The OeNB has developed the Smart Cube system to standardize and improve the quality of the data it receives from domestic banks and subsidiaries of foreign banks. The Smart Cubes cover a variety of topics, including assets and liabilities, collateral and exposures. Ultimately, the Smart Cube system is intended to reduce the burden on banks by standardizing the data they must report for different purposes. However, migrating to the new system will require banks to make significant changes. The implications of these changes will be explored during a breakfast briefing that AxiomSL is hosting in Vienna on 14 January.

AxiomSL's solution provides all of the data mapping, transformation, drilldown and reporting functionality needed to produce Smart Cube reports and submit them to the OeNB. The solution creates both Smart Cubes and the Basic Cubes on which they are based.

The advantages of AxiomSL's Smart Cube reporting solution include:

• One platform model: The Smart Cube reporting solution is built on the same platform as all of AxiomSL's other regulatory solutions, which cover requirements including Common Reporting (COREP) and Financial Reporting (FINREP), the Markets in Financial Instruments Directive II (MiFID II), the Dodd-Frank Act and many others. This 'one platform' approach ensures consistency across reports submitted for different regulations. It also reduces cost and complexity because clients do not need to maintain separate systems to comply with different regulations.

• Transparency: Dashboards allow users to monitor the entire Smart Cube reporting process. The solution also enables users to drill down from their Smart Cubes to the algorithms and Basic Cubes that have been used, and also down to their master data.

• Updating feature: AxiomSL monitors changes to the OeNB's requirements on an ongoing basis and updates its solution accordingly. Version controls allow users to track changes to the regulations and compare differences.

Commenting on the forthcoming reporting requirements and the launch of AxiomSL's solution, Ralf Menegatti, Product Owner, AxiomSL, said, "With the OeNB's Smart Cube reporting requirements just six months away, banks need to start thinking now about how they will address this major overhaul of regulatory reporting in Austria. Many other reporting requirements are also due to be implemented in the coming months, as part of regulations such as MiFID II and FATCA. The multitude of requirements on the horizon means market participants must think holistically.

"We are reducing the burden on our clients by providing a single platform that can be used to comply not only with the OeNB's Smart Cube requirements, but also all other reporting regulations globally. Our Smart Cube reporting solution has been designed to meet the needs of both business and technical users, and makes the entire compliance process transparent."