AxiomSL, the global leader in regulatory reporting and risk management solutions, announced that a leading Canadian bank has successfully completed the first phase of their regional program to implement AxiomSL’s regulatory platform into both Singapore and Hong Kong branches. This comprehensive regulatory reporting solution addresses the regulatory requirements for the Monetary Authority of Singapore (MAS), the Hong Kong Monetary Authority (HKMA) and the Hong Kong Deposit Protection Board (HKDPB). All solutions are in support of the new requirements announced by the regulators in 2015 and 2016. The bank has continued onto the second phase of the program which will see the parallel implementation of the MAS and HKMA regulatory reporting requirements in replacement of their current regulatory reporting solution.
With the continuously evolving regulatory reporting requirements, global banks are now seeing an even greater need for integrated solutions in their regulatory reporting and analytics processes. AxiomSL’s platform provides a streamlined, comprehensive solution that covers all regulatory requirements with the added benefit of a rapid implementation rate.
AxiomSL’s regulatory solutions enable the bank to have complete control throughout the entire reporting and analysis processes. The platform provides flexibility in regulatory calculations and reporting while integrating seamlessly with the banks’ existing architecture. AxiomSL’s solution will also be able to adapt and address the variety of requirements specific to a private bank and improve automation, including edit checks and results validation, which will lower the overall cost of compliance.
Commenting on the implementation of the platform, Olivier Kamoun, CEO Asia Pacific and global Chief Product Officer AxiomSL said, “We are pleased to continue our relationship as the banks’ strategic technological partner. AxiomSL’s data and process platform will enable the bank to enhance efficiencies by responding quickly to the stream of demands emanating from regulatory authorities globally. The seamless integration of AxiomSL’s strategic platform with the clients’ existing infrastructure allows them to achieve compliance across multiple jurisdictions whilst ensuring full control of the entire workflow process. This ultimately provides the scalability and transparency that is required for a more efficient compliance process.”