AxiomSL, a global provider of regulatory reporting and risk management solutions, announced today that a major global Swiss bank has decided to expand its use of AxiomSL’s platform to support reporting to the Central Bank of Ireland, including new monetary and interest rate disclosures mandated by the European Central Bank (ECB).
The Swiss private and investment bank has been using AxiomSL for almost a decade. It first implemented the AxiomSL platform in the UK for reporting to the Bank of England and Financial Services Authority. Based on the success of this project, it decided to also deploy the AxiomSL platform in the US and then in Asia-Pacific, where it is used in Singapore, India, Korea, Australia and Japan. The bank also leverages AxiomSL for headquarters reporting in Switzerland.
As part of a strategic, long-term relationship, the bank has continually rolled out the AxiomSL platform in different jurisdictions when regulatory changes are introduced. The latest project in Ireland has been prompted by the implementation there of the ECB’s Balance Sheet Item (BSI) and Monetary Financial Institution (MFI) Interest Rate (MIR) reporting requirements. BSI/MIR is the ECB’s new statistical reporting framework for financial firms’ balance sheet items and interest rates. It continues the move in Europe to more granular, taxonomy-based reporting structures.
The Swiss bank will also use AxiomSL to automate other reporting to the Central Bank of Ireland, including the preparation and submission of Resident Offices Returns (RS2), Survey of Credit Institutions Returns (CRS2), Maturity and Sectoral Returns (MTS), Revaluation Adjustment Returns (RV2), Reclassification Adjustments Returns (RC2) and Analysis of Lending and Deposits Returns (SQ2).
AxiomSL’s platform supports traditional (e.g. XML) and taxonomy-based (e.g. XBRL) reporting requirements in multiple jurisdictions. This has enabled the Swiss bank and other clients to greatly reduce the cost and complexity of compliance by using a single platform to satisfy a range of reporting requirements.
As in other countries, AxiomSL provides all of the templates needed for reporting to the Central Bank of Ireland. These templates are updated when amendments are made by the regulator. This ensures clients remain compliant with changing requirements and it relieves them of the burden of continually monitoring and analyzing regulatory announcements.
“We are very pleased this longstanding client has decided to use our platform in yet another jurisdiction. We view the decision as an endorsement of our technology and client services,” said Ed Royan, Chief Operating Officer, EMEA, AxiomSL. “There is no let-up in the pace of regulatory change across the globe. We are seeing strong demand for an infrastructure that simplifies the management of regulatory reporting. AxiomSL delivers this by providing a single platform that can be used for multiple requirements – including both traditional and taxonomy-based reporting – and by ensuring clients always have up-to-date templates.”