NEW YORK--(BUSINESS WIRE)--AxiomSL, the leading global provider of regulatory reporting and risk management solutions, won the Best Implementation at a Sell-side Firm category in the 2016 Sell-side Technology Awards. The award has been given to AxiomSL for the highly successful implementation of its solution for Bank of England (BOE) statistical reporting requirements at Standard Chartered Bank in London.
Standard Chartered has been using AxiomSL for Financial Reporting (FINREP) since 2014. The BOE solution was implemented at Standard Chartered in six months, allowing the bank to go live one month ahead of schedule.
AxiomSL’s collaborative reporting platform has allowed Standard Chartered’s business and IT teams to significantly enhance performance. Having previously required several days to produce the bank’s BOE reports, they can now do this in just two hours. The fact AxiomSL provides seamless data integration across multiple business functions on a single platform has also enabled Standard Chartered to reduce operational costs and achieve a faster time to market.
AxiomSL’s rapid implementation at Standard Chartered, can in part be attributed to the flexibility and robustness of its data-driven technology. AxiomSL’s integrated platform maps, aggregates and enriches data, and uses it to run different calculations across the enterprise. Users are given a transparent view of the entire analytical and aggregation processes, including submissions to the regulators.
“The implementation of AxiomSL’s BOE reporting solution has been a resounding success,” said Paul Chambers, Chief Financial Officer, Europe and UK, at Standard Chartered. “We have been very pleased with AxiomSL’s FINREP solution, so we were confident going into this project. However, the results have exceeded our expectations: not only did we go live ahead of schedule, we have also significantly reduced the time it takes to produce our BOE returns.”
“The project demonstrates how quickly and smoothly firms can migrate to our solutions and the benefits of doing so. With so many new requirements due to come into force over the coming months and years, time to market is a critical issue for all firms. This award is further evidence of our ability to deliver on this front,” said Ed Royan, Chief Operating Officer EMEA, AxiomSL.
The Sell-side Technology Awards are managed by the highly-respected Waters Technology magazine and recognize the work of the leading financial technology providers which serve the sell-side.