Nordea selects AxiomSL to automate risk and reg reporting
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Nordea selects AxiomSL to automate risk and reg reporting 17 March 2021UK Reporter: Becky Bellamy
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AxiomSL has been appointed by Nordea Bank to support its risk and regulatory reporting requirements in Finland, Sweden, Denmark and Norway.
As part of the mandate, Nordea Bank will implement AxiomSL’s RegCloud, a fully managed, cloud-based risk and regulatory reporting platform.
AxiomSL’s platform will enable Nordea Bank to comply with reporting requirements of FINREP, COREP, AnaCredit, and Securities Holdings Statistics Group (SHSG).
RegCloud will also aggregate multiple data sources and process large data volumes, as well as delivering trusted information to meet regulatory mandates across the European Banking Authority (EBA) and National Central Bank (NCB).
In addition, AxiomSL will help Nordea re-architect and future-proof its risk and regulatory systems as part of its RegTech project to help drive down efficiency ratios and achieve performance, reliability, and compliance outcomes.
Nick Livingstone, head of financial reporting and control, Nordea Bank, states: “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.”
Claudia Thurner, AxiomSL’s chief revenue officer, adds: “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.”
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