Wolters Kluwer Finance, Risk & Reporting adds more clients, releasing SaaS Regulatory Reporting Solution

Wolters Kluwer’s Finance, Risk & Reporting (FRR) business has signed its first client for its recently launched software-as-a-service (SaaS) Regulatory Reporting solution. BNG Bank, which is partially owned by the State of the Netherlands, will use the solution to automate its regulatory reporting processes and to better ensure reconciliation of reporting between the bank’s own functional departments.

The SaaS solution, like the OneSumX for Regulatory Reporting on-premise solution, combines bank data into a single source of data to ensure consistency, ease of reconciliation and accuracy. It includes access to Wolters Kluwer’s unique Regulatory Update Service which is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries, factoring the potential impact of future changes into the OneSumX portfolio and ensuring clients’ ongoing compliance. As well as ensuring predictability of cost, the SaaS offering is a secure platform which provides flexibility of infrastructure for banks undergoing growth.

Jeroen Speek, Head of Reporting at BNG Bank commented: “In Wolters Kluwer we found the know-how of a trusted partner with regulatory reporting prowess and technological expertise. Wolters Kluwer, with it’s award winning integrated regulatory compliance and reporting solutions, was the natural choice. We are looking forward to the extensive collaboration with Wolters Kluwer for the coming years.”

BNG Bank is a statutory two-tier company under Dutch law (structuurvennootschap). Half of the bank’s share capital is held by the State of the Netherlands and the other half by municipal authorities, provincial authorities and a water board. It’s clients are local authorities and institutions for housing, healthcare, education, energy and infrastructure in the Netherlands. The bank provides customized financial services, ranging from loans and advances, payment services and electronic banking. BNG Bank also participates in public-private partnerships.

“Our newly launched SaaS solution offers the same functionality as the company’s on-premise product, based on our recently upgraded OneSumX Regulatory Engine technology platform which offers enhanced performance and better user experience, in terms of speed, automation and scalability,” commented Claudio Salinardi, Executive Vice President & General Manager of Wolters Kluwer FRR. “We are delighted that BNG Bank has chosen to implement the solution and look forward to working with the bank as it looks to build its enterprise data warehouse.”

Meanwhile, Bank Hapoalim, one of Israel’s largest banks has selected Wolters Kluwer’s OneSumX solution for Risk Management, specifically using the software for managing its credit risk profile.

The bank will now utilize Wolters Kluwer’s OneSumX software for Measuring Counterparty Credit Risk (SA-CCR). This is a revised rule under Basel III Standardized Approach, applied to calculate the exposure at default of derivatives, meaning banks need to consider how to integrate the standard into their overall regulatory approach.

OneSumX Credit Risk calculates credit valuation adjustment (CVA), debt valuation adjustment (DVA) and funding valuation adjustment (FVA), enabling exploration of the correlation between credit, market and behavioral risk in an integrated approach. The solution identifies and estimates the degree of systemic concentration based on counterparty risk and credit exposure analysis and enables compliance with regulatory requirements such as Basel II/III.

Wolters Kluwer’s Finance Risk & Reporting (FRR) business has also successfully deployed its OneSumX for Finance software at Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank), allowing the bank to fully implement the Malaysian Financial Reporting Standards (MFRS) 9. SME Bank, an agency of the Ministry of Entrepreneur Development, has a mandate to nurture and develop the small and medium enterprise sector in Malaysia.

OneSumX for Finance is a comprehensive and modular solution which provides the financial industry with a solid framework to capture and store all relevant contractual information, manage events and transactions, International Financial Reporting Standards and MFRS calculations, accounting generation and processing up to the delivery of the disclosures.

Wolters Kluwer FRR, which is part of Wolters Kluwer’s Governance, Risk & Compliance division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions, supporting regulated financial institutions in meeting their obligations to external regulators and their own boards of directors.

Wolters Kluwer FRR receives frequent independent recognition of its excellence and innovation. Risk magazine recently awarded the company its coveted Regulatory Reporting System of The Year Award for the second year running. 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.