AxiomSL, the global provider of regulatory reporting and risk management solutions, announced today that Fifth Third Bank, a top 20 US commercial banking organization, will deploy the AxiomSL data-driven platform to meet the requirements for its analytical and regulatory reporting needs.
The regulations covered will include U.S. Liquidity calculations (LCR), CCAR requirements and other required Federal Reserve reporting.
In these times of constantly changing regulations, with ever increasing data analytical and reporting requirements, financial institutions need to adopt a more strategic and holistic approach supported by an integrated platform. AxiomSL’s system enables banks to not only meet their analytical and regulatory reporting obligations, but also manage their risk exposure across all business functions more effectively and transparently. The high-performance capabilities of the platform in gathering, aggregating, enriching, validating and processing large amounts of data across multiple systems at any level of granularity, running the data through relevant calculations and populating the reports, were key considerations for Fifth Third Bank.
“Our decision to build a relationship with AxiomSL is due, in large part, to our interest in keeping pace with the complexity of today’s regulatory environment and in maintaining cost-effectiveness across all operations,” said Blane Scarberry, Vice President, Director of External Reporting at Fifth Third Bank. “AxiomSL’s integrated platform is expected to enable us to meet financial and regulatory requirements, while also streamlining our reporting processes across critical business functions. This should provide us with the flexibility to meet evolving regulatory demands.”
“We are very pleased to have been selected by Fifth Third Bank as their strategic regulatory partner and are looking forward to working closely with them in ensuring a rapid paced implementation,” said Alex Tsigutkin, Chief Executive Officer (CEO), AxiomSL. “To this end, AxiomSL’s platform will leverage their existing data and risk management infrastructure to meet LCR and CCAR requirements while ensuring that data is analysed, enriched and reconciled in a consistent, auditable manner with drill down and validation checks. This strategic and holistic approach empowers U.S. BHC’s to address quickly stringent and multiple submission deadlines emanating from regional and global authorities while delivering data aggregation capabilities, data governance and internal controls."