AxiomSL, the industry’s leading provider of regulatory reporting and risk management solutions, today announces it has gone live with the implementation of AxiomSL’s ControllerView® transparent data integrity and control platform at a major American bank based in Germany. The global strategic implementation enables the client to efficiently manage multiple regulators’ time-critical and complex requirements today and going forward.
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The implementation started with AxiomSL’s AnaCredit solution that enables filings across multiple Eurozone countries to meet the requirements of the European Central Bank, the Bundesbank, and various National Central Banks. Following that success, the bank decided to undertake a strategic expansion of its regulatory reporting across Europe by leveraging AxiomSL’s seamless data-driven platform capabilities. The expansion encompasses numerous regulatory mandates, including COREP, FINREP, Bista/Austa Reporting, Resolution Reporting, Million Loans Reporting, liquidity, and local reporting.
The bank claimed it was essential to stay on top of multiple regulatory mandates and reporting needs, especially in today’s crisis environment. The aim is to build a trusted regulatory and risk-reporting ecosystem with AxiomSL’s platform – catering for all current and future regulatory requirements, aligning with the objective of fostering transparency throughout the entire process.
Claudia Thurner, EMEA General Manager, AxiomSL, says: “Germany plays a significant role in driving our future growth and we are delighted to collaborate with our prestigious client on its strategic endeavor. In this current environment where unparalleled changes are occurring, it is critical that financial institutions have a vision for optimizing their regulatory compliance processes and this effort is not a sprint but a marathon.” Thurner continued, “Having grown up in Germany, I fully appreciate the challenges our clients face in complying with Federal Financial Supervisory Authority (BaFin) and Bundesbank requirements, as well as other regulators. I am confident that AxiomSL’s capabilities will enable the bank to achieve its strategic objectives, manage complex regulatory mandates, and future-proof their risk and regulatory reporting”.
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Over the next few years, regulators are likely to make pivotal decisions as they navigate these unprecedented times. As a result, financial firms will need to adapt quickly to comply and withstand audits successfully. The antithesis of a black box, AxiomSL’s transparent data integrity and control platform and array of solutions will strengthen financial institutions’ regulatory capabilities. Its data collection, aggregation, reconciliation, calculation, validation, and submission functionalities enable firms to meet multiple regulators’ mandates on a single platform, enhance synergies between business functions and across regional branches, and bolster resilience.
Thurner concluded, “We look forward to continuing the journey with our clients in Germany and around the world, as we navigate a myriad of requirements in this ever-changing regulatory environment.”
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