AxiomSL Expands XBRL-Related Capabilities

Axiom offers three modules to address XBRL-related needs: Capital (Corep), Financial (Finrep) and Liquidity (LCR and NSFR), which can be built onto a firm's existing infrastructures. The solution can handle submission management, business sign-off, reporting and taxonomy comparison, and drill-down capabilities.

"The biggest challenge is the sheer amount of data for the clients that have to report," says Edward Royan, COO of AxiomSL EMEA. "The XBRL, in terms of the language and business use, has been around for quite a long time. But what we're seeing from the regulators is an increase in the granularity in the data that's being reported."

Royan says firms need to be able to get their hands on the data, consolidate it, and then put it into a formula that is ready for the regulators.

"The latest changes I'm hearing about are around operational reporting, where XBRL seems to be the new way they want reporting done as well," he says. "XBRL is a move by the regulators to have a consistent way to bring the data in so they can run comparison analysis on the data."

Axiom is offering reporting services to seven of the top 10 investment banks, according to Royan, and they're making a strong push in the EMEA and Asia regions, where firms are addressing new standardized reporting requirements related to the Capital Requirements Directive (CRD) IV, as well as for International Financial Reporting Standards (IFRS), and Solvency II.

Because the regulators are making amendments to these reporting requirements, Royan says what is most important is the ability to quickly make changes on the fly.

"It's becoming more and more important that you be able to deal with regulatory changes very quickly," he says.