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Screenshot of a breaking news alert e-mail from Q2 2017
AxiomSL, the provider of regulatory reporting and risk management solutions, has announced that the company has successfully assisted clients to comply with AnaCredit requirements across the Eurozone, from large GSIBs with pan European reporting obligations to DSIBs, subject to high volume single jurisdiction reporting regulations. AxiomSL’s 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.
The minimum requirements of AnaCredit or analytical credit dataset and its related security holdings statistics (SHS) report are outlined by the European Central Bank (ECB). 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. These nuances present significant challenges to banks, particularly impacting those with subsidiaries and branches across the Eurozone.
AxiomSL addresses all of these complex multifaceted demands on its single strategic platform. The platform can accommodate multiple client data structures which are then mapped to a single AnaCredit data dictionary which in turn supports all the NCB specific threshold rules, data requirements and submission structures. This approach manages both client data complexity as well as multijurisdictional regulatory complexity. 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. The solution manages any data volume requirement and is capable of supporting diverse clients regardless of the size or lending volume variations. These flexible and scalable functionalities along with the business dashboards allow users to quickly process and manage the large quantities of data that are required by regulators.
Abhishek Awasthi, AxiomSL AnaCredit Product Manager commented:
AxiomSL’s approach has proven successful in delivering an AnaCredit reporting solution for a wide range of clients across the Eurozone. We are challenging the mindset that each country needs their own solution by allowing financial institutions to implement multijurisdictional reporting submissions from one strategic platform. 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.