SAP, a market leader in enterprise application software and AxiomSL, the global leader in regulatory reporting and risk management solutions, today announced the launch of a new high performance solution designed to improve data management infrastructure, enabling financial institutions to comply with global regulatory and risk reporting requirements, risk data aggregation and reporting (BCBS 239) and other financial and accounting standards.
The new high performance service will combine AxiomSL’s data integration platform and analytics solutions, with SAP’s in-memory platform for advanced data processing and analytics called HANA. It will reduce regulatory and risk burden on banks by providing transparent granular data processing and harmonization capabilities, enabling standardization of internal data they must submit to different regulators. As a result, complex data aggregation and reporting processes can be simplified, optimized and automated, enabling easier decision-making, even on extremely large data sets.
The solution will also act as a depository for shared data, breaking down operational silos of risk, finance and accounting, to comply with the principles of data traceability and transparency for effective risk data aggregation and risk reporting under BCBS 239.
Additional benefits of SAP and AxiomSL’s joint solution includes:
- Integrated management of the life-cycle data (acquisition, check/reconciliation, recycling/adjustment, transformation and storage of data) combined with a unique platform that guarantees a better audit trail and greater transparency
- A flexible, dynamically evolving data model which makes it faster and easier to implement enterprise transformation and change management requirements at the lower cost, and enables financial institutions to respond more rapidly to changes in regulations
- Powerful analytical capabilities, and a simplified IT architecture built into the next generation technological platform, achieving high performance even with extremely large granular data sets
- Openness - sharing and supply of third party applications and the combining of data from external sources
- Scalability - ECB’s banks’ integrated reporting dictionary (BIRD) data model support, current and future regulatory calculations and reports maintained by AxiomSL such as AnaCredit, FRTB and IFRS 9.
Patrice Vatin, Director, Digital Transformation & Industry Value Engineering, SAP Financial Services France, said, “We are pleased to be partnering with AxiomSL on this offering. As additional reporting requirements around the world come into force, it is essential that the overall operational cost burden to financial institutions is minimized. With this joint solution, users can continue to satisfy regulatory mandates such as BCBS 239, leveraging a single platform and proven regulatory reporting technology.”
Commenting on the launch of the service, Ed Royan, Chief Operating Officer EMEA, AxiomSL said, “We are reducing the risk and regulatory burden on our clients by providing a single platform that can be used to comply with multiple regulations globally. In partnership with SAP, our combined platforms have been designed to meet the needs of all financial institutions and guarantee high performance, scalability, efficiency and transparency.”
As market leader in enterprise application software, SAP (NYSE: SAP) helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device – SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable approximately 300,000 customers to operate profitably, adapt continuously, and grow sustainably.
AxiomSL is the global leader in regulatory reporting and risk management solutions for financial industry, 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, the Dodd-Frank Act, FATCA, AEI (CRS), EMIR, COREP/FINREP, CCAR, FDSF, BCBS 239, Solvency II, AIFMD, IFRS 9, central bank disclosures, 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 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.