27 Nov Spar Nord Bank AS selects AxiomSL’s strategic platform to meet COREP and IRB requirements
LONDON, 27 Nov 2018: AxiomSL, the leading provider of regulatory reporting, risk and data management solutions, announces today that Spar Nord Bank AS, headquartered in Denmark, has chosen AxiomSL’s strategic platform to meet Common Reporting Framework (COREP) and Internal Ratings Based (IRB) requirements in Denmark.
AxiomSL provides all required calculations, report templates and reporting functionality for COREP and other capital disclosures in Denmark and around the world. Spar Nord Bank’s choice of AxiomSL was driven by its end to end capital solution, delivered on a flexible and transparent data management platform. The features of AxiomSL’s capital solutions include model execution, a data dictionary, calculation modules, business analytics, taxonomy, validations, submission and much more.
Using AxiomSL’s IRB solution, Spar Nord Bank AS will benefit from the option to execute models within the platform and the ability to drill down to the underlying code. In addition, the platform can trigger and control external execution models, governing both the data sent to and received from external models. Risk weighted asset (RWA) calculations and credit risk mitigation under both IRB and standardised approaches are fully supported and documented within the solution, providing the client with the ability to optimise their RWA portfolios.
All AxiomSL capital calculations are workflow based and are completely transparent with inbuilt rule references, providing confidence in the data and processes applied in the platform. These capabilities provide the user with seamless integration, while greatly reducing the cost of compliance.
Bjarne Højgaard, Department Director, IRB, Spar Nord Bank commented: “Regulatory expectations continue to rise exponentially in Denmark and around the world. We chose AxiomSL’s strategic platform to tackle this challenge and address our capital disclosure requirements in an automated, timely and cost-effective manner. We are convinced that the platform will deliver a comprehensive process with flexibility, transparency and scalability, which will simplify the compliance process for our firm. We look forward to working with the team at AxiomSL.”
Ed Royan, CEO, AxiomSL EMEA commented: “We are thrilled that Spar Nord Bank has selected our platform to meet COREP and IRB requirements in Denmark. Accurate and timely regulatory compliance remains a key concern for financial institutions globally. Firms look for end-to-end solutions that can enable fast implementation, lower the cost of compliance and increase operational efficiency. AxiomSL’s strategic platform efficiently delivers these benefits by automating regulatory reporting and risk management processes on a single platform and rapidly responding to the ever-evolving regulatory landscape. We look forward to a long-term partnership with Spar Nord Bank”.
About Spar Nord Bank AS
Spar Nord was established in 1824, which makes Spar Nord the oldest Danish bank outside Copenhagen. Today, Spar Nord has 49 branches, 400,000 customers, 1,550 employees and 107,000 shareholders, and is the market leader in North Jutland, as assessed by market share of personal and business clients.
Spar Nord is built on a franchise philosophy, with a high degree of local decision making in the local branches. Combined with a proven business model, solid capitalization and a management team with a total of more than 120 years of industry experience, this philosophy has led Spar Nord through the turmoil of recent years in good shape. Therefore, Spar Nord has a strong track record of being “in-the-black” for the last 21 years.
Studies show that Spar Nord’s customers – both private and corporate – are among the most satisfied in Denmark.
For more information, visit www.sparnord.dk.
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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