AxiomSL, the leading global provider of regulatory reporting and risk management solutions, announced today that it has won the Best Implementation at a Sell-side Firm category in the 2016 Sell-side Technology Awards. The award has been given to AxiomSL for the highly successful implementation of its solution for Bank of England (BOE) statistical reporting requirements at Standard Chartered Bank in London.
Standard Chartered has been using AxiomSL for Financial Reporting (FINREP) since 2014. The BOE solution was implemented at Standard Chartered in six months, allowing the bank to go live one month ahead of schedule. As a result, Standard Chartered began using the solution for its third-quarter (Q3) BOE reporting rather than its Q4 reporting, as originally expected.
AxiomSL’s collaborative reporting platform has allowed Standard Chartered’s business and IT teams to significantly enhance performance. Having previously required several days to produce the bank’s BOE reports, they can now do this in just two hours. The fact AxiomSL provides seamless data integration across multiple business functions on a single platform has also enabled Standard Chartered to reduce operational costs and achieve a faster time to market.
AxiomSL’s rapid implementation at Standard Chartered, which impressed the judges of the Sell-side Technology Awards, can in part be attributed to the flexibility and robustness of its data-driven technology. AxiomSL’s integrated platform maps, aggregates and enriches data, and uses it to run different calculations across the enterprise. Users are given a transparent view of the entire analytical and aggregation processes, including submissions to the regulators.
AxiomSL’s platform provides data lineage information which covers all upstream and downstream objects and touchpoints. As a result, users can drill down to the source data and avoid the shortcomings of ‘black box’ solutions, which can generate regulatory reports, but provide no insight into how they were produced.
“The implementation of AxiomSL’s BOE reporting solution has been a resounding success, which is worthy of award recognition,” said Paul Chambers, Chief Financial Officer, Europe and UK, at Standard Chartered. “We have been very pleased with AxiomSL’s FINREP solution, so we were confident going into this project. However, the results have exceeded our expectations: not only did we go live ahead of schedule, we have also significantly reduced the time it takes to produce our BOE returns.”
“We are delighted to have won this well-respected award,” said Alex Tsigutkin, Chief Executive Officer, AxiomSL. “Our platform, which is driven by visual rules, enables financial institutions to quickly address regulatory changes and avoid a lengthy and expensive programming exercise. When these features are coupled with automated validation and reconciliation, it provides clients and regulators with confidence in the accuracy, transparency and control levels that are needed to support internal risk management, regulatory reporting and BCBS 239.”
“This award is testament to the quality of our technology and implementation team,” said Ed Royan, Chief Operating Officer EMEA, AxiomSL. “The project demonstrates how quickly and smoothly firms can migrate to our solutions and the benefits of doing so. With so many new requirements due to come into force over the coming months and years, time to market is a critical issue for all firms. This award is further evidence of our ability to deliver on this front. We look forward to supporting Standard Chartered and many other firms with their regulatory projects going forward.”
The Sell-side Technology Awards are managed by the highly-respected Waters Technology magazine and recognize the work of the leading financial technology providers which serve the sell-side. The winners are decided by senior members of the Waters editorial team and leading industry experts, which this year included Bob Schmeider, Chief Technology Officer and Managing Director at Société Générale, and Karl Abbott, Senior Vice President, Scotiabank.