Risk Technology Awards 2018: Wolters Kluwer

Regulatory reporting system of the year

Wolters Kluwer’s OneSumX for Regulatory Reporting helps clients meet regulators’ increasing demands for more complex analysis using larger quantities of data and a greater variety of analytical methods, as well as respond to expanding internal requirements.

Rajat Somany, Wolters Kluwer

A unified and flexible data framework that consolidates regulatory data in one place underpins the OneSumX platform to support integrated risk and finance compliance and reporting. This unified and integrated approach has many benefits, including ensuring accuracy, minimising adjustments, cutting reporting time and reducing the total cost of ownership, as well as providing the agility to respond to unpredictable future changes. 

The platform provides a standard and consistent reporting tool for use across multiple geographies. Wolters Kluwer actively monitors and analyses rule changes in approximately 50 countries and provides an update service on new regulatory data and business logic requirements. 

The platform’s regulatory reporting engine offers grid and in-memory computing for the high performance and scalability required to process the large volumes of data involved in today’s reporting regimes. Processing preserves data lineage at each functional stage, enabling more transparent reporting and providing a complete audit trail. The OneSumX data model offers global standards while maintaining the specific requirements of local regulators. Data quality management allows for streamlined checking and attesting of the quality of reported data, including reconciliation between ledger and sub-ledger, production of trial balances, cross-validation between reporting regimes, and checking variances against institution-specific thresholds at a counterparty, product and report level. 

Wolters Kluwer recently launched OneSumX Business Analytics – a framework within which financial institutions can define and quantify the effect of any number of risk factor stresses, macroeconomic scenarios, business model changes or new business projections. It includes two libraries of prebuilt reports and interactive dashboards. Applications include tracking of unexpected or large changes in exposure concentrations or capital requirements; risk appetite monitoring, analysis and alerts; and liquidity survival horizon stress testing.

Rajat Somany, vice-president, global product and platform management for Wolters Kluwer’s finance, risk and reporting business, says: “Wolters Kluwer 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. Awards such as this provide independent verification of our leading position in the space.

The integrated nature of our OneSumX suite of solutions, which comprises core finance, risk and regulatory reporting offerings, means our clients have access to cutting-edge regulatory technology, with the ability to integrate their finance, risk and reporting architecture.”

Judges’ comments

“A comprehensive set of features matched to the needs of clients”

“A well-differentiated solution with a lot of good testimonials”

“Data handling and management are strong, and good coverage of global reporting requirements”

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