UK-headquartered bank goes live on AxiomSL’s BOE reporting solution ahead of schedule
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AxiomSL, the leading global provider of regulatory reporting and risk management solutions, announced today that a UK-headquartered bank has dramatically reduced the time it takes to produce its Bank of England(BOE) statistical reports since implementing AxiomSL’s BOE reporting solution in a project that was completed one month ahead of schedule.
The bank, which already uses AxiomSL for Financial Reporting (FINREP), decided to also implement the BOE reporting solution after its incumbent reporting tool was acquired by a new vendor and was subsequently decommissioned. Following a six-month implementation project that was completed on budget, the bank is now using AxiomSL’s solution to produce 17 of the statistical reports required by the BOE, including the BT, PL and CC returns.
The bank has benefited from significant performance improvements since going live on AxiomSL’s solution. Having previously required between 4 and 5 days to generate its BOE reports, it can now produce them in just 2.5 hours. It is also leveraging improved adjustment management functionality.
Implementation of AxiomSL’s BOE solution involved integrating data from 10 different sources and was originally expected to require seven months’ work. However, the project was completed one month ahead of schedule due to the flexibility of AxiomSL’s technology, which does not require the use of a fixed data model. The data-agnostic nature of the technology means clients can load their data directly onto the platform – they do not need to spend time setting up an often opaque extract, transform, load (ETL) layer.
AxiomSL’s solution has been recognized by the BOE since 2004. It supports all aspects of reporting to the regulator, from the aggregation and cleansing of data to the population of templates and submission of completed reports via the Online Statistical Collection Application (OSCA). AxiomSL provides all of the required report templates and updates them when they are changed by the BOE. AxiomSL has already released the BOE report changes that will come into use in 2016.
The BOE solution is built on the same platform as all of AxiomSL’s other regulatory solutions. This gives financial firms a unique opportunity to use a single platform to comply with multiple regulatory requirements. To minimize the impact on clients, regulatory-specific updates are segregated from updates to the core platform functionality.
“This project has been a great success: not only has the bank gone live on our solution ahead of schedule, it has also experienced significant performance improvements since moving to AxiomSL. This is a strong endorsement of both our technology and our people,” said Ed Royan, Chief Operating Officer EMEA, AxiomSL. “If their incumbent reporting tool is acquired by a new company, many firms believe they have no choice but to stick with the new owner. However, this project shows firms can quickly and smoothly migrate their reporting to AxiomSL and should therefore not feel obliged to stay put if the owner of their reporting tool changes.”