Consolidates bank's reporting on a single platform for financial/statistical, AnaCredit, and CRR2/Basel-driven mandates including ICAAP and ILAAP, and provides foundation for strategic expansion
LONDON and FRANKFURT, Germany, Sept. 16, 2020 /PRNewswire/ -- AxiomSL, the industry's leading provider of risk and regulatory reporting solutions, today announces that VP Bank, one of the largest banks in Liechtenstein, has selected AxiomSL's ControllerView® data integrity and control platform, as a foundation for its risk and regulatory compliance across Liechtenstein, Luxembourg, Singapore and Switzerland, - encompassing financial and statistical reporting such as CSSF, FINMA, AnaCredit for EBA, MAS 610 for Singapore, and CRR2- and BCBS-driven requirements including ICAAP and ILAAP for FMA.
The high-performance, fully integrated, data-driven platform will enable VP Bank to manage an array of risk and regulatory mandates on a single platform, with full transparency across all processes from ingestion, calculation, reconciliation, and validation to submission. VP Bank will use the platform strategically to further data harmonization, streamline processes, enhance automation, bolster internal controls, and strengthen risk and regulatory reporting across the enterprise.
"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."
"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. "In these times of global uncertainly, complying with a wide range of regulatory and risk requirements across jurisdictions is more complex, data intensive, and time sensitive than ever. 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."
With the upcoming Basel IV-driven expansion, financial institutions like VP Bank are faced with the next generation of capital requirements that can easily overwhelm systems if they lack the data transparency, proper methodologies and controls to perform calculations accurately across all risk types. These calculations may have a profound effect on the banks' portfolio management and even the entire business model.
To address these challenges, AxiomSL's Basel Capital Solution incorporates a flexible data dictionary architecture, seamless calculation updates, full drilldown to data and processes, transparency into model calculations, and dynamic data lineage. In addition, AxiomSL's regulatory experts provide VP Bank with a highly efficient change-management mechanism that enables them to be current with all Basel-driven changes.
AxiomSL is a global leader in risk analytics, data-management, and regulatory-reporting solutions. Leveraging more than 25 years' experience, AxiomSL combines its deep industry experience and intelligent data-management platform to deliver solutions and services around regulatory and risk reporting, liquidity, capital and credit, operations, trade and transactions, and tax analytics. The platform can be deployed on premise or on the cloud. Its client base spans regional and global financial institutions with more than $43 trillion in total assets and investment managers with more than $11 trillion in assets under management. Its coverage encompasses more than 110 regulators across 55 jurisdictions. AxiomSL is in the top 20 of the Chartis RiskTech100® 2020 ranking.
VP Bank Ltd was founded in 1956 and is one of the largest banks in Liechtenstein with 979 employees at mid-year 2020 (full-time equivalent 908). It has offices in Vaduz, Zurich, Luxembourg, Singapore, Hong Kong and Road Town on the British Virgin Islands. VP Bank Group offers asset management and investment consultancy for private individuals and intermediaries. As of 30 June 2020, assets under management at VP Bank Group totaled CHF 45.6 billion. VP Bank is listed on the Swiss stock exchange SIX and has an "A" rating from Standard & Poor's.