It’s a perennial problem for many large banks – the quest to be compliant with ever more complex regulations while being able to prove that compliance. Thankfully Wolters Kluwer Compliance Solutions is on hand to help with its recently launched OneSumX® ProViso. This expert solution has impressed the market, providing a much needed way to address complex customer challenges like these, and for this reason is a deserved winner of a 2019 Global Innovation Award (GIA).
OneSumX Proviso is an AI-based solution that leverages Wolters Kluwer regulatory expertise, content, and advanced technology to help financial institutions develop, maintain, and prove compliance with their legal obligations to U.S. federal and state regulators. The offering was developed for larger institutions operating across multiple jurisdictions; it’s ideally tailored to those challenged with managing the massive volume, breadth, and scope of ongoing regulatory changes impacting their businesses.
The solution was co-created with some of our U.S. banking customers, and is already being used by a major client who need a comprehensive and cost-effective way to identify and manage their wide ranging and exacting requirements.
As Mike Twigg, Senior National Account Executive at Wolters Kluwer Compliance Solutions, notes, the problem for large banks is balancing the complexities of 50 state regulations, along with federal regulations that differ by product. This is extremely confusing, ultimately creating siloes that are reliant are manual processes. OneSumX Proviso solves the problems by utilizing our deep domain knowledge of U.S. compliance across a content-rich platform.
“Essentially we started with a database of content around consumer finance, adding topics such as marketing restrictions and bankruptcy; for example, looking across jurisdictions to find commonalities across states so that a large bank client can apply principles and policies in a rationalized way,” explains Kris Stewart, Senior Director, Specialized Consulting, at Wolters Kluwer Compliance Solutions, who was also part of the winning GIA team.
OneSumX ProViso uses our regulatory change data feed—a comprehensive, legal library of state and federal citations and requirements—which logically analyzes, groups and clusters relevant legal requirements across multiple jurisdictions. As Twigg notes, this functionality streamlines a financial institution’s process for creating and managing a rationalized set of legal requirements.
The solution clusters citations using cutting edge machine learning and natural language algorithms to bundle together similar legal requirements for banks. As a result, users are able to focus on only the relevant citations for their jurisdictions. “OneSumX ProViso further filters and isolates those citations that require necessary action, allowing a user to view the entire citation or digestible summaries that capture actionable requirements in a single sentence,” Stewart adds.
The result is a faster, less costly and more efficient process for comprehensively managing a financial institution ’s regulatory requirements. Notably, OneSumX ProViso also offers its users end-to-end traceability and reporting to facilitate internal audits, which can also demonstrate compliance to regulators across multiple jurisdictions.
“In the current regulatory environment, there can be enormous costs and challenges for larger financial institutions in monitoring and keeping pace with the complexity and volume of thousands of state and federal regulatory obligations, requiring vast resources to ensure compliance with those obligations,” comments Steve Meirink, Executive Vice President and General Manager of Wolters Kluwer Compliance Solutions.
“OneSumX ProViso is a purpose-built game changer, merging our deep compliance content and regulatory expertise with AI-based technologies and workflow tools in a way that provides C-Suite executives confidence that their organizations are effectively managing their state and federal compliance obligations throughout their operations.”
The solution is the latest offering from multi award-winning Compliance Solutions team- a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks and credit unions, insurers and securities firms. The business, which sits within our Governance, Risk & Compliance (GRC) division, helps these financial institutions efficiently manage compliance obligations tied to loan and deposit origination transactions and workflows, manage risk and other regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.
“Being selected as a finalist in the GIA is an honor in itself, with so many amazing ideas pouring in from across the organization,” Twigg says. “Being able to hear what some of other divisions are doing was also incredibly exciting and humbling, as some of them really do have life-saving implications. Fortunately, both Kris and I have presented in front of the GIA committee in the past and had some experience to draw from, and the support and preparation we got from our Compliance Solutions executives team was very helpful as well. Winning the 2019 GIA award within the Game Changer category was a real thrill, and a testament to the work we’re doing.”
Stewart agrees. “It’s very much an honor to be a part of the GIA process,” she says. “The innovation board that we meet with has such a varied background and are always so focused and prepared. I thoroughly recommend that colleagues seek to participate in the process as much as possible.”
Sandeep Sacheti, Executive Vice President, Customer Information Management and Operational Excellence for Wolters Kluwer’s GRC division explains how the solution is solving real problems. “Building AI-based solutions for solving tough unsolved big problems in the financial services world required us to bring together a team of data scientists to work hand in glove with compliance experts. This sounds easy but realize that these two groups speak very different domain languages and sit in different locations,” he says. “We put together multi-country agile teams comprising of legal experts and AI experts who iterated on rapid cycles to provide feedback to algorithms so that the end solution is truly serving the unique needs of banking compliance customers and incorporates decades of Wolters Kluwer expertise in the OneSumX ProViso solution. Building AI-based expert solutions is truly a team sport at Wolters Kluwer.”