@DXWorldExpo Authors: Zakia Bouachraoui, Elizabeth White, Liz McMillan, Pat Romanski, Carmen Gonzalez

News Feed Item

ICBC (London) plc Selects AxiomSL’s ControllerView® and Basel 123 Modules for its UK Regulatory Reporting

Axiom Software Laboratories Inc. (AxiomSL), global provider of regulatory reporting and risk management solutions, was chosen for its robust regulatory calculation and reporting solution by ICBC (London) plc, a full subsidiary of the Industrial and Commercial Bank of China Ltd (ICBC), one of the largest banks in the world. AxiomSL’s full integrated suite includes IntegrationCenter™ for dynamic data management, Basel123™ for its capital calculations, and ControllerView® for FSA and Bank of England reporting. ICBC, ranked # 7 on Forbes Global 2000 list of the world’s biggest public companies, is establishing a strong presence in the UK requiring growing data management and reporting needs. AxiomSL’s unique data management framework, which provides flexibility and scalability in merging ICBC’s data models, delivers data transformation, calculation and reporting processes transparency while meeting compliance with Basel III Capital Requirements Directive and providing harmonized Common Reporting (CoRep) & FINREP templates in the UK.

As ICBC (London) plc’s current process is being challenged by the pressure to meet reporting requirements with greater speed, transparency, accuracy and level of detail, AxiomSL’s platform will allow for interoperability between ICBC (London)’s data entry process and its parent bank in China. This integrated solution will merge ICBC (London) plc’s heterogeneous data into Basel calculations to deliver a genuine global capital adequacy platform providing transparency and scalability between ICBC (London) plc’s data source and standard calculations.

AxiomSL’s data-driven management solution combined with its integrated regulatory reporting platform deliver simplified and standardized processes for the collection, aggregation, modeling and storage of data. This high performance architecture, which interfaces with clients’ existing data structure, provides exhaustive data-gap analysis with a complete audit trail, and embeds regulatory processes to respond quickly to data adjustments and new regulations.

“The Industrial and Commercial Bank of China considers a sound regulatory reporting infrastructure a critical success factor to its operations in the UK, and it was imperative that the system in this area be flexible, scalable and above all transparent", said, Jinlei Xu, Managing Director at ICBC (London) plc. “We’ve selected AxiomSL’s solution not only for their impressive track record, extensive knowledge and hands on experience with data management but most importantly for their ability to deliver in a timely fashion the flexibility required to face the increasing complexity of UK regulatory requirements.”

“The objectives of delivering a single and uniform reporting platform are to achieve higher scalability, traceability and comparability of data while reducing operational costs faced by ICBC (London) in dealing with diverging reporting frameworks” says Patrice Melloul, AxiomSL’s EMEA Managing Director. “AxiomSL’s comprehensive data warehouse has the ability to compute Basel capital adequacy calculations at various levels of granularity and from multiple sources, improving ICBC’s financial data management between London and its parent bank in China while meeting regulatory requirements and financial control reporting.”

About Axiom Software Laboratories, Inc.

AxiomSL is the global leader in regulatory reporting and risk management solutions with over 20 years of experience. Basel III regulations, Solvency II, Dodd-Frank, liquidity, market and credit risk management and transparency are new requirements where AxiomSL empowers clients with a cost-effective strategic solution to monitor risks and meet regulatory reporting requirements from various regulators across multiple jurisdictions. Top financial firms use our data management, regulatory reporting and risk management solutions to administer all internal data procedures, simplify and standardize processes and enhance business operations. This integrated solution provides transparency and traceability of data sources and delivers consistent information throughout all the steps of risk analysis, financial and regulatory reporting while adapting to different data and technical environments. AxiomSL’s Suite provides a fully integrated strategic solution from data sourcing to final reports. www.axiomsl.com

About Industrial and Commercial Bank of China Limited

Industrial and Commercial Bank of China Limited (“ICBC”), formerly known as Industrial and Commercial Bank of China, was established on 1 January 1984. On 28 October 2005, the Bank was wholly restructured to a joint-stock limited company. On 27 October 2006, the Bank was successfully listed on both SSE and SEHK. At the close of 2011 through its continuous endeavor and stable development, ICBC has topped the world ranking as the largest listed bank in terms of market capitalization; customer deposits and profitability; possessing an excellent customer base; a diversified business structure; strong innovation capabilities and market competitiveness. The group provides comprehensive financial products and services to 4.11 million corporate banking customers and 282 million personal banking customers by virtue of the distribution network consisting of 16,648 domestic institutions, 239 overseas institutions and over 1,669 correspondent banks worldwide. Through its E-banking network facilities, ICBC has developed its internationalised trans-market operating structure; offering not only the first choice banking brand for Chinese customers but also as the most trusted financial brand globally. ICBC has maintained long-term investment grade credit ratings of “A1” by Moody’s; “A” by Standard & Poor’s; “A” by Fitch while the outlook on all ratings is stable. ICBC is also continually committed to supporting economic and social development; protecting environment and resources. ICBC always hold a great belief of its future as a global leading brand offering the best profitability, performance, prestige and at the same time reliability. www.icbc-ltd.com

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

DXWorldEXPO Digital Transformation Stories
Steaz, the nation's top-selling organic and fair trade green-tea-based beverage company, announces its 2017 "Mind. Body. Soul." tour, which will bring authentic experiences inspired by the brand's signature Mind. Body. Soul. tagline to life across the country. The tour will inform, educate, inspire and entertain through events, digital activations and partner-curated experiences developed to support the three pillars of complete health and wellness.
The platform combines the strengths of Singtel's extensive, intelligent network capabilities with Microsoft's cloud expertise to create a unique solution that sets new standards for IoT applications," said Mr Diomedes Kastanis, Head of IoT at Singtel. "Our solution provides speed, transparency and flexibility, paving the way for a more pervasive use of IoT to accelerate enterprises' digitalisation efforts. AI-powered intelligent connectivity over Microsoft Azure will be the fastest connected pat...
There are many examples of disruption in consumer space – Uber disrupting the cab industry, Airbnb disrupting the hospitality industry and so on; but have you wondered who is disrupting support and operations? AISERA helps make businesses and customers successful by offering consumer-like user experience for support and operations. We have built the world’s first AI-driven IT / HR / Cloud / Customer Support and Operations solution.
Codete accelerates their clients growth through technological expertise and experience. Codite team works with organizations to meet the challenges that digitalization presents. Their clients include digital start-ups as well as established enterprises in the IT industry. To stay competitive in a highly innovative IT industry, strong R&D departments and bold spin-off initiatives is a must. Codete Data Science and Software Architects teams help corporate clients to stay up to date with the mod...
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, discussed the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, application p...
Druva is the global leader in Cloud Data Protection and Management, delivering the industry's first data management-as-a-service solution that aggregates data from endpoints, servers and cloud applications and leverages the public cloud to offer a single pane of glass to enable data protection, governance and intelligence-dramatically increasing the availability and visibility of business critical information, while reducing the risk, cost and complexity of managing and protecting it. Druva's...
BMC has unmatched experience in IT management, supporting 92 of the Forbes Global 100, and earning recognition as an ITSM Gartner Magic Quadrant Leader for five years running. Our solutions offer speed, agility, and efficiency to tackle business challenges in the areas of service management, automation, operations, and the mainframe.
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, we provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading...
DSR is a supplier of project management, consultancy services and IT solutions that increase effectiveness of a company's operations in the production sector. The company combines in-depth knowledge of international companies with expert knowledge utilising IT tools that support manufacturing and distribution processes. DSR ensures optimization and integration of internal processes which is necessary for companies to grow rapidly. The rapid growth is possible thanks, to specialized services an...