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Nordea selects AxiomSL to automate regulatory reporting in Nordic countries

Source: Nordea

AxiomSL, the industry’s leading provider of risk and regulatory reporting solutions, today announced that it has been selected by Nordea Bank, the leading Nordic universal bank, to support the bank’s risk and regulatory reporting requirements in Finland, Sweden, Denmark and Norway.

Nordea Bank will implement AxiomSL’s RegCloud®, a fully managed, cloud-based risk and regulatory reporting platform used by financial institutions to source, enrich, calculate, and reconcile large volumes of disparate data to comply with complex and evolving regulatory requirements.

Nordea will be able to map their data once and comply with FINREP, COREP, AnaCredit, and Securities Holdings Statistics Group (SHSG) reporting requirements by leveraging the platform’s adaptable data-dictionary and end-to-end automated processes. In addition, RegCloud will aggregate multiple data sources and rapidly process massive data volumes, while delivering trusted information to meet regulatory mandates across the European Banking Authority (EBA) and National Central Bank (NCB).

Part of Nordea’s RegTech project initiative was to transform its legacy regulatory reporting processes; AxiomSL will help the bank re-architect and future-proof its risk and regulatory systems to drive down efficiency ratios and achieve performance, reliability, and compliance outcomes.

Nick Livingstone, Head of Financial Reporting and Control, Nordea Bank, stated: “Earning our customers’ trust and fulfilling our commitment to them is always a priority. Therefore, investing in a reliable, secure, and transparent regulatory platform that is constantly updated is paramount. With RegCloud, we can extend collaboration on rapidly changing regulatory initiatives across the enterprise and achieve operational efficiencies - a critical element for bolstering business continuity during turbulent times. Working as a team with AxiomSL has been a very positive experience and our goal is to ensure we continue developing this relationship”.

“It is an immense pleasure to have Nordea on board with us,” stated Claudia Thurner, AxiomSL’s Chief Revenue Officer. “We are excited to partner with this progressive bank as it innovates to achieve its operational objectives” Thurner added. “I am confident that this strategic RegCloud implementation will accelerate Nordea’s time to market, reduce implementation costs, and insulate the bank against both technology and regulatory change. We look forward to contributing to Nordea’s successful regulatory reporting outcomes and continued growth”.

RegCloud - ControllerView in the cloud - is a highly secure platform that enables financial firms to harness the power of the cloud and future-proof their risk and regulatory compliance. Fully managed, it quickly addresses all regulatory-driven changes, including technology and software updates, enabling on-time regulatory compliance across jurisdictions. Armed with confidence in the platform’s powerful monitoring and analytic dashboards, drill-down transparency, and operational support, financial firms can focus on business goals and achieve total cost of ownership (TCO) benefits for the enterprise.

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