AxiomSL, the leading provider of regulatory reporting and risk management solutions, today announces that CNH Industrial Financial Services, a global financial services player in the Capital Goods financing business, has selected AxiomSL’s strategic platform to implement AnaCredit and local statistical (Schema-A) reporting in Belgium.
By selecting AxiomSL, CNH Industrial Financial Services will meet its objective to automate their reporting process, from data sourcing to submission of the reports, to the National Bank of Belgium (NBB).
AnaCredit is a major European Central Bank (ECB) initiative which requires financial institutions to report granular loan level data. The NBB has merged the ECB’s AnaCredit reporting requirement into its Belgium specific BECARIS reporting regime, adding additional local complexity. Schema-A is the NBB’s traditional aggregated statistical reporting regime that has been in place for several years.
CNH Industrial Financial Services chose AxiomSL’s platform because it will ensure that the client can manage many types of reporting complexity, both granular and aggregated, while meeting the fast approaching reporting deadline for AnaCredit in September 2018. The platform also aids CNH Industrial Financial Services in future-proofing, as it provides a stronger process to maintain the compliance levels and increases the capabilities for control.
AxiomSL’s scalable platform and business dashboards allow users to quickly process, monitor and validate their reports and ensure they are submitted accurately to the regulators. The flexible nature of the solution enables users to drill down from the final reports to source data and delivers transparency into their entire reporting process. Once they are satisfied with their reports, client can sign off on them before they are submitted to relevant domestic credit register.
Pierre-Thomas Joire, Chief Accounting Officer, CNH Industrial Financial Services commented: “AnaCredit and local statistical reporting requirements fuelled the need for us to incorporate technology in our compliance program to improve efficiency. AxiomSL’s integrated solution and smooth and lean data model will enable us to deal confidently with increasing regulatory requirements. We look forward to working with the team at AxiomSL.”
Ed Royan, CEO, AxiomSL EMEA commented: “We are pleased that CNH Industrial Financial Services has selected AxiomSL for AnaCredit and local statistical reporting. Regulators across the world require more granular, frequent and better quality data. Firms are under immense pressure to satisfy these demands whilst carrying out their business-as-usual activities. AxiomSL’s multi-award winning strategic platform delivers cross-jurisdictional regulatory reporting and risk management solutions and greatly reduces the compliance burden on clients with automation, data governance and end-to-end data management capabilities. We look forward to a long-term partnership with CNH Industrial Financial Services”.