Nordea automates risk and regulatory reporting in the Nordics

Wednesday 17 March 2021 12:52 CET | News

Nordea Bank has selected risk and regulatory reporting solutions provider AxiomSL to support the bank’s risk and regulatory reporting requirements in Finland, Sweden, Denmark, and Norway. 

Nordea Bank will implement AxiomSL’s RegCloud, a 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. 

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Keywords: banks, regulation, risk management
Categories: Banking & Fintech
Countries: Scandinavia
This article is part of category

Banking & Fintech