Wolters Kluwer's Finance, Risk Reporting (FRR) business has won a major award from Risk magazine. For the third year running its OneSumX for Regulatory Reporting solution has been named Regulatory Reporting System of the Year in the publication's annual Technology Awards which celebrate excellence and innovation.
The awards, which are widely regarded to be among the most prestigious accolades for financial technology, were decided by an expert panel of judges, including Risk magazine's editorial team.
OneSumX for Regulatory Reporting combines bank data into a single source of data to ensure consistency, reconciliation and accuracy and includes Wolters Kluwer's Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries.
Judges commented how Wolters Kluwer FRR "has maintained its strong competitive positioning, as well as preparing smartly and energetically for the future." The panel also noted how Wolters Kluwer FRR "offers good product and regulatory coverage… [with an] impressive, consistent and convincing solution."
The award celebrates and recognizes a number of recent innovations for the solution. Last year Wolters Kluwer FRR 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 Wolters Kluwer FRR, including ongoing software upgrades, testing and fixes.
At the same time, Wolters Kluwer FRR introduced a major upgrade to its OneSumX Regulatory Engine. 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.
"We are honored to be recognized for a third consecutive year with this particularly 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," commented Claudio Salinardi, Executive Vice President and General Manager of Wolters Kluwer FRR. "We have also unveiled a major upgrade to our OneSumX Regulatory Engine, characterized by enhanced performance and better user experience in terms of speed, automation and scalability."
Wolters Kluwer FRR, which is part of Wolters Kluwer's Governance, Risk Compliance (GRC) division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. It supports regulated financial institutions in meeting their obligations to external regulators and their own board of directors.
Wolters Kluwer FRR receives frequent independent recognition of its excellence and innovation, celebrating a record year for award wins in 2019. Wolters Kluwer FRR is, for example, the #1 provider in both Regulatory Reporting and Liquidity Risk according to the RiskTech100, as compiled by Chartis Research.
Wolters Kluwer's GRC division offers a range of expert solutions to help the financial services industry respond to the COVID-19 pandemic. Its Compliance Solutions business, for example, offers Paycheck Protection Program Supported by TSoftPlus to support stimulus loan applications and loan forgiveness processes under the Coronavirus Aid, Relief, and Economic Security Act or U.S. CARES Act. Wolters Kluwer Lien Solutions, meanwhile, has also recently established a technology solution specifically designed to help U.S. lenders navigate Paycheck Protection Program loan applications, and associated compliance and risk mitigation requirements, resulting from the CARES Act. The Business Entity Search for CARES Act solution conducts bulk/batch corporate identity searches to verify the business status of potential borrowers.
About Wolters Kluwer Governance, Risk Compliance
Governance, Risk Compliance (GRC) is a division of Wolters Kluwer which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, stay competitive and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer N.V. (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2019 annual revenues of €4.6 billion. The company, headquartered in Alphen an den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.
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Contacts:
Paul Lyon
Director of Global Corporate Communications, Banking Regulatory Compliance
Governance, Risk Compliance
Wolters Kluwer
Mobile: +44 77 6539 1824
Paul.Lyon@wolterskluwer.com
