CGD chooses Wolters Kluwer for Regulatory Reporting implementation

Caixa Geral de Depósitos (CGD), the Portuguese state-owned banking corporation, will implement award-winning regulatory reporting software from Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR).

CGD will use the solution to help comply with the Capital Requirements under CRR/CRD Directives.

“Wolters Kluwer provides the know-how and proven expertise to ensure a successful implementation,” commented Hugo Verissimo Oliveira, CDO at CGD. “During the project, new processes will enable data flow automation, enabling the bank to integrate a common reporting framework, capital requirements, and financial reporting, including the deployment of data integration.”

OneSumX for Regulatory Reporting combines bank data into a single source of data to ensure consistency, reconciliation and accuracy and includes Wolters Kluwer’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries.

“This deal represents a strategic win for FRR’s Portuguese team and showcases our position in the market,” added Kris Van Bavel, Managing Director of Wolters Kluwer FRR for the EMEA region, in a company statement. “We continue to attract a wide range of clients in the country and throughout the region, and look forward to working with CGD’s team on the implementation of our market-leading regulatory reporting solution, OneSumX.”

Wolters Kluwer FRR, which is part of the company’s Governance, Risk & Compliance (GRC) 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. The business and its OneSumX for Regulatory Reporting solution is this year’s recipient of Risk.net’s prestigious Regulatory Reporting System of the Year award, an accolade Wolters Kluwer FRR has won for an unprecedented fourth time.

As previously reported Wolters Kluwer GRC has ended the year with a number of major awards celebrating it as a “Great Place to Work.” The record number of independent industry awards celebrate it as a global employer that “values its staff, recognizes and promotes talent from within, and fosters a collaborative, inclusive and high-performing culture.”