Company’s ControllerView® Data Integrity and Control Platform Named “Risk Data Repository and Data Management Product of the Year”
NEW YORK, LONDON, SINGAPORE, MEDELLIN, November 28, 2018 – AxiomSL, the leading global provider of regulatory-reporting, risk and data-management solutions, today announced that its AxiomSL ControllerView® data integrity and control platform, has been named the “Risk Data Repository and Data Management Product of the Year” by the Risk Markets Technology Awards 2019. Hosted by Risk.net, the online publication dedicated to financial risk management and the global derivatives markets, the Risk Markets Technology Awards recognizes excellence in the deployment and management of market risk, trading and investment risk technology.
To drive financial institutions (FIs) forward and comply not only with regulatory changes but also change management, leaders need to derive insight from trustworthy data and analytics. However, they are often bogged down by efforts to map, aggregate and analyze numerous large, heterogeneous datasets. If aggregation and analyses are run in silos, if outputs cannot be traced to the data source, if data lineage is static instead of dynamic, and if controls are weak, then the integrity of the data is called into question. Without data integrity and control, compliance, governance and analytics fail – as does leadership’s quest for actionable business insights.
Today, FIs face the “three Vs” of data challenges: velocity, volume and veracity. Regulators require data submissions at ever-increasing frequencies (velocity) — often daily. At the same time the size, quantity and diversity of structured and unstructured data sources (volume) has exploded. As FIs grapple with the huge volume of diverse data to meet regulatory requirements and internal management objectives, the veracity ― i.e., the accuracy of the data ― becomes a crucial issue.
To successfully empower FIs to attest to their data with a high level of confidence, it is critical to have a flexible system that maps complex data flows, unravels lineage across the enterprise, separates data attributes from calculation processes, and manages structured and unstructured data in a controlled production environment is critical. To this end, AxiomSL’s “Platform for Change” enables FIs to achieve strong data-management and risk data repository governance by delivering:
- Seamless Technology Interface: Technically flexible, the platform interfaces with clients’ architecture – receiving input from and delivering output to disparate databases and systems enterprise-wide, leveraging automated workflows, and nimbly responding to intense data volumes.
- Easy Data Ingestion and Integration: The platform’s high-performance architecture leverages the FI’s existing data structure, integrating and aggregating heterogeneous original data without needing to retrofit and transform source systems or impose a data format.
- Flexible Automation: Combining business logic, mapping, permissioning and validation frameworks, AxiomSL’s streamlined platform allows for the quick lifting of shared underlying data points demanded by various risk and regulatory requirements and enables exact conformity to required reporting formats.
- Precision Dynamic Data-Lineage, Controls and Visibility: AxiomSL’s powerful dynamic data-lineage/tracer module — essentially an out-of-the-box “GPS” for data — enables FIs to navigate the route of a single data-point from its origination through all its uses, drilling down and drilling up. Changes are documented as they happen. Dashboards enable visibility into the data and process status. Strong security controls feature point-in-time report sign-off capabilities.
“We’re honored that our ControllerView® data integrity and control platform received the Risk Markets Technology Award for ‘Risk Data Repository and Data Management Product of the Year,’” said Alex Tsigutkin, CEO and Founder of AxiomSL. “We believe that for FIs, creating a culture of accountability and trust around data is absolutely paramount. To this end, a high-performance integrated control platform that analyzes and reconciles disparate source data combined with a dynamic data-lineage is essential to driving successful regulatory outcomes, quickly adapting to management change, gleaning critical business intelligence, and sparking game-changing insights.”
To summarize, AxiomSL’s platform enables FIs to successfully address the “three Vs” by seamlessly connecting data across verticals and business functions. The platform acts as a strategic catalyst for integrating risk, finance and operational data environments where, for instance, close coordination with data-related initiatives such as Basel-III and IFRS-9 is needed to streamline and optimize processes. Further, its data-driven approach strengthens internal controls, ensures compliance and governance across reports submitted for different regulations, and enhances data traceability and lineage. The AxiomSL offering is available on premises or on the cloud.
The Risk Markets Technology Awards were held on Tuesday, November 27 in London as part of the Risk Awards. These annual awards recognize end-users such as banks, brokers, asset manager and hedge funds, as well as technology providers. Winners were selected by Risk.net and Risk magazine’s editorial team following a rigorous, three-month process that consisted of a written submission, off-the-record meetings, and a due diligence phase that included interviews with technology providers’ clients.
AxiomSL is the leading global provider of regulatory-reporting, risk and data-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 traceability. For more information, visit www.axiomsl.com.