The regulatory data management solution will enable Credit Agricole’s Finance team to transform regulatory compliance reporting from a technology-driven process to a strategic, business-driven activity
Singapore, 23rd May 2017 – AxiomSL, the global leader in regulatory reporting, data and risk management solutions, announced that the Singapore branch of Credit Agricole Corporate and Investment Bank (Credit Agricole CIB) will implement AxiomSL’s regulatory data management solution for Monetary Authority of Singapore (MAS) reporting mandates 610 and 649 respectively. Earlier this year, AxiomSL was also appointed by Credit Agricole CIB in New York to implement its solution for reporting to the Federal Reserve.
AxiomSL set up its Asia Pacific headquarters in Singapore in 2010. Its platform has since been used by financial institutions in the region to comply with key regulatory changes such as FATCA, CRS, IFRS 9, regional liquidity coverage ratio, shareholding disclosure and central bank reporting.
The solutions provider believes Singapore banks will need to engage immediately to prepare for revisions proposed in the new MAS 610. There will be a significant increase in the type and quality of information required, either with different cuts or in a more granular form compared to that in the existing MAS 610. The implementation date is yet to be announced by the Singapore regulator as banks prepare for the impending change in coming months.
AxiomSL’s MAS 649 solution will cover all key functions of the liquidity risk management cycle; from data management to cash-flow generation, asset classifications, liquidity calculations, integrated management and regulatory reporting.
Credit Agricole CIB’s Singapore CFO Jane XU commented, “AxiomSL’s solution provides the data loading, aggregation and reporting functionalities needed to tackle the significant increase in data points required in the new MAS 610 in addition to satisfying the reporting requirements for MAS 649. A key deciding factor for us is its single data-agnostic platform that integrates raw data pulled from multiple sources. With AxiomSL’s regulatory data management solution, we are now able to extend the focus of our Finance team beyond regulatory compliance reporting to financial analysis. This provides value-added data analytics for management reporting that will enhance our business operations overall.”
APAC CEO AxiomSL, Peter Tierney said, “We are delighted to be selected by Credit Agricole for both MAS 610 and MAS 649 reporting. The extension of the bank’s use of the AxiomSL platform for regulatory data management from the United States to include Singapore is a testament to the strength of our offering. Our single strategic platform means the same architecture can also be used for multiple regulatory requirements, thereby greatly reducing operational risks and costs as well as the complexity of compliance. We look forward to building and developing a continued successful partnership with Credit Agricole.”
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AxiomSL is the leading global provider of regulatory reporting, data 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 for change 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 the Dodd-Frank Act – CCAR, Basel III capital and liquidity requirements, IFRS 9/CECL, FATCA/CRS, EMIR, FDSF, BCBS 239, Solvency II, AIFMD, 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 awarded The Asian Banker’s 2016 “Best Compliance Risk Technology Implementation of the Year” as well as “Best Implementation at a Sell-side Firm” for the second year running for the 2017 Sell-side Technology Awards. It 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.
About Crédit Agricole Corporate and Investment Bank:
Crédit Agricole CIB is the Corporate and Investment Banking arm of the Crédit Agricole Group. Crédit Agricole CIB offers its clients a large range of products and services in capital markets, investment banking, structured finance and corporate banking.
The Corporate and Investment Bank is structured around six major divisions: Client Coverage & International Network, International Trade & Transaction Banking, Global Investment Banking, Structured Finance, Fixed Income Markets, Debt Optimisation and Distribution.
The Bank provides support to clients in large international markets through its network with a presence in major countries in Europe, America, Asia Pacific and the Middle East.