AxiomSL, the leading provider of regulatory reporting and risk management solutions, was selected by Commerzbank, Germany’s second largest bank, to deliver the SEC 15c3-1 as well as other regulatory mandates such as the Financial and Operational Combined Uniform Single (FOCUS), Treasury International Capital (TIC), Off Balance Sheet reporting (OBS) and additional US Broker Dealer-based reports.
The bank opted to implement AxiomSL’s integrated platform because of its ability to address complex data infrastructure and to automate regulatory reporting requirements on one platform.
US broker-dealers are looking for ways to keep up with the stricter regimen for compliance regulations that include myriad rules such as SEC Rule 17a-5 that requires testing and auditor sign off of computations performed to comply with the Uniform Net Capital Rule (15c3-1) and the Customer Protection Rule (15c3-3) among many others. Firms are currently grappling with legacy systems that are aggregated with manual spreadsheets to support their reporting processes. In addition, compliance requirements have moved increasingly from post-trade data gathering and analysis to more near-real-time analytics and reporting. This shift has amplified the need for broker-dealers to re-evaluate their data management platform to meet the mandated integration of structured and unstructured data sets for regulatory reporting requirements.
“We are delighted Commerzbank has selected AxiomSL’s technology,” said Alex Tsigutkin, AxiomSL CEO. “Institutions can optimize their existing IT infrastructure by implementing a flexible data-management architecture, with an analytical and reporting layer and aggregation capabilities, which will address multiple regulations on one integrated platform. In other words, firms should use an integrated platform to perform position and transaction reporting, for capital computation and liquidity measurements, as well TIC reports and other reporting with drill-down capabilities back to the original source data.”
AxiomSL’s strategic platform delivers the robustness to comply with industry regulations and provides the scalability to meet multiple regulatory reporting requirements with greater performance and accuracy, while ensuring full transparency and control. This user configurable platform delivers rules-based flexibility through visual business rules that enable business analysts to configure reporting logic without traditional programing skills requirement. In addition, AxiomSL’s platform interfaces with Commerzbank’s existing data sources, without any data conversion and automates workflow for millions of rows of data for transactions to be processed into intra-day, daily, monthly, quarterly and annual reports in order to adapt swiftly to regulatory mandates.