Nordea Bank, the largest financial services group in the Nordic region, has selected AxiomSL to meet evolving risk and regulatory requirements.

As agreed, the lender will implement AxiomSL’s RegCloud cloud-based risk and regulatory reporting platform. Financial institutions use RegCloud to source, calculate and reconcile large volumes of disparate data and comply with complex regulatory requirements.

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Nordea will use the platform’s adaptable data-dictionary and end-to-end automated processes to map the data, aggregate multiple data sources and process massive data volumes.

The move will help Nordea to comply with FINREP, COREP, AnaCredit and Securities Holdings Statistics Group (SHSG) reporting requirements.

Nordea Bank Financial Reporting and Control head Nick Livingstone said: “Earning our customers’ trust and fulfilling our commitment to them is always a priority. Therefore, investing in a reliable, secure, and transparent regulatory platform that is constantly updated is paramount.

“With RegCloud, we can extend collaboration on rapidly changing regulatory initiatives across the enterprise and achieve operational efficiencies – a critical element for bolstering business continuity during turbulent times.

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“Working as a team with AxiomSL has been a very positive experience and our goal is to ensure we continue developing this relationship.”

AxiomSL chief revenue officer Claudia Thurner said: “I am confident that this strategic RegCloud implementation will accelerate Nordea’s time to market, reduce implementation costs, and insulate the bank against both technology and regulatory change.

“We look forward to contributing to Nordea’s successful regulatory reporting outcomes and continued growth.”

A full-service universal bank, Nordea is present in 17 countries.

In December 2020, the bank decided to exit from Russia to focus on its core market.