Axiom Software Laboratories Inc. (AxiomSL), global provider of regulatory reporting and risk management solutions, announced today that its comprehensive eXtensible Business Reporting Language (XBRL) solution has been implemented at leading banks in Europe and Asia.
AxiomSL extended its fully integrated data management and regulatory reporting platform to support XBRL taxonomy management and submission and adapts easily to XBRL taxonomy requirements across multiple countries. The XBRL submission modules have been verified by the Financial Conduct Authority (FCA) as part of early submission testing.
AxiomSL’s out-of-the-box XBRL reporting enables financial institutions to quickly deploy the new Capital (COREP), Financial (FINREP), and Liquidity (LCR and NSFR) solutions on their existing infrastructures and by embedding all the XBRL ‘behind the scenes’. As a result, users focus on results rather than having to understand XBRL itself. This investment moves AxiomSL from a first generation report and tagging solution to a second generation taxonomy management and submission platform.
As the XBRL solution is designed in the existing platform, all the critical features required for controlled reporting: submission management, business sign-off, reporting and taxonomy comparison, drill down, data lineage, data quality, and support for any data sourcing strategy are included with the new XBRL functionality.
The move to common reporting in Europe presents firms with an opportunity to reduce compliance costs by moving to a single platform for all of their reporting and calculation needs. Firms can now benefit from AxiomSL strategic vision to have one platform to cover any regional or nation disclosure whether XBRL and non-XBRL. Institutions in EMEA and APAC are initially utilising AxiomSL to meet the COREP, FINREP, LCR and NSFR reporting as part of the Capital Requirements Directive (CRD) IV but are looking to leverage the platform for IFRS, Solvency II or any other XBRL reporting need.
“Regulators will have far more power and control over data in the coming years as XBRL enhances dramatically the capabilities of regulators to analyse, compare and validate financial data,” said Ed Royan, COO, AxiomSL EMEA. “Institutions across the EU and EEA are seeking a single platform for XBRL and non-XBRL reporting rather than disparate systems across each region. AxiomSL’s integrated reporting solution easily adapts to XBRL taxonomy requirements across multiple countries. Its robust and flexible platform supports customisation, extension and the ability to tag at the data source and reuse the validated financial results for other reports.”
AxiomSL’s cutting-edge approach is a powerful solution, as it accelerates regulatory submission processes and increases data integrity while delivering transparency, audit and validation of the results. This seamless XBRL integration provides significant cost savings stemming from greater process efficiencies and automation of manual reporting processes – allowing organisations to access a multitude of business information data from a full range of disparate applications and systems across the supply chain.
“AxiomSL’s unique enterprise-wide reporting platform combined with its innovative XBRL technology not only enables financial institutions to streamline financial reporting processes by improving data integrity, transparency, traceability for audit and verification purposes but provides the foundation to support any other taxonomy requirements worldwide,” said Alex Tsigutkin, CEO, AxiomSL. “AxiomSL’s commitment to lead through both best practices and the ease of implementing regulatory reporting solutions across multiple jurisdictions via one integrated platform remain our top priorities as demonstrated by winning the Customer Satisfaction in RiskTech100® 2014 Award.”