(September, 2008) Cortell, business intelligence consultants and implementation partners of Cognos, have announced that AXA New Zealand has selected Cognos TM1 to develop a reporting system capable of producing IFRS-compliant financial reporting for its Managed Funds.

AXA Group is a worldwide leader in financial protection and wealth management. AXA New Zealand has a proud history of helping people for over 120 years. AXA's products are distributed via professional financial advisors throughout the country to provide investment, insurance, retirement and savings solutions to meet people's needs.

AXA markets more than 100 funds, spread across several distribution channels. Some funds are present in just a single distribution channel, others appear in several. Each distribution channel and its associated funds are audited and must be reported to the appropriate regulator, at the same time complying with the new International Financial Reporting Standards (IFRS). These new reporting standards require a raft of notes which include both tables and text beyond the capabilities of the previous system.

Cortell's Solution

Cortell's solution replaces the previous 'workbook for each distribution channel' apprroach with a single Cognos TM1 report that works across all distribution channels. This front end connects dynamically to the TM1 cubes, creating reports for each distribution channel and handling channel-specific exceptions with ease.