ComplianceJanuary 23, 2019

Austria’s Sparkassen-Prüfungsverband selects Wolters Kluwer’s OneSumX for Regulatory Reporting

Sparkassen- Prüfungsverband has chosen Wolters Kluwer's OneSumX for Regulatory Reporting to provide its market leading regulatory reporting software functionality for the mandatory audit reports and appendix to the reports (the so-called "Anlage zum Prüfbericht"). These yearly bank audits need to be performed by the auditors for all banks in Austria, with many choosing to utilize OneSumX for Regulatory Reporting.

Sparkassen- Prüfungsverband has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting to provide its market leading regulatory reporting software functionality for the mandatory audit reports and appendix to the reports (the so-called “Anlage zum Prüfbericht”). These yearly bank audits need to be performed by the auditors for all banks in Austria, with many choosing to utilize OneSumX for Regulatory Reporting.

OneSumX Regulatory Reporting as such uses a single source of data to ensure consistency, reconciliation and accuracy and includes the firm’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in approximately 30 countries.

“Wolters Kluwer’s OneSumX solution has an excellent reputation in regulatory reporting,” noted Mag. Gerhard Margetich, Chairman of the Board at Sparkassen-Prüfungsverband, leading the selection process of the reporting software. “We required an expert in the field to ensure we are comprehensively managing our reporting and audit documentation obligations in line with the regulator’s exacting requirements. Wolters Kluwer was the natural choice given its long track record in the field.”

“Wolters Kluwer is delighted to extend its client base in Austria and we look forward to work with Sparkassen-Prüfungsverband on the implementation of our software,” commented Kris Van Bavel, Managing Director, EMEA, for Wolters Kluwer’s Finance, Risk & Reporting business. “We have a strong presence in Austria and continue to add clients here, and across EMEA for that matter. We expect this trend to continue with banks active in the country keen to ensure they are utilizing our expertise in integrated regulatory reporting. The decision by auditors to use our software is also an important testament to our industry expertise.”

Wolters Kluwer’s Finance, Risk, & Reporting (FRR) business, 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. 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. In mid-2018, Risk magazine awarded the company its coveted Regulatory Reporting System of The Year Award and Central Banking magazine recently named OneSumX for Regulatory Reporting its Best Technology Solution For Regulatory Compliance. Wolters Kluwer FRR is also this year’s Category Winner for Regulatory Reporting in the annual RiskTech100® report. This comprehensive study of the world’s leading risk and compliance technology companies is compiled by Chartis Research. Notably, this is the seventh time in eight years that Wolters Kluwer FRR has achieved this honor.

About Wolters kluwer

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the health, tax & accounting, governance, risk & compliance, and legal & regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.