AxiomSL, the leading provider of regulatory reporting and risk management solutions, today announces the strategic partnership with Genpact, a global professional services firm that delivers digital transformation for clients, to automate and execute bespoke models for IFRS 9. The solution industrialises the rating model process and combines all the building blocks and calculation flows for IFRS 9 as an end-to-end process.
This partnership will offer a unique tailored solution to AxiomSL clients across EMEA, where all components of IFRS 9, from underwriting models to asset classification, have been gathered within AxiomSL’s strategic regulatory platform. With the built-in standard Genpact models, the entire process of generating Through the Cycle (TTC) Probability of Defaults (PDs)/Point in Time (PIT) PDs is automated at a click regardless of the number of counterparties. These models can be customised for each bank with minimal effort, accelerating the compliance process.
The key benefits of AxiomSL’s IFRS 9 solution include bespoke adaptability to each firm’s business requirements, reduced Total Cost of Ownership (TCO) where the client has the ownership of the solution, quick time to market, governance with user rights, a permissions model as well as audibility and traceability to source data. This approach would allow clients monitor the stages of their assets automatically and account for the Expected Credit Losses (ECLs) in their book of accounts accordingly.
AxiomSL’s IFRS 9 solution also ensures that all the data, models, calculations, documentation and reporting are in one place and flexible enough to incorporate or adjust for future regulatory or internal changes. This enables complete transparency, making it easy for internal, external audits and regulatory reviews.
Alessandro Vecci, Europe Risk Practice Leader, Genpact commented: “We are thrilled to team up with AxiomSL. This partnership will support both existing and prospective clients, regardless of their current implementation stage, to help them achieve regulatory compliance for IFRS 9 in the most efficient manner. Regulatory reporting and high efficiency are mutually supported by the flexible, agile and transparent capabilities of this solution.”
Ed Royan, CEO, AxiomSL EMEA commented: “We are pleased to partner with Genpact to address the market demand for this much-needed bespoke IFRS 9 solution for risk modelling. Today, one of the biggest challenges firms face is to integrate all the components of the IFRS 9 framework, especially the models along with the underlying data and reporting layer. This strategic partnership unlocks many benefits from automation and adaptability to reduced TCO and a quick go-live process.”
Genpact (NYSE: G) is a global professional services firm that makes business transformation real. We drive digital-led innovation and digitally-enabled intelligent operations for our clients, guided by our experience running thousands of processes for hundreds of Global Fortune 500 companies. We think with design, dream in digital, and solve problems with data and analytics. We obsess over operations and focus on the details – all 78,000+ of us. From New York to New Delhi and more than 20 countries in between, Genpact has the end-to-end expertise to connect every dot, reimagine every process, and reinvent companies’ ways of working. We know that rethinking each step from start to finish will create better business outcomes. Whatever it is, we’ll be there with you – putting data and digital to work to create bold, lasting results – because transformation happens here.
AxiomSL is the global leader in regulatory reporting and risk management solutions for the financial industry, including banks, broker dealers, asset managers and insurance companies. Its unique enterprise data management (EDM) platform delivers data lineage, risk aggregation, analytics, workflow automation, validation and audit functionality.
AxiomSL’s platform supports compliance with a wide range of global and local regulations, including Basel III capital and liquidity requirements, the Dodd-Frank Act, AnaCredit, FATCA, AEI (CRS), EMIR, COREP/FINREP, CCAR, FDSF, BCBS 239, Solvency II, AIFMD, IFRS 9, MAS, ASIC, REMIT, MiFID II, SFTR, central bank disclosures, and both market and credit risk management requirements. The enterprise-wide approach offered by AxiomSL enables clients to leverage their existing data and risk management infrastructure, and reduces implementation costs, time to market and complexity.
AxiomSL employs over 600 staff globally that are dedicated to servicing clients across many of the world’s major financial centres, including New York, São Paulo, London, Paris, Brussels, Luxembourg, Frankfurt, Amsterdam, Madrid, Singapore, Beijing, Hong Kong and Tokyo.
AxiomSL was awarded The Asian Banker’s 2016 “Best Compliance Risk Technology Implementation of the Year” as well as “Best Implementation at a Sell-side Firm” in the 2016 Sell-side Technology Awards. It was voted Best Reporting System Provider in the 2015 Waters Rankings and was highlighted as a ‘category leader’ by Chartis Research in its 2015 Sell-side Risk Management Technology report. The company’s work has also been recognized through a number of other accolades, including success in the Best Reporting Initiative category of the American Financial Technology Awards and in the Customer Satisfaction section of the Chartis RiskTech100 rankings.