AxiomSL, the leading global provider of regulatory-reporting, risk and data-management solutions, today announced it has been recognised in the inaugural Risk Technology Awards. Two of AxiomSL’s solutions that address IFRS 9 and Basel III requirements were honored in the “IFRS 9 Enterprise Solution of the Year” and “Regulatory Capital Calculation Product of the Year” categories, respectively.
“We’re thrilled to receive two Risk Technology Awards,” said Alex Tsigutkin, CEO and Founder of AxiomSL. “Our team is dedicated to creating innovative solutions that empower financial firms to comply with today’s most complex mandates, including IFRS 9 and Regulatory Capital Calculation - Basel III. These two solutions deliver the scalability enterprises need to operate on large volumes of data sets, leveraging source data and processes across siloes to deliver trusted regulatory-capital and risk management calculations.”
Enterprise Solution of the Year: IFRS 9
AxiomSL received the “Enterprise Solution of the Year” award for its ability to enable financial institutions (FIs) to comply with International Financial Reporting Standard 9 (IFRS 9). In the past, large banks operated myriad credit-risk models and credit-impairment frameworks, typically running chains of Excel-type models to calculate them. However, because attaining IFRS 9 compliance requires much more complex analytics and methodologies than past regulations, organisations have had to shift from a passive annual credit-review regime to active credit reporting.
AxiomSL equips FIs with the tools to navigate this cultural sea change by providing a one-platform, industrial-strength risk-calculation engine and end-to-end solution for IFRS 9. First, AxiomSL gathers all disparate, diverse credit data and artifacts into one credit ecosystem, housed in a single environment. Using a set of visual business rules to automate an end-to-end process, the solution enables clients to tackle the problem step-by-step, progressively industrializing IFRS 9 compliance throughout the enterprise.
The robust controlled environment offered by AxiomSL’s IFRS 9 solution creates a collaborative landscape in which both Finance and Risk can share data with a feeling of trusted mutual ownership. The solution seamlessly integrates with clients’ existing architecture and provides unparalleled transparency and visibility into the entire process.
Regulatory Capital Calculation Product of the Year: Basel III
Also, the Risk Technology Awards recognised AxiomSL’s solution for Basel III compliance as the “Regulatory Capital Calculation Product of the Year.” Basel III requires FIs to maintain greater capital coverage commensurate with risk exposures and hold more liquid assets to safeguard solvency and overall financial stability. To uphold compliance, FIs must calculate capital ratios, including risk-weighted assets (RWA), that can easily overwhelm existing legacy systems.
AxiomSL’s Basel III solution fully automates the process of calculating RWA and delivering it correctly into multiple regulatory filings. The solution’s data dictionary maps the client’s data into the proper asset classifications, while its regulatory calculation engine produces not only RWA results, but also corresponding inputs to enhance auditability. The solution then inserts the RWA calculation into the required set of filings at the correct line items.
“Our flagship data-driven platform and array of solutions, including our IFRS 9 and regulatory capital calculation products, empower financial firms to meet regulatory reporting mandates, as well as gain greater insight of their risk exposures,” Tsigutkin added. “We’re always pleased to have our work validated by experts outside our organisation.”
The Risk Technology Awards are hosted by Risk.net, a leading provider of news, analysis, research and events for practitioners and regulators in the finance and energy industries. The awards recognise top vendor solutions for credit, operational and enterprise-wide risk management. Winners were determined by a judging panel consisting of technology users and the editors of Risk.net.
