Regulatory reporting system of the year – Wolters Kluwer

OneSumX for Regulatory Reporting is part of Wolters Kluwer’s OneSumX suite of integrated regulatory compliance and reporting solutions featuring a single source of data to ensure consistency, reconciliation and accuracy. The company’s experts actively monitor regulation in 30 countries and factor the potential impact of future changes into the OneSumX portfolio.

The company’s integrated approach to finance, risk and regulation enables it to offer cross-functional reporting, supporting compliance with regulation such as International Financial Reporting Standard 9, European Central Bank AnaCredit reporting and US Current Expected Credit Loss. It covers the full spectrum of Basel III Finalisation (Basel IV) calculations and reporting, and provides stress-testing, scenario planning and visualisation capabilities. 

The company has identified and been responding to a number of significant trends and customer ‘pain points’ – most notably the growing need for a centralised view of regulatory data, the emerging trend towards hosted solutions and an increasing demand for sophisticated cross-domain reporting capabilities in financial risk.

It has launched a software-as-a-service (SaaS) regulatory reporting solution with the same functionality as its on-premise product. The service runs on Microsoft Azure, with full platform management by the company, including ongoing software upgrades, testing and fixes.

At the same time, the company has introduced a major upgrade to its OneSumX Regulatory Engine, which it is rolling out for on-premise installations and is immediately 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 in regulatory defined reports and run validation, adjustments and auditing before submitting data to regulators.

This year, Wolters Kluwer Finance, Risk & Reporting (FRR) and Vizor Software announced a partnership whereby OneSumX for Regulatory Reporting will use the Vizor Reporting application programming interface 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 regulatory requirements.

The judges said:

Wolters Kluwer provides an integrated finance, risk and regulatory compliance and reporting platform for most risk classes. It offers good product and regulatory coverage.

Impressive, consistent and convincing solution.

The company has maintained its strong competitive positioning, as well as preparing smartly and energetically for the future.

Claudio Salinardi, executive vice-president and general manager, Wolters Kluwer FRR, says:

“We are honoured to be recognised for a third consecutive year with this prestigious award. The past 12 months have seen us launch a software-as-a-service regulatory reporting solution, marking the first time that the company’s OneSumX regulatory software has been made available on the cloud, thereby aligning with the cloud technology strategies our customers are adopting. We have also unveiled a major upgrade to our OneSumX Regulatory Engine, characterised by enhanced performance and better user experience in terms of speed, automation and scalability.”

Read more about the Risk Technology Awards 2020 winners

 

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