Cloud-based solution based on International Financial Reporting Standards 9 (IFRS 9), recognized for a transparent and flexible approach to regulatory reporting
SINGAPORE and NEW YORK, September 16, 2020 / PRNewswire / – AxiomSL, the industry’s leading provider of regulatory and risk reporting solutions, today announced that its end-to-end automated solution for International Financial Reporting Standards 9 (IFRS 9) has been recognized as a product of IFRS 9 year at the Asia Risk Awards 2020.. Annual rewards program recognizes best practices in risk management and derivatives among banks and financial institutions Asia.
AxiomSL’s IFRS 9 solution transparently aggregates the necessary financial, risk and macroeconomic data – without duplication – to meet IFRS 9 regulatory requirements. The solution is delivered on AxiomSL’s cloud-enabled ControllerView® data integrity and control platform, used by global financial institutions to automatically retrieve, manage and reconcile disparate and diverse data volumes to comply with complex and evolving regulatory and risk requirements, and to meet stringent data quality and governance expectations.
Recognized specifically for its ability to provide both the controlled environment required by accounting teams and the flexibility required by risk managers, the AxiomSL IFRS 9 solution stands out from the competition by its ability to automatically aggregate and integrate data from disparate risks. The solution is able to seamlessly ingest original source data, as well as proprietary credit risk models, portfolio exposures, credit ratings, and depreciation rules in a single platform environment, giving clients financial institutions a comprehensive and transparent overview of risk exposure at branch and company level. wide level.
“It is an honor to be recognized for this important award. Too often banks face considerable challenges in finding and integrating all the disparate data points needed to comply with the requirements of IFRS 9,” said Gavin Pugh, Head of risk solutions, Asia Pacific, AxiomSL. “With our IFRS 9 solution, we give our clients the control and flexibility they need to make this process transparent, as well as the scale and performance of our cloud-based reporting solutions, to help them respond quickly and accurately to constantly changing regulatory requirements.
In addition to reconciling heterogeneous data across business functions, AxiomSL’s IFRS 9 solution also incorporates built-in workflow capabilities that allow clients to preprocess depreciation calculations on demand, providing intermediate results after each step. This key functionality allows clients to fine-tune the end-to-end process and manage P&L volatility. Especially during COVID-19 and its aftermath, this kind of flexibility is critical to maintaining a resilient and data independent regulatory and risk ecosystem.
The Asia Risk Awards 2020 were presented on September 8, 2020. For more information on the AxiomSL IFRS 9 solution, click here.
About AxiomSL
AxiomSL is a global leader in risk analysis, data management and regulatory reporting solutions. Drawing on over 25 years of experience, AxiomSL combines its deep industry experience and intelligent data management platform to provide solutions and services around regulatory and risk reporting, liquidity, capital and credit, operations, trade and transactions, and tax analysis. Its clientele includes regional and global financial institutions with more than $ 43 trillion of total assets and investment managers with more than $ 11 trillion in assets under management. Its coverage encompasses more than 110 regulators in 55 jurisdictions.
For more information visit www.axiomsl.com
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