Colombian banking giant Banco Colpatria SA recently selected AxiomSL — a New York-based provider of risk management, regulatory solutions, and data analysis for the financial sector — to oversee the implementation of its analysis and reporting platform to comply with Colombian regulations.
In addition to domestic red tape, the Bogotá-based financial institution, which has been controlled by Scotiabank since 2012, is looking to AxiomSL’s technology to help ensure it fulfills its minimum capital requirements under the global Basel III framework.
“Since regulators are increasingly requiring full drill-down into the source and demanding access to all levels of data…it was critical to implement a solution that went beyond regulatory requirements and offered additional business benefits, such as leveraging our existing systems and data across the enterprise for risk analytics functions and processes,” said Luis Santiago Perdomo, CEO of Banco Colpatria.
“It is a pleasure to know that foreign companies that come to Medellín are growing and consolidating their businesses not only in the city but in the country,” said Sergio Escobar, director of the ACI Medellín. “That is why we take this good news as our own as well.”
Banco Colpatria offers health insurance, life insurance, and consumer loans, among various other financial services. It joins the many other banks across the world — including Credit Suisse of Zurich, Chartis of the United States, and Banco Sabadell of Spain —that have partnered with AxiomSL on reporting platforms.
Photo: Torre Colpatria in Bogotá. (Credit: Pedro Felipe)