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AxiomSL, the leader in risk data management and regulatory reporting for financial services, is pleased to announce its leading position in a new Chartis FinTech Quadrant®, “Data Integrity and Control Solutions in Financial Services 2016”. The firm has landed amid market leaders in this category, based on both market potential and completeness of offering in the esteemed FinTech Quadrant®.
The recently published report highlights the growing need among financial services firms to identify and implement data integrity and control technologies driven by regulatory pressure, tighter margins, and sprawling data management infrastructure. In particular, Chartis cites ongoing BCBS 239, Solvency II, and Model Risk Management initiatives as catalysts for the trend, along with increasing complexity in data taxonomies and granularity requirements.
AxiomSL prevails in the data integrity and control solutions arena. This is due to its ability to scale in automating data control processes and ensure full data lineage (upstream and downstream), whilst embracing complete control from data sourcing to production, including aggregation, calculation, validation, and reconciliation. With the exponential increase in data coupled with continuous change, it is imperative that financial firms adopt technology to manage and attest to the accuracy of their data throughout the entire lifecycle process with a robust, transparent, and quickly adaptable platform.
Chartis evaluated 22 providers on a range of critical capabilities and required functionality, such as their capacity to provide a strategic solution, facilitate auditability, and enable metadata production control and their ability to integrate across functions. Mapped in the FinTech Quadrant® as ‘Category Leader’, AxiomSL is positioned in the space with select global enterprise-grade technology providers.
“As institutions focus on enterprise data integrity and control to meet new standards like BCBS 239, it is critical to consider flexibility, adaptability, and scalability of their platforms very closely,” says Peyman Mestchian, Managing Partner at Chartis Research. “AxiomSL provides the functionality to scale and aggregate vast amount of data across silo systems for improved transparency and greater clarity about the organization’s financial status and risk exposures.”
“With this report, Chartis Research has validated our own conclusion about the rising priority of data integrity and controls in our industry, in which financial institutions are turning towards innovative and flexible technology focused solutions to address regulatory demands, as well as internal changes. We are very pleased to be recognized as a category leader in this increasingly crucial area,” says Alex Tsigutkin, CEO at AxiomSL. “AxiomSL’s platform empowers financial institutions to adapt quickly to new regulatory and operational needs by delivering controlled end-to-end business processes. Thistechnology-led transformation and its relationship to continuous change makes senior management realize that it is not about developing new, trendy apps as point solutions, but rather transforming businesses for future success. To this end, it is time to consider new unconventional methods to deal with the constant state of change.”
According to Chartis, key differentiators for AxiomSL’s core platform conformance to BCBS 239 principles include data lineage, integrity and traceability and its capability to pull together relational and non-relational data. All of this combined with AxiomSL’s Visual Business Rules (VBR), as well as many other control tools that achieve fast time to market, earn AxiomSL its leading position.
