Risk Technology Awards 2019: Wolters Kluwer Finance, Risk & Reporting

Regulatory reporting system of the year

Claudio Salinardi, Wolters Kluwer Finance, Risk & Reporting

The regulatory reporting module of Wolters Kluwer’s OneSumX integrated suite of finance, risk and reporting solutions uses a single source of data to achieve consistency, reconciliation and accuracy of output. The solution currently provides comprehensive cover for 27 jurisdictions, with the company’s experts monitoring and analysing regulatory changes in all jurisdictions to ensure ongoing compliance through its Regulatory Update Service. 

Major regulatory regimes supported include Basel III banking regulations, International Financial Reporting Standards, European Central Bank (ECB) AnaCredit reporting, US Current Expected Credit Losses (CECL) accounting regulations, and Australian Prudential Regulation Authority and Monetary Authority of Singapore reporting.

To enhance the flexibility and ease of use of OneSumX, Wolters Kluwer continues to introduce improved functionalities. For the US market in particular, OneSumX CECL has been a key extension to the suite over the past year, supporting compliance with all CECL requirements, from data management and governance to credit risk models, expected credit loss calculations, accounting and disclosures. A combination of the accounting framework and Regulatory Update Service enables the solution to apply and maintain all required allowance accounting and produce all Financial Accounting Standards Board-mandated disclosures. The company is also partnering with Standard & Poor’s for CECL reporting in the US.

For Europe, Wolters Kluwer designed OneSumX’s integrated scalable AnaCredit solution specifically to handle large data volumes and deliver the granular credit and counterparty information required by the ECB. Data analysis tools aggregate data intelligently, highlight period-on-period movements and comply with local regulators’ technical standards.

The company has been further developing its unified data model for finance, risk and regulatory reporting to facilitate transparency through comprehensive data lineage and allowing customers to drill down, drill back and drill through all the way to source data. Enhancements to the MIS Reporting/Business Analytics module provide fast and powerful functionality to take advantage of the data and results held in the OneSumX system. This improves the return on investment that went into generating the information, as well as aiding compliance with supervisory demands for use of the data in business decision-making.

Wolters Kluwer is evaluating the expansion of regular reporting for some additional larger countries, as well as launching a ‘content-lite’ platform for smaller countries.

Claudio Salinardi, general manager of Wolters Kluwer Finance, Risk & Reporting says: “Global and local regulators are demanding ever-greater integration across business processes, more invasive and broader scope in management and reporting, and faster reaction to changes in regulation. OneSumX offers integrated regulatory compliance and reporting solutions for managing clients’ more complex finance, risk and regulatory reporting obligations. The required regulatory information cuts across different functions and departments and has to be consistent to meet this increased scrutiny. Wolters Kluwer provides the world’s banks with the toolkit to tackle this.”

Judges’ comments

“Wolters Kluwer offers strong analytics coupled with reporting and integrated data lineage.”

“The company offers a breadth of international regulatory reporting and provides crossover with its own risk management, data, analytics and accounting functionality.”

“Wolters Kluwer’s international breadth of regulatory reporting is superior to competitors.”

 

Read more articles from the 2019 Risk Technology Awards 

Sponsored content