AxiomSL, the leading global provider of regulatory reporting and risk management solutions, today announces that BMCE Bank International Plc (BBI Plc), a subsidiary of BMCE Bank of Africa Group, one of Africa’s largest banks, has chosen to implement the International Financial Reporting Standard 9 Financial Instruments (IFRS 9) using AxiomSL platform. The solution will integrate the bank’s impairment model, impact directly the general ledger and deliver all regulatory reports updates.
AxiomSL’s comprehensive IFRS 9 solution calculates expected credit loss on a granular level, providing results computed for each contract. It enables classification and measurement, as well as impairment calculations. Clients are able to use their own data models and granular data throughout the entire reporting process for improved flexibility.
The solution supports impact analysis between International Accounting Standard (IAS) 39 and IFRS 9, and integrates data across multiple business functions, ensuring the entire IFRS9 process is streamlined and simplified.
The solution also provides full audit trails, data mining and data lineage, allowing clients to trace data back to its original source which is essential for regulatory compliance. This data is updated according to clients’ specific needs, creating greater efficiencies.
BMCE Bank International Plc is already using AxiomSL’s bespoke platform to report statistical requirements to the Bank of England’s (BoE) and a range of calculation requirements mandated by the Capital Requirements Directive IV (CRD IV) including Common Reporting (COREP).
Mohammed Afrine, CEO of BMCE Bank International, said: “Expanding the functional coverage of our AxiomSL platform to address IFRS 9 challenges is in line with our IT strategy to enhance our solutions and work with the best providers. AxiomSL IFRS 9 solution coverage and the platform capability to interface with both our accounting system and our impairment model was a key decision factor. AxiomSL has proven to be a reliable support and solution provider to address the constantly evolving regulatory landscape.”
Edward Royan, EMEA CEO of AxiomSL, said: “We are thrilled that BMCE International Bank has chosen to use our platform for compliance with IFRS 9. We are committed to providing solutions that offer full transparency and allow clients to meet regulatory requirements in an efficient way, and this expansion proves we have succeeded in our aim.”
