AxiomSL, the global leader in capital adequacy calculation, regulatory reporting solutions and risk management for over 20 years, provides a comprehensive data management framework, which delivers flexibility and scalability in merging clients’ data models while delivering data transformation, calculation and reporting processes with transparency. The fully integrated platform allows for consolidation of disparate data sources, automation of controls and standardization of processes, which provides strategic insights to financial institutions for enhancing business decisions and ensure a higher standard of integrity.
Quickly implemented and tailored to suit clients business operating models to meet tight submission timelines, AxiomSL’s solution delivers transparent and efficient management of data sources, enterprise data models, business rules and logic, calculations, workflows, reports and submissions. With new regulations ahead, insurers will need to review and validate their data integrity, GAAP or IFRS balance sheet figures, and risk exposure calculation results for submission to regulators. Larger insurance firm with entities in different countries will be required to report to multiple regulators and those firms with syndicates in the Lloyds market will be required to report in Lloyd’s specific Solvency II report formats.
AxiomSL’s modules deliver data quality, standard SII calculations, and SII reporting (for all EIOPA regulated NCAs and the Lloyds market). AxiomSL’s integrated regulatory platform interfaces with insurers existing data structure without any data conversion and enables clients to enhance compliance reporting efficiency, improve the monitoring of processes, collect consistent & harmonized data and achieve economies of scale in addressing both internal and external requirements. Further, AxiomSL’s solution seamlessly embeds XBRL application to meet the required mandates.
Insurers will face a plethora of regulations between now and 2015 and to control regulatory compliance costs, a holistic data driven transparent regulatory solution is the answer. AxiomSL’s robust technology solution provides a platform meeting SII reporting and evolving regulatory reforms like European Market Infrastructure Reporting, Market Consistent Embedded Value (MCEV) and International Financial Reporting Standards (IFRS) Phase II. It is essential that insurance companies stop addressing these initiatives with point solutions as it results in a waste of time, money and resources.
