AxiomSL, the leading provider of regulatory reporting and risk management solutions, today announces that four Global Systemically Important Banks (G-SIBs) have recently chosen AxiomSL’s strategic platform for their AnaCredit reporting across their key subsidiaries and branches covering ten Eurozone countries including Belgium, Spain, Netherlands, Ireland, Italy, Greece, Germany, France, Finland and Luxembourg.
The banks have already successfully completed their test submissions as prescribed by Germany and Ireland on the day the test windows opened, leveraging AxiomSL’s AnaCredit solution.
AxiomSL’s enterprise-wide regulatory platform will integrate and enrich the banks’ existing data architecture to comply with AnaCredit’s multifaceted granular reporting requirements. With AnaCredit’s low reporting threshold of €25,000 for all instruments, financial institutions will be required to report all loan exposures on a line by line basis. This level of granularity is unprecedented in Europe and poses significant challenges to the reporting agents and so necessitates a robust, cost effective, single strategic platform.
AnaCredit’s data set requirements from the European Central Bank (ECB) and the National Central Bank (NCB) are subject to national discretions. While countries like Belgium and Spain are using their local Central Credit Registers (CCR) to collect AnaCredit information for the ECB, Ireland demands two reports from banks on a very similar data set for both AnaCredit and local CCR reporting. AxiomSL’s one strategic platform links both the ECB’s AnaCredit and the NCB’s local reporting requirements with a system that can take in multiple different data formats and bring them all together in a coherent and reportable manner, supporting the variation of the regulatory requirement. This multijurisdictional capability is the main reason for the G-SIBs to appoint AxiomSL as their strategic partner for AnaCredit compliance.
There are a series of changes already planned for AnaCredit regulation and AxiomSL will continue to support clients through those changes by adapting data models as the ECB or the CCR request, delivering all of the data aggregation, validation and reporting functionality needed to comply with the regulation.
Abhishek Awasthi, AxiomSL AnaCredit Product Manager commented, “AxiomSL allows financial institutions to implement multijurisdictional reporting submissions from one strategic platform, providing them with single Eurozone-wide reporting infrastructure and ensuring strong data governance to maintain consistency and quality of the data. We support both the ECB and the local CCR aligned reporting obligations as well as the particular adaptations of AnaCredit requirements in multiple countries, like in the Netherlands. Today’s continuously changing regulatory requirements call for an even greater need for integrated, scalable and flexible solutions in regulatory reporting and analytics processes. AxiomSL’s solution for AnaCredit reporting is built on the same strategic platform as all of its other solutions. This one platform approach ensures consistency between reports submitted for different regulations, while reducing cost and complexity because firms do not need to maintain separate systems to comply with different reporting requirements.”
AxiomSL is the global leader in regulatory reporting and risk management solutions for the 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.
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, AnaCredit, FATCA, AEI (CRS), EMIR, COREP/FINREP, CCAR, FDSF, BCBS 239, Solvency II, AIFMD, IFRS 9, MAS, ASIC, REMIT, MiFID II, SFTR, 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 employs over 600 staff globally that are dedicated to servicing clients across many of the world’s major financial centres, including New York, São Paulo, London, Paris, Brussels, Luxembourg, Frankfurt, Amsterdam, Madrid, Singapore, Beijing, Hong Kong and Tokyo.
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.