AFTAs 2020: Most Innovative Third-Party Technology Vendor (Data Management and Data Services)—AxiomSL


The annual American Financial Technology Awards has been a happy hunting ground for AxiomSL, the New York-based risk analytics, data management and regulatory reporting specialist: In last year’s edition, it won the best middle-office initiative category, while in 2018, it emerged top in the best collaboration initiative category on the back of its work in helping clients address Comprehensive Capital Analysis and Review (CCAR) requirements. 

This year, AxiomSL wins the most innovative third-party technology vendor (data management and data services) category, thanks to an initiative that saw it utilize Amazon Web Services (AWS) to deploy its RegCloud (ControllerView via the cloud) offering, allowing its clients to leverage the cloud for risk and regulatory data management and reporting purposes. According to AxiomSL, the ControllerView ecosystem delivers automation and transparency across a variety of processes, from data ingestion to report submission, allowing clients to meet regulatory requirements, regardless of jurisdiction, underpinned by dynamic data-lineage capabilities, intuitive user-controlled workflow automation, and end-to-end visualization functionality. 

Harry Chopra, advisor at AxiomSL, explains that last year saw the emergence of what he refers to as “CFH” (compliance from home), where compliance personnel were required to maintain the frequency, accuracy and transparency of their various regulatory reports even though they were home-based due to Covid-19. “If you’re the CFO a global financial institution and you’re responsible for filing [regulatory reports] across 30 or 40 different jurisdictions and all the information you need to pull together is distributed, you want a system that is available 24/7 and you don’t want to have to worry about computing and storage spikes,” Chopra explains. “That’s really what RegCloud brought to the fore.”

Eric Rothrock, senior vice president, cloud product management at AxiomSL, explains that what the firm is doing for its clients by way of its RegCloud offering is “insulating them from technology and regulatory change.” They don’t have to worry about which version of operating system they’re on, Rothrock says, or running out of storage or computing power and having unfettered access to the application, irrespective of their location. “The next level is that they also don’t have to worry about regulatory templates changing—we do all that for them so that they can focus on their liquidity or balance sheet reports or their Covid-19 schedules in the most efficient way,” he says.    

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