AxiomSL, a provider of regulatory reporting and risk management solutions, has helped assist firms to meet AnaCredit reporting requirements.
The company said it has helped listed clients to comply with the requirements across the Eurozone, from large GSIBs with pan European reporting obligations to DSIBs, subject to high volume single jurisdiction reporting regulations. Its coverage currently includes Belgium, Germany, France, Spain, Netherlands, Ireland, Italy, Greece, Finland, Luxembourg, Estonia and Malta.
Over the last six months, all of AxiomSL’s clients have successfully completed their test submissions as prescribed by various regulators according to the company.
Anacredit stands for analytical credit datasets. It is a project launched in 2011 by the European Central Bank (ECB) to set up a dataset containing granular credit and credit risk data about the credit exposure of credit institutions and other loan-providing financial firms within the Eurozone. The AnaCredit database provides detailed information on individual bank loans in the euro area and will is based on harmonised concepts and definitions.
Furthermore, National Central Banks (NCBs) define their own national discretions for the collection of certain data attributes as well as different test window timelines and unique submission formats.
AxiomSL claims to address all of the complex multifaceted demands of the regulation on its single strategic platform. Its platform accommodates multiple client data structures which are then mapped to a single AnaCredit data dictionary, which supports all the NCB specific threshold rules, data requirements and submission structures.
By adopting this approach, it manages both client data complexity as well as multijurisdictional regulatory complexity. According to the company, the single pan Eurozone solution ensures firms are able to achieve the much-needed governance, automation and end to end process while lowering cost and increasing operational efficiency. AxiomSL also supports banks in tackling the granular data challenges of AnaCredit by allowing users to quickly process and manage large quantities of data that are required by regulators.
Abhishek Awasthi, AxiomSL AnaCredit product manager, said: “Our method reduces cost and complexity and helps improve data quality. We have been able to address this type of cross jurisdictional reporting challenge for years and are now seeing firms leverage AnaCredit as a catalyst to adopt a single platform for regulatory reporting. Regulatory solutions by country or manual processes are no longer appropriate for effective compliance with AnaCredit. As a result, we are seeing increased appetite from firms to use one solution to consolidate their multijurisdictional reporting activities across the Eurozone.”
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.
Last year, the company formed a strategic partnership with German technical and regulatory support provider GridCon. The company said the partnership will leverage its ‘German reporting know-how’ and extensive knowledge on data models for risk free data migration.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
