Bank regulatory reporting system of the year: Wolters Kluwer

 

Through its OneSumX solution suite, Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR) offers a comprehensive regulatory compliance and regulatory technology solution for banks and other financial institutions that can be used across workflows in financial disclosures, financial risk and regulatory reporting. Wolters Kluwer FRR won Regulatory reporting system of the year for three years running between 2018 and 2020 for OneSumX, which improves the accuracy, timeliness, quality and efficiency of firms’ regulatory reporting processes.

Notably, Wolters Kluwer FRR has implemented strategic initiatives to address regulatory compliance trends and client pain points, including the development of an integrated modular solution built with state-of-the-art technology; increased integration and stresstesting; alternative cloud delivery models; and expanded regulatory capabilities. These innovations are strategic differentiators for this enterprise-wide risk and stress-testing tool that combines requirements for treasury, asset and liability management and compliance departments. Clients can now also benefit from the performance and ease of integration brought by data virtualisation and in-memory computing. The data layer used by OneSumX Regulatory Analytics now applies a ‘leave data in place’ concept that simplifies the integration with banks’ technology environments.

Subbaiyan Vaithinathan

Wolters Kluwer FRR is one of the few software providers to have invested in the integration of both risk and regulatory reporting capabilities under one common platform, which shares regulatory data, instruments and analytics. This covers the full range of Basel III/IV calculations and reporting as well as local regulatory requirements and provides stress-testing, scenario planning and visualisation capabilities. Wolters Kluwer FRR continues to expand the coverage of the key financial risk workflows and address the most critical upcoming regulations.

Wolters Kluwer FRR’s upgraded OneSumX for Basel proposition relies on the same risk engines that supports business management, but it also allows regulatory capital and liquidity metrics to be projected and stress-tested in the same way as economic capital and management liquidity indicators.

OneSumX is enriched with high-quality regulatory information from subject matter experts, who actively monitor regulations in 30 countries. Wolters Kluwer FRR leverages this to deliver significant business value through integrated business, finance and regulatory calculations and reports to support risk management, risk-aware accounting and risk and regulatory compliance.

The company’s new OneSumX Regulatory Engine significantly improves execution speed and performance to meet high volumes and frequency of reporting. Wolters Kluwer FRR has released this within Europe and Asia and will continue expanding over the next three years to maintain an easy upgrade path for clients and a stronger technological user experience.

The judges said:

• “Wolters Kluwer is a top firm in this space with several good elements in its offerings.”
• “Here is a product that is difficult to beat.”
• “Wolters Kluwer is the clear winner in terms of size, coverage and integration.”

Subbaiyan Vaithinathan, Director, product management at Wolters Kluwer, said:

“Wolters Kluwer FRR is honoured to win this award for an unprecedented fourth time. Our FRR business continues to strengthen its position as a provider of high-quality regulatory information. Our clients choose us because of our long-term vision, in-depth expertise and award-winning technology. These attributes enable clients to not only achieve regulatory compliance but also provide a platform for leveraging the investment already made, generating deeper insight and improved decision-making. Wolters Kluwer FRR has become a de facto hub of trusted information, analytics and specialised processes that customers can use to support a broader range of applications. We also recognise that making OneSumX more open will allow the business to integrate high-value components from selected third parties into our framework.” 

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