SINGAPORE and HONG KONG, April 3, 2018 /PRNewswire/ -- AxiomSL, the global leader in regulatory reporting, data and risk management solutions, announced that its regulatory reporting solution for Singapore is fully compliant with the Monetary Authority of Singapore's (MAS) 610 and 1003[1] reporting forms. Building on the comments from the last industry consultation exercise, the MAS circulated the finalised reporting forms (except for Appendix I) and implementation timeframe to Financial Institutions (FIs) in Singapore on 29 March 2018.
FIs are now expected to be fully compliant by 31 March 2020 within the 24-month industry implementation window set out by MAS, after which there will be a 6-month period of concurrent reporting running from 1 April 2020 to 30 September 2020 whereby FIs are expected to submit both the revised and the current MAS 610 reports. Revised notices will take effect as of 1 October 2020. AxiomSL's MAS 610 solution will offer both the existing MAS 610 reporting template as well as the revised MAS 610 template to all clients.
The revised MAS 610 mandates more complex and detailed data points for submission as the data elements required are more granular. FIs need to submit over 300,000 data points across 60 forms, which is a steep increase from 4,000+ data points in the past. This is more than 8000% increase in data points as compared to what was previously required. Based on the new directives, MAS is expected to start tracking progress during this 24-month industry implementation window, with FIs required to provide status updates in 6-month intervals. During the last 6 months, FIs will be required to operate on a 'parallel run', by reporting to the existing and new requirements.
Earlier this year nine of the biggest banks in Singapore commissioned AxiomSL to define an open data taxonomy[2] to simplify and streamline compliance reporting for the revised MAS 610 reporting mandate. The taxonomy will standardise the interpretations of MAS requirements, allow increased automation of testing and change management as well as drive higher quality of data and data governance. AxiomSL partnered with PwC Singapore and BR-AG to lead this unprecedented initiative. By mid this year, the taxonomy will be complete and made available to all financial institutions in Singapore. So far, the initiative has received an overwhelming response from banks.
In addition to delivering the MAS 610 solution via the traditional on-premise approach, AxiomSL now also offers the award winning regulatory solution through a Software-as-a-Service (SaaS) deployment option. SaaS is a cloud-based approach that will help FIs alleviate the burden of procuring and operating the complex, hardware and software infrastructure required for reporting. The SaaS delivery method will enable FIs to benefit from enhanced economies of scale, information consistency and operational transparency thereby bringing down total cost of ownership. AxiomSL is the only solution provider in this space that offers clients the flexibility to choose between the on-premise or SaaS options depending on the individual firm's reporting complexities and technology infrastructure.
Peter Tierney, CEO Asia-Pacific, AxiomSL said, "AxiomSL has been supporting the current MAS 610 reporting at multiple client sites in Singapore for a number of years now and have closely tracked the revised 610 comment process. We are confident our existing clients will have a smooth transition to meet the revised MAS regulatory requirements as well as the required parallel running. We are also proud to be the first provider in Singapore to be able to deliver Software-as-a-Service option for the new MAS 610 reporting. It is our belief that this will extend the benefits of AxiomSL's world class data management and analytics solution to a broader range of reporting firms.
We observe that more of such regulatory changes can be expected in time to come, indicating that automation is the only way to handle the growing supervisory demands and complexity in the reporting regime. We have been focused on ensuring that we have the right technology, structure and processes in place for banks of all sizes to fulfil all requirements to a granular level."
Press Contacts:
Prisita Menon / Sharan Nanwani
Cognito
AxiomSL.Asia@cognitomedia.com
+65 6221 7310
Josephine Chia
AxiomSL
jchia@axiomsl.com
+65 3159 1055 (ext:648)
AxiomSL
AxiomSL, the global leader in regulatory reporting, data and risk management solutions was established more than 25 years ago, with offices worldwide. AxiomSL's unique enterprise data management (EDM) platform empowers firms to address data governance and risk aggregation while delivering the analytics, workflow automation, validation, audit functionality and reporting required by multiple stakeholders across global and local regulations.
The AxiomSL's collaborative platform, known for its robustness, adaptability and transparency, imposes no constraints on where the data is located and enables financial firms to avoid duplication and double storage. It seamlessly integrates clients' source data from disparate systems and enriches and validates the data, and runs it through risk and regulatory calculations to produce both internal and external reports. The platform supports disclosures in multiple formats, including XBRL. The unparalleled transparency offered by the high-performance platform gives users the ability to drill down on their data to any level of granularity.
AxiomSL's platform supports compliance with a wide range of global and local regulations, including Basel III capital and liquidity requirements (LCR & NSFR), MAS 610, APRA, Dodd-Frank Act, IFRS 9/CECL, Global Shareholding Disclosures, FATCA/CRS, EMIR, COREP/FINREP, FDSF, BCBS 239, Solvency II, AIFMD, 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 was awarded "Reporting Product of the Year" at the Asia Capital Markets Awards 2017 as well as "Best Implementation at a Sell-side Firm" for the second year running for the 2017 Sell-side Technology Awards and recently received the RegTech Awards for "Most Innovative Use of a Vendor Solution to Address a Dodd-Frank Requirement. AxiomSL was highlighted as a 'Category Leader' by Chartis Research in its 2017 Sell-side Risk Management Technology report. It was also awarded by The Asian Banker for "Best Compliance Risk Technology Implementation of the Year" in 2016. The company's work has also been recognized through a number of other accolades, including Waters Rankings' Best Reporting System Provider, Best Reporting Initiative in the American Financial Technology Awards and in the Customer Satisfaction section of the Chartis RiskTech100 rankings. www.axiomsl.com
About PwC
At PwC, our purpose is to build trust in society and solve important problems. We're a network of firms in 158 countries with more than 236,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
About Business Reporting-Advisory Group
The mission of Business Reporting - Advisory Group (BR-AG) is to build trusted, efficient and stable regulatory data ecosystems by collaborating with regulatory and supervisory authorities and financial institutions in the process of raising compliance levels and digitization of data services. BR-AG applies state of the art technology to proactively address some of the core issues in the financial data field, including lowering the reporting burden, increasing public trust towards business data and services and tackling data sharing constraints in financial environments.
To that end, BR-AG works for and collaborates with financial institutions, regulatory and public sector's organizations, fintech companies as well as reporting entities on both national and cross-national levels. In over 12 years, BR-AG has delivered more than 60 projects globally, including projects for the European Union bodies as well as central banks, treasuries, securities commissions, regulators, trade registers and banks in Europe, Australia, Asia, Africa, North and South America.
BR-AG offers data modelling services, including collaborative data modelling solutions, as well as consulting services, hands-on workshops and training sessions to provide support and guidance in the adoption and maintenance of technical standards and data management methods. BR-AG's core activity areas include: financial regulations (i.e. Solvency II, Basel Accord, MiFIR, MiFID II, SFTR, ESEF, AnaCredit, BCBS239), data model development (i.e. Data Point Model methodology, SDMX-IM and SMCube), market architectures (Trade Repositories, ARM's, OAM's), implementation and quality assurance of technical standards and identifiers (XBRL, ISO20022, SDMX, LEI, UPI, UTI), as well as application of cutting-edge IT technologies to make the recording, processing and analysing of data faster, safer and more transparent (i.e. Open API, DLT, Blockchain).
[1] MAS Notice 610 covers financial and statistical reporting for banks in Singapore, except for merchant banks, which are covered by MAS Notice 1003. As the two Notices as broadly the same, they are referred to collectively as MAS 610 herein
[2] AxiomSL leads industry collaboration to define open taxonomy for MAS 610/1003 regulatory reporting
