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Spar Nord Bank AS selects AxiomSL to meet COREP and IRB requirements

Source: AxiomSL

AxiomSL, the leading provider of regulatory reporting, risk and data management solutions, announces today that Spar Nord Bank AS, headquartered in Denmark, has chosen AxiomSL’s strategic platform to meet Common Reporting Framework (COREP) and Internal Ratings Based (IRB) requirements in Denmark.

AxiomSL provides all required calculations, report templates and reporting functionality for COREP and other capital disclosures in Denmark and around the world. Spar Nord Bank’s choice of AxiomSL was driven by its end to end capital solution, delivered on a flexible and transparent data management platform. The features of AxiomSL’s capital solutions include model execution, a data dictionary, calculation modules, business analytics, taxonomy, validations, submission and much more.

Using AxiomSL’s IRB solution, Spar Nord Bank AS will benefit from the option to execute models within the platform and the ability to drill down to the underlying code. In addition, the platform can trigger and control external execution models, governing both the data sent to and received from external models. Risk weighted asset (RWA) calculations and credit risk mitigation under both IRB and standardised approaches are fully supported and documented within the solution, providing the client with the ability to optimise their RWA portfolios.

All AxiomSL capital calculations are workflow based and are completely transparent with inbuilt rule references, providing confidence in the data and processes applied in the platform. These capabilities provide the user with seamless integration, while greatly reducing the cost of compliance.

Bjarne Højgaard, Department Director, IRB, Spar Nord Bank commented: “Regulatory expectations continue to rise exponentially in Denmark and around the world. We chose AxiomSL’s strategic platform to tackle this challenge and address our capital disclosure requirements in an automated, timely and cost-effective manner. We are convinced that the platform will deliver a comprehensive process with flexibility, transparency and scalability, which will simplify the compliance process for our firm. We look forward to working with the team at AxiomSL.”

Ed Royan, CEO, AxiomSL EMEA commented: “We are thrilled that Spar Nord Bank has selected our platform to meet COREP and IRB requirements in Denmark. Accurate and timely regulatory compliance remains a key concern for financial institutions globally. Firms look for end-to-end solutions that can enable fast implementation, lower the cost of compliance and increase operational efficiency. AxiomSL’s strategic platform efficiently delivers these benefits by automating regulatory reporting and risk management processes on a single platform and rapidly responding to the ever-evolving regulatory landscape. We look forward to a long-term partnership with Spar Nord Bank”.

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