21 May US G-SIB goes live with AxiomSL’s regulatory platform to meet multi-jurisdictional capital and statistical reporting
LONDON, 21/05/2018: AxiomSL, the leading provider of regulatory reporting and risk management solutions, today announces that an American global systematically important bank (G-SIB) has gone live with AxiomSL’s strategic regulatory platform in the UK, Ireland and the Netherlands.
The G-SIB selected AxiomSL’s platform to deliver a ten country roll-out of local Common Reporting Framework (COREP), Financial Reporting Framework (FINREP), local central bank and AnaCredit reporting. The implementation started with capital calculations and COREP and focused on the bank’s subsidiaries in the UK and Ireland which was delivered to plan. This was followed by FINREP and local central bank reporting in the UK and Ireland as well as their branch in the Netherlands and was also delivered on schedule. AnaCredit was added to the project after it started, and included their German branch, which was delivered in parallel to meet the local regulators’ aggressive test windows. These successful projects will be followed by roll out of local reporting in further six countries.
The fast, efficient and cost-effective implementation was successful because AxiomSL offers a single platform that can be used for all regulatory calculations and reporting requirements. The platform provides native XBRL functionality and supports cross jurisdictional regulatory obligations. It aggregates and enriches the required data from disparate sources and gives users the full control to trace the data with drill down functionality to manually add attributes, if needed. Once loaded, the data is fed into the relevant reports in a fully automated process.
Abhishek Awasthi, Product Manager, AxiomSL EMEA commented: “In a constantly-evolving regulatory environment, global banks are seeing a greater need for integrated solutions to tackle the complex compliance demands. AxiomSL’s robust multijurisdictional strategic platform addresses regulatory requirements on a local, regional and global level. We are proud to empower our clients to successfully go-live in a timely, efficient and cost-effective manner, yielding tremendous resource savings that can be allocated to core business activities.”
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 700 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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