AxiomSL has been a champion of regulatory technology for a number of years with its approach to managing data and tracking data lineage. This year, its hard work and underlying technologies have been focused on its efforts to resolve the Comprehensive Capital Analysis Review (CCAR) conundrum, an initiative that delivered it the win in the best reporting platform or service category in this year’s SST Awards.
Each year, banks are faced with the costly task of sourcing, standardizing, aggregating and reconciling huge volumes of risk and reference data for their CCAR annual reports to the Federal Reserve. To comply with the regulation, they must use the data to demonstrate that they have sufficient capital to operate during times of economic and financial stress. AxiomSL addresses these challenges by offering an all-in-one platform that enables the integration of heterogeneous data from multiple channels, reducing data processing time.
AxiomSL’s platform is underpinned by data-lineage tracer capabilities, allowing clients to track and monitor information at all points in the process. This process, built into the technology, involves a series of steps, including ingestion, enrichment, preprocessing, aggregation, validation, submission, archiving and analytics.
AxiomSL acknowledges that every sell-side firm operates differently and that applying a fixed data model approach to a complex problem such as CCAR is not the answer. The New York-based vendor prides itself on its ability to integrate with multiple systems by ensuring the platform is customized and tailored to the needs of each client. “So far, our platform from a technology standpoint, has perfect integration with any banking system,” says Efthymios Gkotsis, AVP-regulatory reporting at AxiomSL. “We are database-agnostic and we can create our final output from any source system. That makes our platform very desirable and very easy to integrate to any given banking environment.”
Harry Chopra, chief client officer at AxiomSL, explains that the core elements that set the firm apart from competitors include its industry expertise, its data management platform and the caliber of its client engagement teams. As the firm continues to build on its success through innovation and investment, its next move is to solve one of the major challenges the industry has been facing in recent years: the explosion of data. In the coming months, AxiomSL has three major objectives in sight: to work more closely with buy-side firms on their compliance reporting, to deploy parts of its infrastructure to the cloud, and to look at new ways to leverage its platform to deal with greater data volumes in a more effective and efficient way.
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