Regulatory reporting and risk management solution provider AxiomSL is partnering with SAP, an application software provider, to launch a solution for improving data management infrastructure for regulatory reporting.
The new service will pair AxiomSL’s data integration platform and analytics solutions with SAP’s HANA platform for advanced data processing and analytics, in a bid to help financial institutions comply with global regulatory and risk reporting requirements.
It will provide transparent and granular data processing capabilities, allowing for better standardisation of internal data before it is submitted to the various regulators. It will simplify, automate and optimise complex data aggregation and reporting processes, making for easier decision-making on large data sets.
The new infrastructure will also act as a depository for shared data, helping to break down silos of risk, finance and accounting. This will help institutions to comply with principles of data traceability and transparency established by the Basel Committee on Banking Supervision.
It will also allow for integrated management of the whole data lifecycle, and will provide a flexible data model allowing for additional regulatory change, sharing capabilities and scalability.
Patrice Vatin, director of digital transformation and industry value engineering at SAP Financial Services in France, said: “We are pleased to be partnering with AxiomSL on this offering. As additional reporting requirements around the world come into force, it is essential that the overall operational cost burden to financial institutions is minimised.”
Ed Royan, AxiomSL’s COO for Europe. The Middle East and Africa, added: “We are reducing the risk and regulatory burden on our clients by providing a single platform that can be used to comply with multiple regulations globally. In partnership with SAP, our combined platforms have been designed to meet the needs of all financial institutions and guarantee high performance, scalability, efficiency and transparency.”
