Cloud-Based International Financial Reporting Standards 9 (IFRS 9) Solution Recognized for Transparent, Flexible Approach to Regulatory Reporting
SINGAPORE and NEW YORK, Sept. 17, 2020 /PRNewswire/ — AxiomSL, the industry’s leading provider of risk and regulatory reporting solutions, today announced that its automated, end-to-end solution for International Financial Reporting Standards 9 (IFRS 9) was recognized as IFRS 9 Product of the Year at the 2020 Asia Risk Awards. The annual awards program recognizes best practices in risk management and derivatives among banks and financial institutions throughout Asia.
AxiomSL’s IFRS 9 solution seamlessly aggregates the necessary financial, risk and macroeconomic data – without duplication – to satisfy IFRS 9 regulatory requirements. The solution is delivered on AxiomSL’s cloud-enabled ControllerView® data integrity and control platform, which is used by global financial institutions to automatically retrieve, manage, and reconcile volumes of disparate, diverse data to comply with complex, ever-changing risk and regulatory requirements, and satisfy exacting data quality and governance expectations.
Recognized specifically for its ability to deliver both the controlled environment required by accounting teams and the flexibility required by the risk officers, the AxiomSL IFRS 9 solution stood apart from the competition for its ability to automatically aggregate and integrate disparate risk data. The solution is able to seamlessly ingest original source data, along with proprietary credit risk models, portfolio exposures, credit ratings and impairment rules in a single platform environment, giving financial institutions a comprehensive, transparent snapshot of risk exposure at the individual branch and enterprise-wide level.
“It is an honor to be recognized for this important award. Banks too often face considerable challenges in sourcing and integrating all of the disparate data points needed to comply with IFRS 9 requirements,” said Gavin Pugh, Head of Risk Solutions, Asia Pacific, AxiomSL. “With our IFRS 9 solution, we give clients the control and flexibility they need to make that process seamless, along with the scale and performance of our cloud-based reporting solutions, to help them quickly and accurately meet constantly-evolving regulatory requirements.”
In addition to reconciling heterogeneous data across business functions, AxiomSL’s IFRS 9 solution also incorporates built-in workflow capabilities that enable clients to pre-process impairment 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 type of flexibility is central to maintaining a resilient and data agnostic risk and regulatory ecosystem.
The 2020 Asia Risk Awards were presented on September 8, 2020. For more information about the AxiomSL IFRS 9 solution, please click here.
AxiomSL is a global leader in risk analytics, data-management, and regulatory-reporting solutions. Leveraging more than 25 years’ experience, AxiomSL combines its deep industry experience and intelligent data-management platform to deliver solutions and services around regulatory and risk reporting, liquidity, capital and credit, operations, trade and transactions, and tax analytics. Its client base spans regional and global financial institutions with more than $43 trillion in total assets and investment managers with more than $11 trillion in assets under management. Its coverage encompasses more than 110 regulators across 55 jurisdictions.
For more information, visit www.axiomsl.com
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