Nordea Bank selects AxiomSL to automate risk and regulatory reporting

By Megha Bhattacharya

Risk and regulatory reporting solutions provider AxiomSL today announced that it has been selected by Nordea Bank. The partnership is expected to support the Bank’s regulatory reporting requirements in Finland, Sweden, Denmark and Norway.

Nordea Bank will implement AxiomSL’s RegCloud, a fully managed, cloud-based risk and regulatory reporting platform used by financial institutions to source, calculate and reconcile large volumes of disparate data to comply with complex and evolving regulatory requirements.

Nick Livingstone, Head of Financial Reporting and Control, Nordea Bank, stated, “Earning our customers’ trust and fulfilling our commitment to them is always a priority. Therefore, investing in a reliable, secure, and transparent regulatory platform that is constantly updated is paramount. With RegCloud, we can extend collaboration on rapidly changing regulatory initiatives across the enterprise and achieve operational efficiencies – a critical element for bolstering business continuity during turbulent times. Working as a team with AxiomSL has been a very positive experience and our goal is to ensure we continue developing this relationship”.

According to Nordea, it will be able to comply with FINREP, COREP, AnaCredit, and Securities Holdings Statistics Group (SHSG) reporting requirements by leveraging the platform’s adaptable data-dictionary and end-to-end automated processes.

RegCloud will aggregate multiple data sources and rapidly process massive data volumes, while delivering trusted information to meet regulatory mandates across the European Banking Authority (EBA) and National Central Bank (NCB).

“It is an immense pleasure to have Nordea on board with us,” stated Claudia Thurner, AxiomSL’s Chief Revenue Officer. “We are excited to partner with this progressive bank as it innovates to achieve its operational objectives” Thurner added. “I am confident that this strategic RegCloud implementation will accelerate Nordea’s time to market, reduce implementation costs, and insulate the bank against both technology and regulatory change. We look forward to contributing to Nordea’s successful regulatory reporting outcomes and continued growth”.