AxiomSL, a global leader in risk management, regulatory compliance and data management for financial services, has announced that the New York Branch of Credit Agricole Corporate and Investment Bank will use AxiomSL’s reporting software to complete reporting form FR 2052a and certain other Foreign Bank Organization (FBO) reporting to the Federal Reserve.
Form FR 2052a collects quantitative information on selected assets, liabilities, funding activities and contingent liabilities on a consolidated basis and by material entity subsidiary. Form 2052a is used by the Federal Reserve to monitor a reporting institution’s overall liquidity profile and also provide detailed information on the liquidity risks within specific business lines and is intended to provide the Federal Reserve with timely information on firm-specific liquidity risks during periods of stress.
The strength of AxiomSL’s liquidity solution is its robust Unified Data Model (UDM) which standardizes key metrics around a bank’s positions, contracts and cash flows. Combined with a comprehensive Liquidity Risk Engine, AxiomSL’s Liquidity Solution is designed to scale for current and future regulatory and internal reporting. For instance, AxiomSL delivers an integrated 2052a/LCR solution that leverages the core UDM data set and produces both the Liquidity Coverage Ratio and the FR 2052a (and 5G) with consistency and transparency from the source through the output reports.
AxiomSL’s liquidity risk monitoring and forecasting application has established a worldwide footprint among leading financial firms, as more central banks seek to better understand the underlying risks in a bank's book of business at any given time.
"Large foreign banking institutions are looking for enterprise-wide technology platforms that can be implemented quickly and grow with evolving regulatory requirements, such as reporting form 2052a," says Alex Tsigutkin, CEO at AxiomSL. "We are pleased to work with such a reputable firm as Credit Agricole CIB in delivering risk and regulatory reporting with workflow automation and audit functionality.”
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, the Dodd-Frank Act, FATCA, AEI (CRS), EMIR, COREP/FINREP, CCAR, FDSF, BCBS 239, Solvency II, AIFMD, IFRS, 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.