18 November 2017
visit www.avoka.com

G-SIB US bank selects AxiomSL for regulatory reporting across Europe

21 September 2016  |  1957 views  |  0 Source: AxiomSL

AxiomSL, the leading global provider of regulatory reporting and risk management solutions, announced today that one of the big four US banks has chosen AxiomSL’s capital calculation and reporting solutions for their two European subsidiaries in the UK and Ireland, as well as for their branches in the Netherlands, Switzerland, Luxembourg, Belgium, Germany, Italy, France and Spain.

The Global Systemically Important Bank (G-SIB) will use AxiomSL to consolidate their data management, capital calculation and multi-jurisdiction reporting onto a single platform, helping to contain the cost of meeting these regulatory challenges. The solution adapts to the bank’s current data structures through a unified data model without the need for an ETL process.

As AxiomSL’s regulatory and software modules are updated independently, the bank is able to adopt EMEA or local country-specific rules and deliver these in a timely manner, while still adhering to the overall group architecture. AxiomSL will deliver all the changes to the calculations and reports that evolve locally for the US bank, while giving the bank the flexibility to leverage the group data structures and minimizing the impact of change.

AxiomSL is specifically assisting the bank with the new “Basel IV” calculations such as the Standardized Approach to Counterparty Credit Risk (SA-CCR) and the Fundamental Review of the Trading Book (FRTB), as well as existing Pillar 1 capital calculations. AxiomSL will deliver these new calculations early so that the bank’s team can run the impact assessment process on their production regulatory platform.

“We are delighted that another major US bank has decided to use our platform not only in the UK and Ireland, but across major European jurisdictions as well,” said Alex Tsigutkin, Chief Executive Officer, AxiomSL.

“I believe AxiomSL was chosen as our single platform was able to plug into the bank’s overall data management system and will allow us to run calculations and reports for the EMEA region, without disrupting or impacting on our reporting systems for the bank’s other jurisdictions.

“Banks today are looking for a cost effective way of remaining compliant with multiple regulations in different countries. AxiomSL’s platform gives them the ability to achieve this by using a single deployment to comply with multiple requirements. The bank’s decision to use our platform across Europe is testament to the benefits of this approach.”

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related company information

AxiomSL

Related blogs

Create a blog about this story (membership required)
visit www.solutions.lexisnexis.comvisit www.vasco.comvisit https://www.niceactimize.com

Top topics

Most viewed Most shared
Ripple boss predicts central bank adoption of blockchainRipple boss predicts central bank adoption...
11687 views comments | 20 tweets | 19 linkedin
Singapore central bank open sources blockchain prototypesSingapore central bank open sources blockc...
11679 views comments | 15 tweets | 28 linkedin
Digital receipt startup Flux scores game-changing deal with BarclaysDigital receipt startup Flux scores game-c...
9840 views comments | 20 tweets | 36 linkedin
AmEx partners Ripple and Santander for blockchain-enabled cross-border paymentsAmEx partners Ripple and Santander for blo...
9153 views comments | 13 tweets | 38 linkedin
UK cryptocurrency exchange startup launches debit card for spending bitcoinUK cryptocurrency exchange startup launche...
7788 views comments | 26 tweets | 37 linkedin

Featured job

Competitive
Germany, Austria or Switzerland

Find your next job