04 September 2015

AxiomSL reports US bank implementation

24 March 2014  |  1023 views  |  0 Source: Axiom Software Laboratories

Axiom Software Laboratories Inc. (AxiomSL), global provider of regulatory reporting and risk management solutions, announced today that its Comprehensive Capital Analysis and Review (CCAR) solution is currently being implemented at leading banks in the United States.

CCAR is a complex data intensive and time consuming exercise across multiple departments of an organization requiring granular data and full consolidated actual/forecast balance sheets, income statements, and regulatory capital under different stress scenarios for more than two years. Following the Federal Reserve Board's mandate that banks with over $50 billion in assets must comply with CCAR requirements and submit the FR Y-14 report, institutions have turned to AxiomSL to support these operations.

AxiomSL's enterprise integrated platform enables banks to streamline processes through an automated system, eliminating the time-consuming process of manually retrieving and standardizing data. AxiomSL's CCAR solution allows users to employ process control, automation, and integration in order to source, enrich, calculate, analyze, disclose and reconcile data to meet reporting requirements.

"The biggest challenge among banks is the fact that their current architectures remain highly siloed and CCAR requires that firms incorporate financial, risk and reference data simultaneously in many of the reports," said Alex Tsigutkin, CEO of AxiomSL. "New and changing requirements, initiated by the Federal Reserve and the Office of the Comptroller of the Currency (OCC), are forcing firms to develop plans for change management. AxiomSL's enterprise regulatory reporting solution enables firms to quickly meet evolving and new regulations on a single integrated platform while providing transparency, flexibility and drill-down capabilities."

AxiomSL's workflow engine automates business processes without modifying any of the business models and interfaces with clients' data structure. This enhanced process-control environment improves the management of business operations and streamlines review and approval procedure through standardization and audit trails. The solution also provides the capability of establishing ownership and sign-off, delivery of various versions of business rules and calculation methodologies and cost effective preparation of regulatory reports for electronic review and submission. 

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