German enterprise software maker SAP and AxiomSL, a provider of regulatory reporting and risk management solutions, have partnered to launch a new solution designed to provide next generation financial risk and regulatory data management infrastructure to banks.
The joint platform will enable financial institutions to comply with global regulatory and risk reporting requirements, risk data aggregation and reporting and other financial and accounting standards.
The new solution will club AxiomSL’s data integration platform and analytics solutions, with SAP’s in-memory platform for advanced data processing and analytics called HANA.
AxiomSL claims that the new platform will ease regulatory and risk burden on banks by providing transparent granular data processing and harmonisation capabilities, enabling standardisation of internal data they must submit to different regulators.
The platform will also act as a depository for shared data, breaking down operational silos of risk, finance and accounting, to comply with the principles of data traceability and transparency for effective risk data aggregation and risk reporting under BCBS 239.
Commenting on the launch of the service, SAP Financial Services France director of digital transformation & industry value engineering Patrice Vatin said: "We are pleased to be partnering with AxiomSL on this offering. As additional reporting requirements around the world come into force, it is essential that the overall operational cost burden to financial institutions is minimized. With this joint solution, users can continue to satisfy regulatory mandates such as BCBS 239, leveraging a single platform and proven regulatory reporting technology."
AxiomSL COO for EMEA Ed Royan said" "We are reducing the risk and regulatory burden on our clients by providing a single platform that can be used to comply with multiple regulations globally. In partnership with SAP, our combined platforms have been designed to meet the needs of all financial institutions and guarantee high performance, scalability, efficiency and transparency."