LONDON, 11/07/2018: AxiomSL, the leading provider of regulatory reporting and risk management solutions, announces today that it has widened its United Kingdom liquidity risk calculation and reporting suite with the launch of its PRA110 solution. The solution provides treasury teams a powerful tool that automates the calculation of maturity mismatch and ensures that the final PRA110 template that is reported to the Prudential Regulatory Authority (PRA) is reconciled, timely and accurate.
The PRA110, a new liquidity calculation and template, will come into effect from July 2019 to replace the current FSA047 and FSA048 processes. It will apply to all UK banks, building societies and PRA designated investment firms. A firm’s profile will determine the calculation and reporting frequency which may be daily, weekly or monthly.
PRA110 will require the reporting of nearly 29,000 data points which presents a significant change to the current process, as more granular data will be required. Current processes which are often manual can be both error-prone and time consuming. The frequency and increased granularity will make it difficult to manually comply with the new requirements without robust automated solutions.
AxiomSL’s strategic regulatory reporting and risk management platform ensures that the liquidity regulatory compliance regimes (The new PRA110, the Liquidity Coverage Ratio (LCR), the Net Stable Funding Ratio (NSFR), Additional Monitoring Metrics (AMM), and Asset Encumbrance (AE)) are all fully integrated and aligned to the internal risk management and Asset Liability Management (ALM) functions, such as Interest Rate Risk in the Banking Book (IRRBB), Funds Transfer Pricing (FTP) and cashflow management. Its PRA110 solution is fully integrated into a unified liquidity data model which means all the internal and external liquidity risk management measures are able to utilise common data sources and modelling assumptions.
As with all AxiomSL’s solutions, PRA110 and the liquidity suite are available both on premise and on cloud.
Ed Royan, CEO, AxiomSL EMEA commented: “We are pleased to enhance our liquidity risk calculation and reporting suite with the launch of our PRA110 solution. With increased regulatory scrutiny, it is imperative that reporting satisfies requirements accurately and on time. AxiomSL is well positioned to address the key aspects of the new PRA110 framework with the integration of liquidity metrics, ensuring data governance, automation, traceability and transparency with the benefits of shortened time to market, reduced total cost of ownership (TCO) and increased operational efficiency. Now is the time to prepare for the new standard by automating and integrating systems to effectively facilitate the granular data collection and submission prior to the July 2019 deadline.”
Wissam Elzeenni, Liquidity Product Manager, AxiomSL EMEA commented: “The PRA110 incorporates features from other regimes like the LCR and FSA047-048 and addresses additional risks not already covered such as HQLA monetisation. This new standard requires an integrated and robust system that can fully handle the liquidity risk management process, from data sourcing and reconciliation to reporting, including XBRL submission, in a streamlined and automated fashion. AxiomSL’s liquidity solution encompasses all liquidity regulatory compliance regimes, including PRA110 and provides a fully integrated cash flow engine as well as dynamic dashboards along with forecasting, variance and trend analysis.”
AxiomSL, the global leader in regulatory reporting, data and risk management solutions, was established more than 25 years ago, with offices worldwide. AxiomSL’s unique enterprise data management (EDM) platform empowers firms to address data governance and risk aggregation while delivering the analytics, workflow automation, validation, audit functionality and reporting required by multiple stakeholders across global and local regulations.
Known for its robustness, adaptability and transparency, AxiomSL’s collaborative platform imposes no constraints on where the data is located and enables financial firms to avoid duplication and double storage. It seamlessly integrates clients’ source data from disparate systems, 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 this 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, AnaCredit, FATCA, AEI (CRS), EMIR, COREP/FINREP, CCAR, FDSF, BCBS 239, Solvency II, AIFMD, IFRS 9, MAS, ASIC, REMIT, MiFID II, SFTR, central bank disclosures, and both market and credit risk management requirements. AxiomSL’s enterprise-wide approach enables clients to leverage their existing data and risk management infrastructure, reducing implementation costs, time to market and complexity.
AxiomSL has received a number of awards and industry recognitions. Most recently, the firm was named “Best Risk Calculation Engine for Regulatory Compliance” in Data Management Review’s 2018 RegTech Awards and 2018 Category Leader for “Data Integrity and Control Solutions in Financial Services” by Chartis Research. This was the second year AxiomSL has been honored with both awards. In addition, the company was recognized as the “Best Reporting Platform for the Sell-Side” in WatersTechnology’s 2018 Sell-Side Technology Awards. The company’s cutting-edge solutions have received additional accolades from other industry leaders and observers, including the Waters Magazine Rankings, American Financial Technology Awards, and Chartis RiskTech100. For more information, visit www.axiomsl.com.
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