AxiomSL, the leading global provider of regulatory reporting and risk management solutions, announced today that BMCE Bank International, a subsidiary of one of Africa’s largest banks, has begun using AxiomSL’s platform to automate regulatory calculations and reporting in the UK.
The bank chose AxiomSL because of its widely-recognized ability to produce accurate, automated regulatory reports while containing the cost of compliance.
BMCE Bank International is using the AxiomSL platform to comply with its Bank of England (BOE) statistical reporting requirements, including FSA 047/048, ELS and balance sheet returns. The platform is also being used for Common Reporting (COREP) and a range of calculation requirements mandated by the Capital Requirements Directive IV (CRD IV).
AxiomSL is providing all of the required calculations and report templates, and will supply updated versions when they are changed by the regulator. These regulatory update releases are separate from software releases, and can therefore be implemented quickly without the need to undertake extensive regression testing.
BMCE Bank International is also benefiting from AxiomSL’s deep knowledge and experience of regulatory reporting. In the case of BOE reporting requirements, AxiomSL’s solution has been recognized by the regulator since 2004. AxiomSL’s subject matter expertise has already proved beneficial when providing BMCE Bank International with an analysis of its calculation and reporting requirements.
BMCE Bank International has been particularly impressed by the quick time to market offered by AxiomSL and the light-touch nature of its implementation projects. This is due to the fact AxiomSL’s platform does not require the use of a particular data model. As a result, banks can load their data onto the platform as is, and do not need to spend time setting up an extract, transform, load (ETL) layer that will convert the data into a new format.
“We are pleased to be working with the recognized leader in the regulatory calculation and reporting space,” said Mohammed Afrine, Chief Executive Officer at BMCE International. “AxiomSL’s platform provides all of the functionality we require, from data aggregation and normalization to report creation and submission. The quick time to market offered by AxiomSL makes the platform very attractive.”
“We have built up an unrivalled knowledge of regulatory calculation and reporting requirements over the years while supporting financial firms of all types and sizes. We are pleased to now also be working with BMCE Bank International and ensuring they have the optimal solution for all of their regulatory requirements,” said Ed Royan, Chief Operating Officer EMEA, AxiomSL. “It is clear that many firms are looking for new solutions to manage BOE and CRD IV regulations. We are looking forward to working with more clients on these topics in the coming months.”