About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

AxiomSL Adds A Solution for Smart Cube Compliance to its Regulatory Reporting Platform

Subscribe to our newsletter

AxiomSL has stepped into the market with a solution for Austrian Smart Cube reporting, which comes into play next year. The solution is built on the same platform as AxiomSL’s other regulatory reporting products, providing data consistency across reports and the reduced complexity and costs of a single platform approach.

Smart Cube reporting, which is based on Basic Cubes, will be implemented in Austria by the Oesterreichische Nationalbank (OeNB) from 30 June 2015 and is intended to standardise and improve the quality of data received by the OeNB from the 800-plus domestic banks and subsidiaries of foreign banks that are regulated in Austria. While the introduction of Smart Cube reporting requires banks to make significant changes, standardisation of data that is used for different reporting purposes is also intended to reduce the reporting burden carried by banks. Initial Smart Cube reporting requirements cover financial instruments such as securities, loans and deposits, while more complex instruments, such as derivatives, will be in the scope of the regulation from 2016.

The AxiomSL solution includes the data mapping, transformation, drilldown and reporting functionality needed to produce and submit Smart Cube reports and is based on the company’s existing regulatory reporting platform. It offers dashboards designed to allow users to monitor Smart Cube reporting processes and drill down to Basic Cubes and master data, as well as updates in line with any changes made to reporting requirements by the OeNB.

Ralf Menegatti, product owner, AxiomSL, says: “For us, this is a home game. The description of the requirements is straightforward, we already have a platform that provides data accuracy and quality, and our clients have a measurable requirement that can be broken down to a level where it is relatively easy to manage.”

With a client base predominantly in the US, UK and Asia-Pacific, AxiomSL is well placed to support subsidiaries of foreign banks that must meet the OeNB reporting requirements. It is also beginning to talk to Austrian and German banks about compliance.

Menegatti says Smart Cube reporting should provide a win-win situation for regulators and market participants in Austria, and suggests it could gain interest among other European regulators, but he warns: “With the OeNB’s Smart Cube reporting requirements just six months away, banks need to start thinking now about how they will address this major overhaul of regulatory reporting. Many other reporting requirements are also due to be implemented in coming months as part of regulations such as MiFID II and Fatca, which means market participants need to think holistically.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Approaches to ESG data for analytics

Volumes of ESG data are huge and continue to grow, questioning how financial institutions with a focus on ESG investing can continuously capture and contain required data sets, master and integrate the data, and ensure data quality for meaningful analytics. This webinar will consider approaches to ESG data and data management for analytics, the challenges...

BLOG

It’s Time to Embrace Risk Profiling for Regulatory Compliance

By Richard Pike, Managing Director, KYR Solutions, MyComplianceOffice. Regulations, frameworks, policies and controls define the day-to-day of Chief Compliance Officers (CCO) and their teams in what can best be described as a world of monitoring spaghetti. At the same time, the teams also need to ensure they are keeping senior executives and the front office...

EVENT

RegTech Summit APAC

Now in its 2nd year, the RegTech Summit APAC will bring together the regtech ecosystem to explore how capital markets in the APAC region can leverage technology to drive innovation, cut costs and support regulatory change. With more opportunities than ever before for RegTech to add value, now is the time to invest for the future. Join us to hear from leading RegTech practitioners and innovators who will share insights into how they are tackling the challenges of adopting and implementing regtech and how to advance your RegTech strategy.

GUIDE

Regulatory Data Handbook 2022/2023 – Tenth Edition

Welcome to the tenth edition of A-Team Group’s Regulatory Data Handbook, a publication that has tracked new regulations, amendments, implementation and data management requirements as regulatory change has impacted global capital markets participants over the past 10 years. This edition of the handbook includes new regulations and highlights some of the major regulatory interventions challenging...