Wolters Kluwer Shortlisted for Major Operational Risk Accolade

Wolters Kluwer, the global financial services technology vendor, has been shortlisted for a major risk management award from Continuity, Insurance & Risk (CIR) magazine.

The publication has named Wolters Kluwer as a finalist for its Operational Risk Initiative of the Year, in its annual Risk Management Awards.  Now into their 7th year, the Awards recognise those individuals, organisations and teams that have significantly added to the understanding and practice of risk management.

When it comes to operational risk management Wolters Kluwer has long been recognized as providing reliable insights and unrivalled operational risk expertise. In June 2015, for example, the firm was named Category Leader in the Chartis RiskTech Quadrant on Operational Risk Management Systems for Financial Services, for the third year in a row. Likewise, Chartis also recognized Wolters Kluwer’s leading position in Governance, Risk & Compliance (GRC) software, naming it Category Leader in its 2015 RiskTech Quadrant® on Enterprise GRC Solutions, again for the third year in a row. Wolters Kluwer is one of a handful of firms to have consistently placed within the Top Ten in the Chartis RiskTech100.

Operational Risk & Regulation magazine, meanwhile, also recognized the strength of Wolters Kluwer’s OneSumX offering last year, awarding it the Operational Risk Product of the year accolade. “With the onslaught of post-crisis financial regulation showing no sign of abating…it can be difficult to keep abreast of the continual updates, amendments and cross-border clarifications, let alone act on them,” the magazine’s editors noted in their justification for the award. “OneSumX helps clients understand how regulatory change – both current and expected – will affect them, and the workflow tools allow them to manage those changes.”

“Wolters Kluwer works to ensure that banks, who are bombarded by new regulations, are compliant and can prove that to a third party,” noted Paul Lyon, Director of International Corporate Communications, for Wolters Kluwer’s GRC Division in London. “Globally there are some 136 Jurisdictions, 832 Regulatory Bodies and 3,446 Document Types and the majority of our prospects/customers have to comply with multiple jurisdictions. OneSumX enables a firm to create and implement a strong, strategic compliance and risk management culture utilizing the firm’s ‘three lines of defense’, which include frontline business units, as well as the Compliance and Audit departments. Independent verification of the solution’s excellence and innovation is always welcome and the firm thanks CIR magazine for the acknowledgement of our leading operational risk expertise.”

OneSumX Operational Risk enables organizations to meet and adapt to internal operational risk practices by automating and simplifying the process of collecting, storing, analyzing, tracking and reporting on information relevant to operational losses, risk and control assessments, definition and management of key risk indicators and scenarios. OneSumX allows organizations to automate a labour intensive review and assessment process for operational risk and assign risk management responsibility and accountability within the business. “This ensures a cost-effective continuous assessment of risks that captures and reports on losses, breaches and control failures,” Lyon added.

CIR Magazine, established in 1996 and owned by Perspective Publishing, has become essential reading for risk management professionals.  The awards are also supported by The Institute of Operational Risk.