" class="no-js "lang="en-US"> Wolters Kluwer Finance, Risk & Reporting Continues to Expand Expert Solutions Client Base - Fintech Finance
Friday, March 29, 2024

Wolters Kluwer Finance, Risk & Reporting Continues to Expand Expert Solutions Client Base

Wolters Kluwer’s Finance, Risk & Reporting (FRR) business is continuing to attract new clients for its suite of expert solutions, with its Corporate Communications team issuing a record number of client announcements for the first half of a year.

Most recently mBank, Poland’s fourth largest banking group based on assets, said it has chosen Wolters Kluwer’s OneSumX for Risk Management as its risk software. The mobile digital bank operates across three markets in Poland, the Czech Republic and Slovakia. The bank will specifically use the Wolters Kluwer’s solution for Asset and Liability Management (ALM) as well as Market Risk and profitability (Funds Transfer Pricing).

Wolters Kluwer’s OneSumX Market Risk module provides an integrated view of profit and loss and risks on balance sheet. Based on a centralized data structure specifically designed for financial institutions, the OneSumX Market Risk solution offers all modern risk analytics and techniques, from basic sensitivity and gap analysis, through more advanced Value at Risk (VaR) techniques and into simultaneous dynamic simulation of credit and market risk, based on Monte Carlo modelling.

The ALM module of OneSumX for Risk Management, meanwhile, is based on Wolters Kluwer’s integrated platform, enabling balance sheet modelling, stress testing and dynamic planning and forecasting.

OneSumX for Risk Management provides the extensive functional coverage and scalability that mBank required when exploring options for risk software. “Wolters Kluwer has an excellent reputation for market leading risk software and has good local market knowledge and experience in implementing such solutions,” commented Łukasz Witkowski, Director of the Balance Risk Management Department at mBank. “We look forward to working with Wolters Kluwer’s experts on the implementation in what is undoubtedly an important project for the bank,” added Patrycja Kołodziejczyk, Manager of the Strategic Projects Team, Risk, at mBank.

EMEA Prowess

Elsewhere in the EMEA region, which is headed by Kris Van Bavel, Aegean Baltic Bank of Greece (ABB) recently opted for Wolters Kluwer’s OneSumX for Regulatory Reporting and OneSumX for Risk Management as its integrated risk and regulatory reporting software solution, helping the bank to meet its Basel IV and CRD V obligations.

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.

The bank will also implement a number of risk management modules, including OneSumX for Asset & Liability Management and the OneSumX Liquidity Risk Management solution which combines a risk management/stress engine and regulatory reporting platform which will enables ABB to monitor, manage and report liquidity risk.

West African Development Bank (BOAD), meanwhile, has also selected Wolters Kluwer’s OneSumX solution for Risk Management with the aim of implementing an integrated approach to risk management and financial planning in order to strengthen its financial governance.

BOAD has specifically selected the Asset and Liability Management (ALM), Liquidity Risk, Market Risk, and Credit Risk components of OneSumX for Risk Management, to monitor performance, profitability and capital adequacy (both regulatory and economic).

“Wolters Kluwer’s integrated approach to managing risk enables balance sheet modeling, stress testing, dynamic planning and advanced reporting capabilities on top of all provided indicators, ensuring holistic and consistent monitoring,” said Paul Lyon, Global Director of Communications for Wolters Kluwer’s Governance, Risk & Compliance (GRC) division. “To assist in the bank’s decision making, the solution will also cover the parameters of BOAD’s risk appetite framework.”

APAC Leadership

 Other recent customer announcements include news that ING’s China business has chosen OneSumX for Regulatory Reporting to manage the Second-Generation People’s Bank of China Enterprise Credit Reference Submission. This is in addition to the 400 regulatory reports that ING currently accesses by its ongoing use of the OneSumX Regulatory Reporting solution across its two branches in the country.

Taiwan’s E.SUN Bank has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting as its regulatory reporting software, with its Sydney branch being the first location to implement the solution in order to meet the regulatory reporting requirements of the Australian Prudential Regulation Authority (APRA). The bank is also considering rolling out the Wolters Kluwer solution in other countries.

And elsewhere in the APAC region, headed by Rainer Fuchsluger, ZA Bank, the first virtual bank in Hong Kong, has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting as its regulatory reporting software.

ZA Bank became Hong Kong’s first fully-operational virtual bank on March 24, 2020, “marking the beginning of a new era of innovation in the local market,” according to a bank spokesperson. Its one-stop mobile application provides users with a full suite of 24/7 services “that break conventions and time boundaries,” the bank adds. Established by ZA International, ZA Bank is a licensed bank regulated by the Hong Kong Monetary Authority. “It shares the vision of promoting financial inclusion through harnessing the power of technology, and thus making banking services more accessible to a wider group of population,” the bank spokesperson says.

Product Innovations

The raft of client announcements follows a particularly busy time for Wolters Kluwer when it comes to product innovations. Most notably, within the last year, it has launched a software-as-a-service (SaaS) regulatory reporting solution with the same functionality as its on-premise product.

At the same time, the company introduced a major upgrade to its OneSumX Regulatory Engine, which it has been rolling out for on-premise installations and is available in the new SaaS version for clients across Europe and Asia Pacific. The upgrade provides improved performance and better user experience in terms of speed, automation and scalability. It features an enhanced data management layer to deliver full data lineage as well as integration with OneSumX finance and risk solutions. Clients can now capture source data into regulatory defined reports and run validation, adjustments and auditing before submitting data to regulators.

Earlier this year, Wolters Kluwer FRR and Vizor Software also announced a partnership whereby OneSumX for Regulatory Reporting will use the Vizor Reporting API to automatically consume published machine-readable regulatory rules and data models directly from Singapore’s regulatory system. This will help facilitate high quality, on time submission of reports, while also reducing the cost and effort associated with new or changing

“This partnership will redefine the regulatory compliance landscape in Singapore. Wolters Kluwer is the global market leader in producing regulatory reports for financial institutions, while Vizor is the global  market leader in collecting and processing these regulatory reports on behalf of regulators. Together, the two companies are able to provide an integrated solution out-of-the-box which brings end-to-end regulatory compliance within the financial industry to the next level,” commented  Claudio Salinardi, Executive Vice President and General Manager of Wolters Kluwer FRR. “Beyond the immediate benefits for financial institutions such as superior time-to-market, this also opens the door to many new value-added services down the road, all directly integrated with regulators. Notably, this partnership will provide a solution in time to help our clients meet the revised MAS610 requirements recently introduced by the Monetary Authority of Singapore.”

Wolters Kluwer FRR, which is part of Wolters Kluwer’s 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 company receives frequent independent recognition of its excellence and innovation, celebrating a record year for award wins in 2019. Risk magazine recently awarded the company its coveted Regulatory Reporting System of The Year Award for the second year running and Waters Technology has named the company the Best Market Risk Solution Provider in its annual Technology Rankings. Wolters Kluwer FRR is also the #1 provider in both Regulatory Reporting and Liquidity Risk according to the RiskTech100, as compiled by Chartis Research.

Companies In This Post

  1. Marco Santos to Become CEO of GFT Technologies SE Read more
  2. PayPal Plans to Appoint Carmine Di Sibio to Board of Directors  Read more
  3. Yapily Named a Supplier on Crown Commercial Service’s Open Banking DPS Framework Read more
  4. allpay Appointed as Official Supplier on Crown Commercial Service’s Open Banking and Fund Administration & Disbursement Services Dynamic Purchasing Systems Read more
  5. Oliver Wyman Announces Mariya Rosberg as Americas Head of Banking and Financial Services Practice Read more