AxiomSL, a leading provider of risk and regulatory reporting solutions, has announced that it has been selected by Nordea Bank to support the bank’s risk and 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, enrich, calculate and reconcile large volumes of disparate data to comply with complex and evolving regulatory requirements.
Nordea will be able to map their data once and 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. In addition, 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).
Part of Nordea’s RegTech project initiative was to transform its legacy regulatory reporting processes; AxiomSL will help the bank re-architect and future-proof its risk and regulatory systems to drive down efficiency ratios and achieve performance, reliability and compliance outcomes.
Nick Livingstone, Head of Financial Reporting and Control, Nordea Bank, said: ‘Earning our customers’ trust and fulfiling our commitment to them is always a priority. Therefore, investing in a reliable, secure and transparent regulatory platform that is constantly updated is paramount’.
