Axiom Software Laboratories Inc. (AxiomSL), global provider of regulatory reporting and risk management solutions, was chosen for its robust regulatory calculation and reporting solution by ICBC (London) plc, a full subsidiary of the Industrial and Commercial Bank of China Ltd (ICBC), one of the largest banks in the world.
AxiomSL's full integrated suite includes IntegrationCenter™ for dynamic data management, Basel123™ for its capital calculations, and ControllerView® for FSA and Bank of England reporting. ICBC, ranked # 7 on Forbes Global 2000 list of the world's biggest public companies, is establishing a strong presence in the UK requiring growing data management and reporting needs. AxiomSL's unique data management framework, which provides flexibility and scalability in merging ICBC's data models, delivers data transformation, calculation and reporting processes transparency while meeting compliance with Basel III Capital Requirements Directive and providing harmonized Common Reporting (CoRep) & FINREP templates in the UK.
"We've selected AxiomSL's solution not only for their impressive track record, extensive knowledge and hands on experience with data management but most importantly for their ability to deliver in a timely fashion the flexibility required to face the increasing complexity of UK regulatory requirements."
As ICBC (London) plc's current process is being challenged by the pressure to meet reporting requirements with greater speed, transparency, accuracy and level of detail, AxiomSL's platform will allow for interoperability between ICBC (London)'s data entry process and its parent bank in China. This integrated solution will merge ICBC (London) plc's heterogeneous data into Basel calculations to deliver a genuine global capital adequacy platform providing transparency and scalability between ICBC (London) plc's data source and standard calculations.
AxiomSL's data-driven management solution combined with its integrated regulatory reporting platform deliver simplified and standardized processes for the collection, aggregation, modeling and storage of data. This high performance architecture, which interfaces with clients' existing data structure, provides exhaustive data-gap analysis with a complete audit trail, and embeds regulatory processes to respond quickly to data adjustments and new regulations.
"The Industrial and Commercial Bank of China considers a sound regulatory reporting infrastructure a critical success factor to its operations in the UK, and it was imperative that the system in this area be flexible, scalable and above all transparent", said, Jinlei Xu, Managing Director at ICBC (London) plc. "We've selected AxiomSL's solution not only for their impressive track record, extensive knowledge and hands on experience with data management but most importantly for their ability to deliver in a timely fashion the flexibility required to face the increasing complexity of UK regulatory requirements."
"The objectives of delivering a single and uniform reporting platform are to achieve higher scalability, traceability and comparability of data while reducing operational costs faced by ICBC (London) in dealing with diverging reporting frameworks" says Patrice Melloul, AxiomSL's EMEA Managing Director. "AxiomSL's comprehensive data warehouse has the ability to compute Basel capital adequacy calculations at various levels of granularity and from multiple sources, improving ICBC's financial data management between London and its parent bank in China while meeting regulatory requirements and financial control reporting."