Web Sify
Follow us on
Mail
Print

ICBC (London) plc Selects AxiomSL’s ControllerView and Basel 123 Modules for its UK Regulatory Reporting

Source : BUSINESS_WIRE
Last Updated: Mon, Feb 18, 2013 06:10 hrs

London, United Kingdom:

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 ControllerViewή 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


Contact:
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 , ,

blog comments powered by Disqus
most popular on facebook
talking point on sify finance