Standard Chartered Bank (SCB) has chosen to extend deployment of AxiomSL’s strategic platform for its AnaCredit and German statistical reporting to Deutsche Bundesbank (BBK).
It has decided to extend its agreement with AxiomSL due to its ‘one platform’ approach, which allows the same system to be utilised for all regional and global reporting requirements, quick time to market and reduced total cost of ownership capabilities.
AxiomSL’s strategic platform will leverage SCB’s existing data structure to aggregate the required data from different lines of business. Once signed off, the relevant report is submitted to the Bundesbank in the required format, including XML and XBRL.
Fei Altenvoerde, CFO of Standard Chartered Bank, said: “We chose to extend our usage of AxiomSL’s platform because it succeeded to reduce the overall complexity of regulatory reporting compliance for us globally, in a timely and cost-effective manner.
“The automation of the entire reporting process means the platform can load, process and submit large volumes of data required for our AnaCredit and BBK reporting, including submission to the Bundesbank, within tight deadlines. We look forward to continuing to work with the team at AxiomSL”.
SCB initially selected AxiomSL’s regulatory platform in APAC region in 2013 and subsequently extended its usage across EMEA with Bank of England reporting in 2015. The bank then signed AxiomSL as its strategic partner for AnaCredit and BBK reporting requirements in Germany.
AxiomSL is a provider of 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.
Copyright © 2017 RegTech Analyst
Copyright © 2018 RegTech Analyst
