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Swiss National Bank Statistical Reporting Overview
AxiomSL has created a taxonomy and multi-dimensional data point model for all of the SNB’s reports. This gives users a clear understanding of the data needed for each report by defining all of the dimensions and hierarchies, and by outlining the mathematical relationships between different elements in the taxonomy.
Users can load their data to the AxiomSL platform using their existing data structure. They then map their data to AxiomSL’s SNB taxonomy. Once this is done, the solution enriches and validates the data, and uses it to populate the SNB’s reporting templates.
Before submitting a report, the solution checks all values are valid and performs reconciliations with reports submitted to other authorities. Users are also given the ability to conduct plausibility and variance analysis. The unparalleled transparency offered by AxiomSL includes the ability to drill down from the final reports to the source data, and allows users to make manual adjustments if required.
AxiomSL supplies and maintains all of the reporting templates required by the SNB, including the new subject-specific XML schemas. If these are changed, updated versions will automatically be provided. Template releases are separated from wholesale software release. This allows banks to upgrade quickly when regulations change and to avoid costly regression activities associated with software releases. The fact that users can load their data to the AxiomSL platform in any form also makes it easier for them to prepare for regulatory changes, such as the introduction of the SNB’s new templates.
AxiomSL’s solution is highly flexible and scalable, making it possible to load and process large volumes of data quickly. Segregation functionality enables users to leverage a single instance of the solution for both group and entity reporting. Meanwhile, the flexibility of the solution allows for coverage of less common product types, which may not be required by all banks.
AxiomSL’s solution for SNB statistical reporting is built on the same platform as all of its other solutions. This ‘one platform’ approach ensures consistency between reports submitted for different regulations. It also reduces cost and complexity because banks do not need to maintain separate systems to comply with different reporting requirements.
AxiomSL offers all of the functionality and templates banks need to report to the Swiss National Bank (SNB), including support for its new subject-specific XML schemas. The AxiomSL solution is highly flexible, and provides a taxonomy and multi-dimensional data point model for all SNB reports.
AxiomSL’s ‘one platform’ model means the same system can be used for all other regulatory reporting requirements, greatly reducing the cost and complexity of compliance.
Swiss National Bank Statistical Reporting Solution Diagram
Swiss National Bank Statistical Reporting Benefits
A single platform that can be used for all regulatory reporting requirements globally, including SNB reports, FinfraG, Swiss Basel III, CRS and many others
Provision of a taxonomy and multi-dimensional data point model for SNB reports
Ongoing monitoring of changes to SNB templates, and provision of updated versions
Separation of regulatory update releases and software releases
Automation of the entire reporting process
Ability to adapt quickly to change
Drilldown from final reports to source data
Swiss National Bank Statistical Reporting Challenges
Banks in Switzerland must submit a wide range of reports to the SNB, based on regulations defined by the Swiss Financial Market Supervisory Authority (FINMA). These include monthly, quarterly and annual financial balance sheet reports, and breakdowns of client portfolios by security. (Basel III capital and liquidity reports are also submitted to the SNB. Information about AxiomSL’s solution for these requirements can be found by clicking here.)
The SNB is in the process of revising all of its reporting templates. Banks in Switzerland have become accustomed to using a single, generic XML schema for all of their reports. However, the SNB is now introducing a new subject-based approach, with different XML schemas for each report. The new templates include different layouts, and additional fields and instruments.
The introduction of new templates will put a lot of strain on banks that rely solely on internal resources to monitor and implement all of the changes announced by the SNB. Migration to the new templates also makes it essential that banks have a flexible solution with a smooth, efficient approach to change management.
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