Wolters Kluwer’s Finance, Risk & Reporting (FRR) business and Vizor Software, today announced a partnership for the Singapore market that will increase the quality of regulatory reporting while reducing the time and effort required in regulatory compliance.
Using the Vizor Reporting API, Wolters Kluwer’s OneSumX for Regulatory Reporting will now automatically consume published machine-readable regulatory rules and data models directly from Singapore’s regulatory system.
OneSumX for Regulatory Reporting will automatically integrate these specifications into its Financial Institution (FI) template solutions. This seamless alignment between the regulator and financial institution systems will facilitate an on-time and high-quality submission of regulatory reports, while also reducing the cost and effort associated with new or changing reporting requirements.
OneSumX for Regulatory Reporting combines bank data into a single source of data to ensure consistency, ease of reconciliation and accuracy. It includes access to Wolters Kluwer’s unique Regulatory Update Service which is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries. In July 2019 Wolters Kluwer announced the launch of its software-as-a-service (SaaS) Regulatory Reporting solution, marking the first time that the company’s OneSumX regulatory software has been made available on the cloud.
“While much has been written about the need to reduce the burden of regulatory reporting, the global standardization required for full, cross-border automation does not yet exist. We recognize that regulators require a wide variety and increasingly granular level of jurisdiction-specific data to deal with emerging risks. Regulators using our platform are able to dynamically define data requests and rules in an open, standardized format,” said Conor Crowley, CEO of Vizor Software. “However, this increased volume of data requests from the regulator poses problems when FI systems also require changes to respond. APIs provide machine-to-machine communication so that both FIs and the regulator can layer automation onto their existing processes and technology investments.”
This level of integration allows global and domestic FIs in Singapore to accommodate local requests in a timely and cost-efficient manner. By leveraging the same software as the Singapore regulator through the Vizor Software platform, the preparation and validation of regulatory data becomes more of a machine-to-machine task and both financial institutions and regulators can instead focus on data analysis and risk management.
“This partnership will redefine the regulatory compliance landscape in Singapore. Wolters Kluwer is the global market leader in producing regulatory reports for financial institutions, while Vizor is the global market leader in collecting and processing these regulatory reports on behalf of regulators. Together, the two companies are able to provide an integrated solution out-of-the-box which brings end-to-end regulatory compliance within the financial industry to the next level,” commented Claudio Salinardi, Executive Vice President and General Manager of Wolters Kluwer FRR. “Beyond the immediate benefits for financial institutions such as superior time-to-market, this also opens the door to many new value-added services down the road, all directly integrated with regulators. Notably, this partnership will provide a solution in time to help our clients meet the revised MAS610 requirements recently introduced by the Monetary Authority of Singapore.”
Vizor Software helps regulators to make clear data models and rules publicly available in both machine and human-readable format to all reporting FIs and vendors. The partnership with Wolters Kluwer and the full integration in the OneSumX platform allows customers to collect, validate and refine data in synchronization with the financial services community.
Wolters Kluwer FRR, which is part of the company’s Governance, Risk & Compliance division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. Wolters Kluwer FRR receives frequent independent recognition of its excellence and innovation, celebrating a record year for award wins in 2019. Risk magazine has awarded the company its coveted Regulatory Reporting System of The Year Award for the second year running. It is also the #1 provider in both Regulatory Reporting and Liquidity Risk according to the RiskTech100, as compiled by Chartis Research.