Axiom Software Laboratories Inc. (AxiomSL), global provider of
regulatory reporting and risk management solutions, was chosen for its
robust regulatory calculation and reporting solution by ICBC (London)
plc, a full subsidiary of the Industrial and Commercial Bank of China
Ltd (ICBC), one of the largest banks in the world. AxiomSL’s full
integrated suite includes IntegrationCenter™ for dynamic data
management, Basel123™ for its capital calculations, and ControllerView®
for FSA and Bank of England reporting. ICBC, ranked # 7 on Forbes Global
2000 list of the world’s biggest public companies, is establishing a
strong presence in the UK requiring growing data management and
reporting needs. AxiomSL’s unique data management framework, which
provides flexibility and scalability in merging ICBC’s data models,
delivers data transformation, calculation and reporting processes
transparency while meeting compliance with Basel III Capital
Requirements Directive and providing harmonized Common Reporting (CoRep)
& FINREP templates in the UK.
As ICBC (London) plc’s current process is being challenged by the
pressure to meet reporting requirements with greater speed,
transparency, accuracy and level of detail, AxiomSL’s platform will
allow for interoperability between ICBC (London)’s data entry process
and its parent bank in China. This integrated solution will merge ICBC
(London) plc’s heterogeneous data into Basel calculations to deliver a
genuine global capital adequacy platform providing transparency and
scalability between ICBC (London) plc’s data source and standard
calculations.
AxiomSL’s data-driven management solution combined with its integrated
regulatory reporting platform deliver simplified and standardized
processes for the collection, aggregation, modeling and storage of data.
This high performance architecture, which interfaces with clients’
existing data structure, provides exhaustive data-gap analysis with a
complete audit trail, and embeds regulatory processes to respond quickly
to data adjustments and new regulations.
“The Industrial and Commercial Bank of China considers a sound
regulatory reporting infrastructure a critical success factor to its
operations in the UK, and it was imperative that the system in this area
be flexible, scalable and above all transparent", said, Jinlei
Xu, Managing Director at ICBC (London) plc. “We’ve selected AxiomSL’s
solution not only for their impressive track record, extensive knowledge
and hands on experience with data management but most importantly for
their ability to deliver in a timely fashion the flexibility required to
face the increasing complexity of UK regulatory requirements.”
“The objectives of delivering a single and uniform reporting platform
are to achieve higher scalability, traceability and comparability of
data while reducing operational costs faced by ICBC (London) in dealing
with diverging reporting frameworks” says Patrice Melloul, AxiomSL’s
EMEA Managing Director. “AxiomSL’s comprehensive data warehouse has
the ability to compute Basel capital adequacy calculations at various
levels of granularity and from multiple sources, improving ICBC’s
financial data management between London and its parent bank in China
while meeting regulatory requirements and financial control reporting.”
About Axiom Software Laboratories, Inc.
AxiomSL is the global leader in regulatory reporting and risk
management solutions with over 20 years of experience. Basel III
regulations, Solvency II, Dodd-Frank, liquidity, market and credit risk
management and transparency are new requirements where AxiomSL empowers
clients with a cost-effective strategic solution to monitor risks and
meet regulatory reporting requirements from various regulators across
multiple jurisdictions. Top financial firms use our data management,
regulatory reporting and risk management solutions to administer all
internal data procedures, simplify and standardize processes and enhance
business operations. This integrated solution provides transparency and
traceability of data sources and delivers consistent information
throughout all the steps of risk analysis, financial and regulatory
reporting while adapting to different data and technical environments.
AxiomSL’s Suite provides a fully integrated strategic solution from data
sourcing to final reports. www.axiomsl.com
About Industrial and Commercial Bank of China Limited
Industrial and Commercial Bank of China Limited (“ICBC”), formerly known
as Industrial and Commercial Bank of China, was established on 1 January
1984. On 28 October 2005, the Bank was wholly restructured to a
joint-stock limited company. On 27 October 2006, the Bank was
successfully listed on both SSE and SEHK. At the close of 2011 through
its continuous endeavor and stable development, ICBC has topped the
world ranking as the largest listed bank in terms of market
capitalization; customer deposits and profitability; possessing an
excellent customer base; a diversified business structure; strong
innovation capabilities and market competitiveness. The group provides
comprehensive financial products and services to 4.11 million corporate
banking customers and 282 million personal banking customers by virtue
of the distribution network consisting of 16,648 domestic institutions,
239 overseas institutions and over 1,669 correspondent banks worldwide.
Through its E-banking network facilities, ICBC has developed its
internationalised trans-market operating structure; offering not only
the first choice banking brand for Chinese customers but also as the
most trusted financial brand globally. ICBC has maintained long-term
investment grade credit ratings of “A1” by Moody’s; “A” by Standard &
Poor’s; “A” by Fitch while the outlook on all ratings is stable. ICBC is
also continually committed to supporting economic and social
development; protecting environment and resources. ICBC always hold a
great belief of its future as a global leading brand offering the best
profitability, performance, prestige and at the same time reliability. www.icbc-ltd.com
CONTACTS :
AxiomSL
Francine Lecompte Gittins, +1 212-248-4188 X 142 (USA)
fgittins@axiomsl.com
or
ICBC (London) plc
Lisa Belloni, +44(0) 20 7397 8863 (UK)
lisa.belloni@icbclondon.com
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