AxiomSL, the leading global provider of regulatory reporting and risk management solutions, announced today that it has opened a new office in Poland, in response to increased demand in Central and Eastern Europe from financial firms which must comply with a range of new regulatory requirements.
A team of 15 has been employed at the new office in Wrocław – the largest city in western Poland, which is renowned for its university of technology. The team will be developing and implementing new regulatory solutions for the Central and Eastern European markets.
In addition to domestic statistical reporting requirements, financial firms in Central and Eastern Europe must comply with a range of pan-European and global regulations, including CRD IV (COREP, FINREP, the LCR, NSFR and ALMM), EMIR, MiFID II, CRS (AEI) and IFRS 9. As the regulations mount up, many firms are realizing it is no longer sustainable to rely on a series of point solutions for individual requirements. AxiomSL’s Polish team will be helping firms like these to cut the cost and complexity of compliance by consolidating all of their regulatory calculations and reporting onto AxiomSL’s strategic platform.
The establishment of a new office in Poland continues a pattern of rapid expansion for AxiomSL in Europe. In 2015, the company opened new offices in Luxembourg and Amsterdam; increased the number of employees in Europe by 30%; and added coverage of a wide range of regulatory calculation and reporting requirements in France, Spain, Germany and Sweden. The company achieved similar levels of expansion in North America, Latin America and Asia-Pacific.
“Our new office in Poland will become an important hub for our work throughout Central and Eastern Europe,” said Ed Royan, Chief Operating Officer EMEA, AxiomSL. “Firms in the region must keep up with a range of new regulatory requirements and it is clear they are looking for a new, more efficient way to do this. We are offering them just that by giving them the opportunity to manage all of their regulatory calculation and reporting requirements on a single strategic platform. Our Polish team will be building out solutions that address local regulatory challenges and will be on hand to implement these for firms in the region.”