01 Nov Standard Chartered Bank (SCB) extends use of AxiomSL’s strategic platform to implement AnaCredit and Deutsche Bundesbank (BBK) Reporting
LONDON, 01/11/2017: AxiomSL, the leading provider of regulatory reporting and risk management solutions, today announces that Standard Chartered Bank (SCB) has chosen to extend deployment of AxiomSL’s strategic platform for its AnaCredit and German statistical reporting to Deutsche Bundesbank (BBK).
SCB initially selected AxiomSL’s regulatory platform in APAC region in 2013 and subsequently extended its usage across EMEA with Bank of England reporting in 2015, as part of their global agreement. Shortly after, SCB signed AxiomSL as its strategic partner for AnaCredit and BBK reporting requirements in Germany, with strategic management decision to leverage AxiomSL’s existing single platform.
It was essential that SCB was ready to comply with AnaCredit requirements well in advance of the implementation deadline in order to have enough testing time and they already completed a successful submission of the reporting. SCB decided to extend its agreement with AxiomSL due to its ‘one platform’ approach, which allows the same system to be utilised for all regional and global reporting requirements, quick time to market and reduced total cost of ownership capabilities. AxiomSL’s strategic platform leverages SCB’s existing data structure to quickly and accurately aggregate the required data from different lines of business. Once signed off, the relevant report is submitted to the Bundesbank in the required format, including XML and XBRL.
Fei Altenvoerde, CFO of Standard Chartered Bank, commented: “We chose to extend our usage of AxiomSL’s platform because it succeeded to reduce the overall complexity of regulatory reporting compliance for us globally, in a timely and cost effective manner. The automation of the entire reporting process means the platform can load, process and submit large volumes of data required for our AnaCredit and BBK reporting, including submission to the Bundesbank, within tight deadlines. We look forward to continuing to work with the team at AxiomSL”.
Ed Royan, CEO, EMEA, AxiomSL, commented “We are pleased that Standard Chartered Bank has decided to extend its use of our platform to comply with AnaCredit and German statistical reporting requirements to BBK. Firms now need to assess their regulatory reporting compliance strategically, in order to meet changing regulatory deadlines with ease and confidence. We are proud to offer a single platform that can be used to comply with multiple reporting requirements globally, as in the example of SCB, whilst reducing the total cost of ownership and increasing operational efficiency.”
About Standard Chartered Bank (SCB)
SCB is a leading international banking group, with more than 80,000 employees and a 150-year history in some of the world’s most dynamic markets. SCB banks the people and companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle East. SCB’s heritage and values are expressed in its brand promise, ‘Here for good’.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.
For more information please visit www.sc.com. Explore SCB insights and comment on company blog, Beyond Borders. Follow Standard Chartered on Twitter, LinkedIn and Facebook.
AxiomSL is the global leader in regulatory reporting and risk management solutions for the financial industry, 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.
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. 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 employs over 600 staff globally that are dedicated to servicing clients across many of the world’s major financial centres, including New York, São Paulo, London, Paris, Brussels, Luxembourg, Frankfurt, Amsterdam, Madrid, Singapore, Beijing, Hong Kong and Tokyo.
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” in the 2016 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. www.axiomsl.com.
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