AxiomSL, the leading global provider of regulatory reporting and risk management solutions, announced today that U.S. Bank, the fifth largest commercial bank in the United States, will deploy AxiomSL’s data-driven platform to meet several regulations, including U.S. Liquidity Coverage Ratio (LCR) reporting, Comprehensive Capital Analysis and Review (CCAR) reporting and multiple other required mandates.
As regulations evolve and the proliferation of data continues apace, financial institutions have a greater need to adopt integrated approaches for regulatory reporting and analytics processes. AxiomSL’s platform consolidates data across multiple entities, giving U.S. Bank the capability to streamline reporting and calculations, improve data accuracy, and provide greater transparency and traceability across its systems, while abiding by regional and global timelines.
AxiomSL’s platform delivers complete control over every step of the regulatory reporting and analysis processes. The high-performance capabilities of the platform provide a flexible and robust engine for regulatory calculations and reporting, which seamlessly integrates to clients’ existing infrastructure, scales to address large volumes of disparate data, improves automation, produces reports – including edit checks and results validation – and ultimately lowers the cost of compliance. These were key considerations for U.S. Bank in selecting AxiomSL.
“We are delighted to have been selected by U.S. Bank as their regulatory reporting solution provider,” said Alex Tsigutkin, Chief Executive Officer (CEO), AxiomSL. “Today’s systems must meet an ever-increasing set of granular, complex and evolving regulatory requirements while integrating large volumes of heterogeneous data across the enterprise. These requirements highlight the increased need for unified source data and data process automation, full transparency and data lineage, ensuring executives have the ability to make rapid and frequent changes to comply with these regulatory requirements and enhance information oversight.”
Contributed | what does this mean?