (ALMM) components of the Capital Requirements Directive IV (CRD IV) in Germany, France and the UK. Implementation of the LCR has now been completed on time and within budget, following a project that involved integrating more than 20 data sources in three months. The bank is now using the AxiomSL platform to produce the LCR in Germany, France and the UK on a daily basis, at both the consolidated and entity level.
AxiomSL offers a single platform that can be used for all regulatory calculation and reporting requirements globally. As the LCR rules are the same in all European Union (EU) countries, the G-SIB decided to use a single instance of the AxiomSL platform to do its reporting in Germany, France and the UK. In this way, it is using the scalability of AxiomSL’s technology and the harmonization of European regulations to significantly reduce its infrastructure costs and time to market.
The G-SIB has now also chosen to use AxiomSL for liquidity, capital and statistical reporting in Switzerland. Although the reporting requirements in Switzerland are different from those in Germany, France and the UK, the bank will leverage the same instance of the AxiomSL platform in all four countries. This will allow it to further contain the cost of regulatory compliance in Europe.
“This large American bank has been an AxiomSL client in the US and Singapore for some time, so we are delighted that they have chosen to expand their relationship with us in Europe,” said Ed Royan, Chief Operating Officer EMEA, AxiomSL. “The harmonization of regulatory requirements in the EU presents great opportunities for banks to streamline their approach to compliance. The success of this LCR project in Germany, France and the UK demonstrates how banks can use our platform to seize these opportunities. We will be doing similar work for other clients over the coming months.”
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AxiomSL is the leading global provider of regulatory reporting and risk management solutions for financial services firms, including banks, broker dealers, asset managers and insurance companies. Its unique enterprise data management (EDM) platform delivers data lineage, risk aggregation, analytics, workflow automation, validation and audit functionality.
The AxiomSL platform seamlessly integrates clients’ source data from disparate systems and geographical locations without forcing data conversion. It enriches and validates the data, and runs it through risk and regulatory calculations to produce both internal and external reports. The platform supports disclosures in multiple formats, including XBRL. The unparalleled transparency offered by the high-performance platform gives users the ability to drill down on their data to any level of granularity.
AxiomSL’s platform supports compliance with a wide range of global and local regulations, including Basel III capital and liquidity requirements, the Dodd-Frank Act, FATCA, AEI (CRS), EMIR, COREP/FINREP, CCAR, FDSF, BCBS 239, Solvency II, AIFMD, IFRS, central bank disclosures, and both market and credit risk management requirements. The enterprise-wide approach offered by AxiomSL enables clients to leverage their existing data and risk management infrastructure, and reduces implementation costs, time to market and complexity.
AxiomSL was voted Best Reporting System Provider in the 2015 Waters Rankings and was highlighted as a ‘category leader’ by Chartis Research in its 2015 Sell-side Risk Management Technology report. The company’s work has also been recognized through a number of other accolades, including success in the Best Reporting Initiative category of the American Financial Technology Awards and in the Customer Satisfaction section of the Chartis RiskTech100 rankings.