Innovative Approach to Working with Large Canadian Bank on Its Regulatory Reporting
AxiomSL, the leading global provider of regulatory-reporting, risk and data-management solutions, announced that its creative approach with a large Canadian bank to address complex and rigorous reporting requirements has been recognized as the “Best Collaboration Initiative” by the American Financial Technology Awards (AFTAs). Hosted by Waters Magazine and WatersTechnology.com, the AFTAs recognize excellence in the deployment and management of financial technology within the asset management and investment banking communities.
“We’re honored to receive AFTAs’ ‘Best Collaboration Initiative’ award for our work with this bank”
The bank tasked AxiomSL with implementing ControllerView, AxiomSL’s cutting-edge data integrity and control platform, to address Comprehensive Capital Analysis and Review (CCAR) and FR-Y14 reporting requirements. After that success, the bank invited AxiomSL to conceive and execute a new operating model that would enable the bank to more efficiently manage its regulatory and risk mandates in harmony with an ambitious overhaul of its data management and governance infrastructure.
The two companies worked together to weave AxiomSL’s expertise and award-winning technology throughout the bank’s regulatory and risk reporting ecosystem. Today, AxiomSL’s dedicated subject-matter experts support ongoing regulatory reporting and oversee implementation of enhancements and new capabilities, interacting holistically with the bank’s business, technology, and management functions. AxiomSL’s ControllerView has enabled the bank to support collaboration across diverse teams to comply with myriad regulatory requirements on a single collaborative platform. These requirements included addressing capital and liquidity risk mandates, CFO Attestation, FDIC Part 370 and other regulatory calculations and reports, while establishing a dynamic data lineage to successfully glean insights for business decision-making.
“We’re honored to receive AFTAs’ ‘Best Collaboration Initiative’ award for our work with this bank,” said Alex Tsigutkin, CEO and Founder of AxiomSL. “Collaboration is the bedrock of any successful regulatory compliance regime. This is particularly true as FIs are required to meet more stringent and complex requirements. For instance, many FIs struggled to implement CCAR’s more than 1,000 reconciliation checks or timely report their holdings and trading activities with a high degree of data confidence. By working hand-in-hand with our client, AxiomSL developed initiatives that best suit the bank’s needs and goals while enhancing operational efficiency, controls, governance, data integrity and traceability within a collaborative environment. Most crucially, our team of subject-matter experts and solution architects quickly formed a positive working relationship with the bank, establishing a strong basis of trust that encourages enterprise-wide dialogue.”
The 2018 American Financial Technology Awards were held on Monday, December 3rd in New York City. These annual awards recognize end users such as banks, brokers, asset managers and hedge funds, as well as technology providers. Winners were determined by a judging panel appointed by Waters Technology.