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 a 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.”