AxiomSL to support VP Bank to meet risk and regulatory requirements
By Megha Bhattacharya
Risk and regulatory reporting solutions provider, AxiomSL today announced that it has been selected by Liechtenstein-based VP Bank. The partnership will allow AxiomSL to offer its ControllerView data integrity and control platform to the Bank for utilising it as a foundation for its risk and regulatory compliance across Liechtenstein, Luxembourg, Singapore and Switzerland.
“Selecting AxiomSL will enhance the value of our investment in regulatory technology, optimize efficiency, and deliver business insights,” stated Robert Kilga, Head of Group Financial Management & Reporting, VP Bank. “With AxiomSL’s single platform, we can ingest data in its native format from multiple sources, thus creating synergies between capital, liquidity, and other business functions enterprise-wide,” he continued. “AxiomSL’s system provides intuitive, hands-on transparency into all processes from inception to filing, enhancing our confidence in the data integrity and auditability of our reporting, and enabling us to meet ever-changing regulatory requirements”.
According to the supplier, its platform will enable VP Bank to facilitate the management of various risk and regulatory mandates on a single platform. The Bank can use the platform to accelerate data harmonization, streamline processes, enhance automation, bolster internal controls, and strengthen risk and regulatory reporting across the enterprise.
AxiomSL’s Basel Capital Solution aims to address the challenges that overwhelm a bank’s systems due to lack of data transparency. It incorporates a flexible data dictionary architecture, seamless calculation updates, full drilldown to data and processes, transparency into model calculations, and dynamic data lineage. The supplier’s regulatory experts will also offer VP Bank with a change-management mechanism for enabling them to be current with all Basel-driven changes.
“We are thrilled that VP Bank, such a well-respected institution, has joined our esteemed user community in the DACH region and globally,” said Claudia Thurner, EMEA General Manager, AxiomSL. “ Financial institutions require a reliable technology partner who can provide global coverage while understanding the intricacies of local and regional regulatory demands,” Thurner continued. “Our industry and technical expertise will enable VP Bank to streamline their processes, scale faster, and adapt swiftly and confidently to change. We look forward to a strong and strategic collaboration with VP Bank in support of their vision and growth journey”.
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