Sell-Side Technology Awards 2016: Best Implementation at a Sell-Side Firm — AxiomSL

Enter AxiomSL, a provider of regulatory reporting and risk management solutions. The two firms met initially in 2013 when Standard Chartered picked AxiomSL to do the Financial Reporting (Finrep) required by the European Banking Authority (EBA). The bank decided to go with AxiomSL for its BOE reporting. The resulting implementation was done on budget, a month ahead of schedule and reduced Standard Chartered’s BOE reporting from five days to two hours, earning AxiomSL the title of best implementation at this year’s Sell-Side Technology Awards.

The project began in May 2015 when two members of AxiomSL’s implementation team worked on-site at Standard Chartered to install the solution, which included integrating data from 10 different sources and set up AxiomSL’s solution to create the 17 BOE reports. By finishing the implementation a month early, Standard Chartered was able to use the solution for Q3 reporting.

"Regulators have implemented a range of regulatory reforms designed to lend greater transparency and granulary, AxiomSL's advanced offering allows firms to perform analysis, enrichment, consolidation and reconciliation of granular source data across the enterprise siloed systems," says Alex Tsigutkin, CEO at AxiomSL. "This powerful data integration function enables organizations to leverage their data management infrastructure in order to comply with multiple and new regulatory requirements under stringent submission timeframe while containing costs."

Ed Royan, COO for EMEA at AxiomSL, says there are four reasons why AxiomSL’s solution for BOE statistical reporting requirements is superior to other solutions in the space. The vendor’s solution is a data-agnostic platform, which means it doesn’t require firms to set up complex extract, transform and load (ETL) processes. “Users can load their data in its existing format and do not need to spend time setting up ETL processes. This means the solution can be implemented quickly, as was seen at Standard Chartered,” Royan explains. “It also reduces cost and complexity, and improves transparency because users can drill down to the source systems, which are not obscured by opaque ETL layers.”

The BOE solution is built on the same platform as all of the other solutions AxiomSL provides for a range of regulatory calculation and reporting requirements, globally.

The BOE solution is built on the same platform as all of the other solutions AxiomSL provides for a range of regulatory calculation and reporting requirements globally.

It’s also transparent, allowing users to understand how their data is being allocated and enriched. Other solutions, Royan claims, require clients to map their data to proprietary codes and cannot be easily understood as the data is transformed and used to populate report templates. Finally, the solution is able to adapt to regulatory changes. 

“Regulatory updates are separated from software updates of the platform. This means that AxiomSL’s clients do not need to implement an update of the AxiomSL platform every time the BOE changes its reporting requirements,” Royan says. “As a result, AxiomSL’s clients can implement updated report templates faster than firms that use other reporting tools, which do not decouple regulatory update releases and software updates.”