07 Jun U.S. Bank Chooses AxiomSL for its Regulatory Reporting Platform
Platform enables bank holding companies (BHCs) to comply quickly with changing regulatory mandates
New York – 07 June 2016 – AxiomSL, the leading global provider of regulatory reporting and risk management solutions, announced today that U.S. Bank, the fifth largest commercial bank in the United States, will deploy AxiomSL’s data-driven platform to meet several regulations, including U.S. Liquidity Coverage Ratio (LCR) reporting, Comprehensive Capital Analysis and Review (CCAR) reporting and multiple other required mandates.
As regulations evolve and the proliferation of data continues apace, financial institutions have a greater need to adopt integrated approaches for regulatory reporting and analytics processes. AxiomSL’s platform consolidates data across multiple entities, giving U.S. Bank the capability to streamline reporting and calculations, improve data accuracy, and provide greater transparency and traceability across its systems, while abiding by regional and global timelines.
AxiomSL’s platform delivers complete control over every step of the regulatory reporting and analysis processes. The high-performance capabilities of the platform provide a flexible and robust engine for regulatory calculations and reporting, which seamlessly integrates to clients’ existing infrastructure, scales to address large volumes of disparate data, improves automation, produces reports – including edit checks and results validation – and ultimately lowers the cost of compliance. These were key considerations for U.S. Bank in selecting AxiomSL.
“We are delighted to have been selected by U.S. Bank as their regulatory reporting solution provider,” said Alex Tsigutkin, Chief Executive Officer (CEO), AxiomSL. “Today’s systems must meet an ever-increasing set of granular, complex and evolving regulatory requirements while integrating large volumes of heterogeneous data across the enterprise. These requirements highlight the increased need for unified source data and data process automation, full transparency and data lineage, ensuring executives have the ability to make rapid and frequent changes to comply with these regulatory requirements and enhance information oversight.”
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U.S. Bank Corporate Communications
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About U.S. Bancorp:
U.S. Bancorp (NYSE:USB), with $422 billion in assets as of December 31, 2015, is the parent company of U.S. Bank National Association, the fifth largest commercial bank in the United States. The company operates 3,133 banking offices in 25 states and 4,936 ATMs and provides a comprehensive line of banking, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
AxiomSL is the leading global provider of regulatory reporting and risk 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 audit functionality.
The AxiomSL platform seamlessly integrates clients’ source data from disparate systems and geographical locations without forcing data conversion. It 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 the 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, FATCA, AEI (CRS), EMIR, COREP/FINREP, CCAR, FDSF, BCBS 239, Solvency II, AIFMD, IFRS, 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 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.