Fifth Third Bank, the 11th-largest US bank, with $142 billion in assets, today announced that it is expanding its use of AxiomSL’s platform and capital calculations tool to meet several regulatory reporting obligations for its US operations.
The implementation spans a suite of asset classes and will cover all key functions of the analytical and regulatory reporting cycle; from US liquidity calculations (LCR) to CCAR requirements and other required Federal Reserve reporting.
According to AxiomSL, the solution consolidates data for regulatory reporting purposes and allows banks to not only provide greater transparency to regulators, but also manage their risk exposure across all business functions more effectively. Users can also run edit checks and results validation, in addition to the capital calculations tool.
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AxiomSL’s platform delivers complete control over every step of the regulatory reporting and analysis processes, which were key considerations for Fifth Third Bank.
Blane Scarberry, Director of External Reporting at Fifth Third Bank, commented: “Our decision to build a relationship with AxiomSL is due, in large part, to our interest in keeping pace with the complexity of today’s regulatory environment and in maintaining cost-effectiveness across all operations. AxiomSL’s integrated platform is expected to enable us to meet financial and regulatory requirements, while also streamlining our reporting processes across critical business functions. This should provide us with the flexibility to meet evolving regulatory demands.”
Alex Tsigutkin, CEO of AxiomSL, added: “We are very pleased to have been selected by Fifth Third Bank as their strategic regulatory partner and are looking forward to working closely with them in ensuring a rapid paced implementation. To this end, AxiomSL’s platform will leverage their existing data and risk management infrastructure to meet LCR and CCAR requirements while ensuring that data is analysed, enriched and reconciled in a consistent, auditable manner with drill down and validation checks.”
“This strategic and holistic approach empowers U.S. BHC’s to address quickly stringent and multiple submission deadlines emanating from regional and global authorities while delivering data aggregation capabilities, data governance and internal controls,” he added.