AxiomSL, the leading provider of regulatory reporting and risk management solutions, was selected by Commerzbank, Germany’s second largest bank, to deliver the SEC 15c3-1 as well as other regulatory mandates such as the Financial and Operational Combined Uniform Single (FOCUS), Treasury International Capital (TIC), Off Balance Sheet reporting (OBS) and additional US Broker Dealer-based reports.
The bank opted to implement AxiomSL’s integrated platform because of its ability to address complex data infrastructure and to automate regulatory reporting requirements on one platform.
US broker-dealers are looking for ways to keep up with the stricter regimen for compliance regulations that include myriad rules such as- SEC Rule 17a-5 that requires testing and auditor sign off of computations performed to comply with the Uniform Net Capital Rule (15c3-1) and the Customer Protection Rule (15c3-3) among many others.
Firms are currently grappling with legacy systems that are aggregated with manual spreadsheets to support their reporting processes. In addition, compliance requirements have moved increasingly from post-trade data gathering and analysis to more near-real-time analytics and reporting. This shift has amplified the need for broker-dealers to re-evaluate their data management platform to meet the mandated integration of structured and unstructured data sets for regulatory reporting requirements.
“We are delighted Commerzbank has selected AxiomSL’s technology,” said Alex Tsigutkin, AxiomSL CEO. “Institutions can optimize their existing IT infrastructure by implementing a flexible data-management architecture, with an analytical and reporting layer and aggregation capabilities, which will address multiple regulations on one integrated platform. In other words, firms should use an integrated platform to perform position and transaction reporting, for capital computation and liquidity measurements, as well TIC reports and other reporting with drill-down capabilities back to the original source data.”
AxiomSL’s strategic platform delivers the robustness to comply with industry regulations and provides the scalability to meet multiple regulatory reporting requirements with greater performance and accuracy, while ensuring full transparency and control. This user configurable platform delivers rules-based flexibility through visual business rules that enable business analysts to configure reporting logic without traditional programing skills requirement.
In addition, AxiomSL’s platform interfaces with Commerzbank’s existing data sources, without any data conversion and automates workflow for millions of rows of data for transactions to be processed into intra-day, daily, monthly, quarterly and annual reports in order to adapt swiftly to regulatory mandates.
Commerzbank is a leading international commercial bank with branches and offices in more than 50 countries. The core markets of Commerzbank are Germany and Poland. With the business areas Private Customers, Mittelstandsbank, Corporates & Markets, and Central & Eastern Europe, its private customers and corporate clients, as well as institutional investors, profit from a comprehensive portfolio of banking and capital market services. Commerzbank finances more than 30 per cent of Germany’s foreign trade and is the unchallenged leader in financing for SMEs. With its subsidiaries Comdirect and Poland’s M Bank it owns two of the world’s most innovative online banks. With approximately 1,100 branches and approximately 90 advisory centres for business customers Commerzbank has one of the densest branch networks among German private banks. In total, Commerzbank boasts approximately 15 million private customers, as well as 1 million business and corporate clients. The Bank, which was founded in 1870, is represented at all the world’s major stock exchanges. In 2014, it generated gross revenues of almost EUR 9 billion with an average of approximately 52,000 employees.
AxiomSL is the leading global provider of regulatory reporting and risk management solutions for financial services firms, including banks, broker dealers, asset managers and insurance companies. Its unique enterprise data management (EDM) platform delivers data lineage, risk aggregation, analytics, workflow automation, validation and audit functionality.
The AxiomSL platform seamlessly integrates clients’ source data from disparate systems and geographical locations without forcing data conversion. It enriches and validates the data, and runs it through risk and regulatory calculations to produce both internal and external reports. The platform supports disclosures in multiple formats, including XBRL. The unparalleled transparency offered by the high-performance platform gives users the ability to drill down on their data to any level of granularity.
AxiomSL’s platform supports compliance with a wide range of global and local regulations, including Basel III capital and liquidity requirements, Dodd-Frank Act, SEC, CFTC, US Treasury, Shareholding Disclosures, FATCA/CRS, , EMIR, CCAR, BCBS 239, , AIFMD, IFRS 9, and both market and credit risk management requirements. The enterprise-wide approach offered by AxiomSL enables clients to leverage their existing data and risk management infrastructure, and reduces implementation costs, time to market and complexity.
AxiomSL was awarded The Asian Banker’s 2016 “Best Compliance Risk Technology Implementation of the Year” as well as “Best Implementation at a Sell-side Firm” in the 2016 Sell-side Technology Awards. It was voted Best Reporting System Provider in the 2015 Waters Rankings and was highlighted as a ‘Category Leader’ by Chartis Research in its 2015 Sell-side Risk Management Technology report. The company’s work has also been recognized through a number of other accolades, including success in the Best Reporting Initiative category of the American Financial Technology Awards and in the Customer Satisfaction section of the Chartis RiskTech100 rankings.