AxiomSL, a provider of regulatory reporting and risk management software, reports the launch of a solution that will enable banks to comply with Austria’s new Smart Cube reporting requirement, which will be implemented by the Oesterreichische Nationalbank (ONB), the country’s central bank, and will take effect June 15, 2015.
The Smart Cube system is meant to “standardize and improve the quality of the data” that the ONB receives from both Austrian banks and subsidiaries of foreign banks, according to AxiomSL. “The Smart Cubes cover a variety of topics, including assets and liabilities, collateral and exposures. Ultimately, the Smart Cube system is intended to reduce the burden on banks by standardizing the data they must report for different purposes,” according to the vendor.
The AxiomSL solution “provides all of the data mapping, transformation, drilldown and reporting functionality needed to produce Smart Cube reports and submit them” to the central bank, according to the vendor. “The solution creates both Smart Cubes and the Basic Cubes on which they are based.”
The Basic Cube provides “a unique, standardized, exact, and therefore unambiguous definition of individual business transactions and their attributes which in turn enables firms to aggregate or calculate and report multi-dimensional Smart Cubes,” according to an opinion piece penned earlier this year by Lauren Dearmer, product marketing manager, Wolters Kluwer Financial, that appeared in the Reference Data Review, an online journal for data professionals.
The Smart Cube reporting solution is “built on the same platform as all of AxiomSL’s other regulatory solutions,” which cover requirements such as Common Reporting (COREP) and Financial Reporting (FINREP), the Markets in Financial Instruments Directive II (MiFID II), the Dodd-Frank Act and many others, the company says.
With the Austrian reporting requirements now approximately six months away, “banks need to start thinking now about how they will address this major overhaul of regulatory reporting in Austria,” Ralf Menegatti, product owner, AxiomSL, says in the company’s statement. “The multitude of requirements on the horizon means market participants must think holistically.”
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