BBVA Compass Selects Wolters Kluwer’s OneSumX for Regulatory Reporting in the U.S.
BBVA Compass has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting to provide regulatory reporting software for its operations in the U.S. BBVA Compass is the U.S.-based subsidiary of Spanish multinational banking group BBVA, with a major presence throughout the Sunbelt region of the U.S. and total assets of more than $90 billion.
OneSumX Regulatory Reporting uses a single source of data to ensure consistency, reconciliation and accuracy and includes the firm’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in approximately 30 countries.
“As part of our ongoing strategy to build a leading franchise in the U.S. we wanted to take a more strategic approach to compliance. This needed to be supported by an integrated, flexible platform capable of evolving in response to regulatory requirements and supporting broader business goals. Wolters Kluwer provides this capability through OneSumX for Regulatory Reporting,” commented Chris Butler, Senior Vice President and Director of Financial Reporting at BBVA Compass.
“OneSumX for Regulatory Reporting addresses all U.S. regulatory, FR Y-14, FR 2052a, liquidity and other reporting requirements and can be also easily be expanded or customized to account for shifts in the risk and compliance environment,” said Todd Lawrence, General Manager of Wolters Kluwer’s Finance, Risk & Reporting (FRR) business in the Americas. “Like all firms, BBVA Compass was confronted with the challenge to respond to the rapid emergence of new regulatory demands in recent years, from increases in changes to core U.S. regulatory reporting, incorporation of capital changes, Comprehensive Capital Analysis and Review stress testing and additional liquidity reporting. We are excited to be working with BBVA to ensure a strategic approach is in place.”
Wolters Kluwer FRR, which is part of the company’s Governance, Risk & Compliance division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. It supports regulated financial institutions in meeting their obligations to external regulators and their own board of directors.
Wolters Kluwer FRR receives frequent independent recognition of its excellence and innovation. In mid-2018, Risk magazine awarded the company its coveted Regulatory Reporting System of The Year Award and Central Banking magazine recently named OneSumX for Regulatory Reporting its Best Technology Solution For Regulatory Compliance. Wolters Kluwer FRR is also this year’s Category Winner for Regulatory Reporting in the annual RiskTech100® report. This comprehensive study of the world’s leading risk and compliance technology companies is compiled by Chartis Research. Notably, this is the seventh time in eight years that Wolters Kluwer FRR has achieved this honor. Chartis Research has also named the firm a Category Leader in both its IFRS 9 Technology Solutions Report and CECL Report.
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