Wolters Kluwer Launches Financial Tech Solution for Basel Compliance

Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR), part of the Wolters Kluwer’s recently created Corporate Performance and ESG (CP & ESG) division, is to showcase the capabilities to meet Capital Requirements Regulation (CRR) III and Basel IV requirements at its eagerly anticipated annual FRR Client Conference, this week in Sitges, Spain. OneSumX for Basel is the latest addition to the multi award-winning OneSumX for FRR suite of solutions and allows users to manage the entire Basel reporting process from data integrity and lineage, through to finance and risk management, and into regulatory calculators and reporting.

OneSumX for FRR addresses the tactical and strategic needs of finance, risk management, performance, compliance and regulatory reporting teams at financial institutions. The OneSumX for Basel solution specifically covers standardized and advanced approaches across all bank sizes and risk types – from credit to market risk, through to operational, settlement, credit valuation adjustment, and counterparty credit risk.

Notably, Wolters Kluwer technology and expertise enable compliance with Basel II, Basel III, Basel 3.1 and Basel IV implementation & reporting timelines, allowing teams to make timely, informed decisions to manage risk more effectively, and optimize revenues.

“This really is the next milestone in the delivery of our FRR integration mission with the native integration of financial risk, the Basel Regulatory framework, and regulatory reporting,” commented Claudio Salinardi, Executive Vice President and General Manager, Wolters Kluwer FRR. “OneSumX for Basel enables banks to be compliant with the complex Basel regulations with an integrated solution, utilizing our unique Regulatory Update Service. As part of Wolters Kluwer CP & ESG we are committed to helping our clients digitally transform the way they collect, report, analyze, and assure the accuracy of their financial and ESG data, aiding efforts to build a distinct competitive advantage. Basel reporting is a vital component of this.”

The latest evolution of the OneSumX platform brings further technological improvements to the company’s cloud-native applications with state-of-the-art security, and in memory processing for faster calculations. “There are also significant improvements in terms of user experience, functionality, and total cost of ownership, making it simpler and easier to comply with regulatory requirements whether implemented on-premise or on the cloud as software-as-a-service (SaaS),” added Paul Lyon, London-based Senior Director of External Communications for Wolters Kluwer.

Demonstrations of the solution suite and the new capabilities will be available to attendees of the FRR Client Conference, Lyon addded. The event will also include an in-depth session delving into the implementation of Basel III/IV reforms across jurisdictions, examining the most pressing requirements that financial institutions face on their road to compliance, as well as distinct action that should be taken now.

As previously reported Wolters Kluwer established its CP & ESG division in March 2023 to meet the growing demand from corporations and banks for integrated financial, operational, and ESG performance management and reporting solutions.

Last month the division showed how it is cementing its place as a true thought leader when it comes to financial technology and its capabilities to navigate the complexities of ESG reporting. The business has now set out the key issues major corporate and financial services institutions should consider when tackling emerging ESG reporting challenges in a newly launched strategic report, “Bringing clarity to the complexity of financial and ESG reporting.”

The report, which zeroes in on the significant impact that the expected enforcement of global ESG regulations will have on multinational companies, recommends that companies work quickly to leverage technology to bring clarity to the myriad of ESG expectations they face. Notably, they should concentrate on “transforming the way they collect, report, analyze and assure the accuracy of integrated financial and non-financial reporting data.”

Wolters Kluwer CP & ESG was recently named among the leading global providers of ESG software in the inaugural, prestigious Green Quadrant: ESG Reporting and Data Management Software 2023 report from Verdantix, an independent research firm. The company was also named a “Top Vendor” in the inaugural 2023 Environmental, Social, and Governance Reporting (ESG) Market Study, published by Dresner Advisory Services.