AxiomSL, a global provider of regulatory reporting and risk management solutions, announced today that a large Swedish bank has chosen to use AxiomSL’s platform to centralize its head-office regulatory calculations and reporting, and its branch-level reporting in Germany, Norway, Finland, Poland, Denmark, Austria and the United Kingdom (UK).
The requirements covered by the agreement include statistical reporting and the Capital Requirements Directive IV (CRD IV).
In Sweden, the bank will harness the AxiomSL platform to automate its statistical reporting and CRD IV calculations and reporting. The CRD IV calculations and reports include liquidity risk, credit risk, market risk, large exposures, capital adequacy and others. The bank will leverage the same platform to automate branch-level statistical reporting in the seven other European countries in which it operates.
AxiomSL provides a single platform that can be used for all regulatory calculation and reporting requirements globally. The platform will enable the Swedish bank to greatly reduce the cost and complexity of compliance by eliminating the need to maintain separate reporting systems for different regulatory requirements and jurisdictions.
The bank will also benefit from the ongoing support AxiomSL provides with all of its calculation and reporting solutions. AxiomSL continually monitors changes to the regulations it covers and implements the necessary upgrades to its solutions. This includes providing the latest iterations of the XBRL taxonomy that the European Banking Authority (EBA) releases for CRD IV reporting. AxiomSL gives users ongoing access to earlier versions of the EBA’s standard rules and XBRL taxonomy, which they need when rerunning or resubmitting reports.
“As regulatory changes keep coming, we are seeing increasing demand from firms that want to simplify their approach to compliance by using a single platform to manage reporting requirements in multiple jurisdictions. Our flexible, high-performance platform means we are perfectly placed to help firms achieve this,” said Ed Royan, Chief Operating Officer EMEA, AxiomSL. “This deal increases our growth in northern Europe and once again demonstrates our ability to meet the needs of a multijurisdictional bank. We look forward to working with other firms on similar projects later this year.”
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