SAP, a market leader in enterprise application software and AxiomSL, the global leader in regulatory reporting and risk management solutions, today announced the launch of a new high performance solution designed to improve data management infrastructure, enabling financial institutions to comply with global regulatory and risk reporting requirements, risk data aggregation and reporting (BCBS 239) and other financial and accounting standards. 

The new high performance service will combine AxiomSL’s data integration platform and analytics solutions, with SAP’s in-memory platform for advanced data processing and analytics called HANA. It will reduce regulatory and risk burden on banks by providing transparent granular data processing and harmonization capabilities, enabling standardization of internal data they must submit to different regulators. As a result, complex data aggregation and reporting processes can be simplified, optimized and automated, enabling easier decision-making, even on extremely large data sets.

The solution 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.

Additional benefits of SAP and AxiomSL’s joint solution includes:

·         Integrated management of the life-cycle data (acquisition, check/reconciliation, recycling/adjustment, transformation and storage of data) combined with a unique platform that guarantees a better audit trail and greater transparency

·         A flexible, dynamically evolving data model which makes it faster and easier to implement enterprise transformation and change management requirements at the lower cost, and enables financial institutions to respond more rapidly to changes in regulations

·         Powerful analytical capabilities, and a simplified IT architecture built into the next generation technological platform, achieving high performance even with extremely large granular data sets

·         Openness - sharing and supply of third party applications and the combining of data from external sources

·         Scalability - ECB’s banks’ integrated reporting dictionary (BIRD) data model support, current and future regulatory calculations and reports maintained by AxiomSL such as AnaCredit, FRTB and IFRS 9.

Patrice Vatin, Director, Digital Transformation & Industry Value Engineering, SAP Financial Services France, 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.”

Commenting on the launch of the service, Ed Royan, Chief Operating Officer EMEA, AxiomSL 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.”