The Bank of China has extended its use of AxiomSL’s strategic platform to meet AnaCredit reporting requirements in France.
AxiomSL, a provider of regulatory reporting and risk management solutions, said it will support the bank’s objective to automate the complex process of AnaCredit reporting.
The extend relationship comes three years after Bank of China began using the RegTech’s platform in Singapore to meet Monetary Authority of Singapore (MAS) 649 liquidity reporting requirements.
Jérôme Dion, head of risk and financial management, Bank of China Paris said: “We chose to extend our usage of AxiomSL’s platform because it proved to lower the overall cost and complexity of regulatory reporting for our firm. We have received positive feedback with the outcome of utilising the platform for regulatory reporting in Singapore, so the decision to use it for AnaCredit compliance in France came naturally.
“The platform’s ability to facilitate multi-jurisdictional reporting on a global level will also allow us to tackle any additional regulatory reporting requirements confidently.”
AxiomSL’s platform and business dashboards allow users to process, monitor and adjust large quantities of data that are required to comply with the AnaCredit regulation.
The solution leverages Bank of China’s existing data structure to ‘rapidly and accurately’ aggregate the requisite AnaCredit data from multiple systems. This data is then mapped onto the European Central Bank’s (ECB) data structure and used to populate the mandatory report templates. The solution then applies the regulatory validation rule.
“Navigating the maze of regulatory requirements is an enormous challenge for financial institutions and our strategic end-to-end offering significantly eases the regulatory burden for firms,” added Ed Royan, AxiomSL EMEA CEO.
“Our commitment to delivering regional and global solutions for our clients enables them to efficiently meet granular, frequent and complex reporting requirements across multiple jurisdictions through a single platform, whilst generating significant cost savings and improved operational efficiency.”
AxiomSL provides solutions to banks, broker dealers, asset managers and insurance companies, with its enterprise data management (EDM) platform delivering data lineage, risk aggregation, analytics, workflow automation, validation and audit functionality.
Its offerings 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 company recently launched capabilities to enable regulatory and risk reporting on both public and private cloud infrastructures. The material non-public information (MNPI) Vault helps regulators and financial institutions adapt the cloud as viable technology infrastructure, as long as appropriate risk-mitigation capabilities are in place.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
