VP Bank, one of Liechtenstein’s largest banks, is planning to consolidate its risk and regulatory reporting using AxiomSL’s ControllerView platform as the foundation for compliance across its key centres of operation: Liechtenstein, Luxembourg, Singapore and Switzerland. The bank expects to leverage the implementation to launch a strategic expansion in these areas.
Regulatory reporting is emerging as a touchpoint for many financial institutions, which are seeing the opportunity to streamline their processes and eliminate duplication of effort across multiple regulatory jurisdictions.
AxiomSL’s Harry Chopra will be hosting an A-Team webinar on the topic on October 20, discussing the role cloud computing can play in improving reporting outcomes with John McDonald, head of GRC at AWS – Financial Services, and Eric Rothrock of AxiomSL. Register here for free.
VP Bank has selected ControllerView as a single platform for its financial and statistical reporting, for its obligations under AnaCredit and MAS 610, and for Credit Risk Regulation 2 (CRR2) / Basel-related requirements, including its BCBS Internal Capital / Liquidity Adequacy Assessment Processes (ICAAP/ILAAP).
Robert Kilga, Head of Group Financial Management & Reporting, VP Bank, says the AxiomSL platform will allow the bank to “ingest data in its native format from multiple sources … creating synergies between capital, liquidity, and other business functions enterprise-wide.”
The adoption of ControllerView will allow VP Bank to manage its risk and regulatory mandates on a single platform, with full transparency across all processes, from ingestion, calculation, reconciliation, and validation to submission. The bank will use the platform strategically to further data harmonization, streamline processes, enhance automation, bolster internal controls, and strengthen risk and regulatory reporting across the enterprise.
For Kilga, the AxiomSL’s approach will boost the bank’s confidence in the data integrity and auditability of its reporting, enabling VP Bank to meet ever-changing regulatory requirements.
For its part, AxiomSL strives to become “a reliable technology partner who can provide global coverage while understanding the intricacies of local and regional regulatory demands.” It says its approach helps banks like VP Bank to streamline their processes, scale faster, and adapt swiftly to change.
Basel IV’s next generation of capital requirements, for example, can overwhelm systems if they lack the data transparency, and the methodologies and controls needed to perform calculations accurately across all risk types. These calculations may have a profound effect on the banks’ portfolio management and the entire business model.
To address these challenges, AxiomSL’s Basel Capital Solution incorporates a flexible data dictionary architecture, seamless calculation updates, full drilldown to data and processes, transparency into model calculations, and dynamic data lineage. In addition, AxiomSL’s regulatory experts are able provide VP Bank with an efficient change-management mechanism that keeps the bank current with all Basel-driven changes.