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Credit Suisse & AxiomSL win Compliance Risk Technology Implementation of the Year Award 2016

  • AxiomSL’s Asia-Pacific liquidity programme implemented across three countries in nine months enhanced time to market and operational efficiencies for the bank 
  • AxiomSL’s single strategic platform allowed Credit Suisse scalability to meet multiple cross-jurisdictional regulatory reporting requirements with greater speed and accuracy whilst leveraging existing data architecture 
  • AxiomSL’s technologies also delivered Liquidity Coverage Ratio forecasting capabilities providing treasury with improved internal liquidity monitoring and reporting efficiencies 

Credit Suisse & AxiomSL have been named joint winners for the Compliance Risk Technology Implementation of the Year award for 2016 during The Asian Banker Risk Management Awards Programme. The programme was administered by The Asian Banker under its prestigious annual Business Achievement Awards programme. The winners received the accolade at the awards ceremony held in conjunction with The Asian Banker Summit 2016, the foremost annual meeting for decision makers in the financial services industry in the Asia Pacific region, at the JW Marriott Hotel Hanoi on 11th May 2016.

Credit Suisse extended its strategic partnership with AxiomSL through the introduction of the Liquidity Coverage Ratio (LCR) liquidity reporting programme at a time when AxiomSL already had an established footprint in the bank’s capital reporting space. AxiomSL was selected to implement the bank’s strategic liquidity risk monitoring and forecasting solution given its scalable and transparent platform capabilities, seamless data integration across multiple business functions and jurisdictions as well as analytical prowess necessary in meeting regional and global regulatory standards and reporting requirements. This holistic approach enables financial firms to not only meet analytical, risk and regulatory reporting obligations, but also reduce operational costs and achieve a faster time to market.

The adoption of AxiomSL’s enterprise-wide platform brought about unprecedented risk data aggregation and reporting capabilities with workflow automation and audit functionality for Credit Suisse. The 90-day LCR forecasting feature based on variable time intervals was pioneered by AxiomSL in the market and proved to be instrumental for Finance, IT and Treasury in providing a singular view for retrospective and prospective management of liquidity risk. The use of AxiomSL’s collaborative integration platform further facilitated in unifying the business and IT teams by bridging the differences in terminologies and methodologies.

AxiomSL’s liquidity risk reporting solution was housed in a single platform together with existing Financial, Operational and Capital regulatory reports without disrupting the bank’s existing operating models and infrastructure. Design challenges and stringent timeframes were overcome as part of laying a sound foundation for liquidity reporting at Credit Suisse. This enabled the AxiomSL liquidity program for Credit Suisse to be completed in nine months across three countries, one of which was delivered five months ahead of the stipulated regulatory deadline.

The awards programme, administered by the Asian Banker is Asia's most important annual risk event featuring leading practitioners from a cross-section of banks and global regulators on a number of critical areas affecting the banking industry. A stringent three-month evaluation process based on a balanced and transparent scorecard had been used to determine the winners.