Bank Hapoalim, one of Israel’s largest banks has selected Wolters Kluwer’s OneSumX solution for Risk Management, specifically using the software for managing its credit risk profile.
The bank will now utilize Wolters Kluwer’s OneSumX software for Measuring Counterparty Credit Risk (SA-CCR). This is a revised rule under Basel III Standardized Approach, applied to calculate the exposure at default of derivatives, meaning banks need to consider how to integrate the standard into their overall regulatory approach.
OneSumX Credit Risk calculates credit valuation adjustment (CVA), debt valuation adjustment (DVA) and funding valuation adjustment (FVA), enabling exploration of the correlation between credit, market and behavioral risk in an integrated approach. The solution identifies and estimates the degree of systemic concentration based on counterparty risk and credit exposure analysis and enables compliance with regulatory requirements such as Basel II/III.
“Bank Hapoalim is now successfully using a wide variety of features available in Wolters Kluwer’s OneSumX Credit Risk solution” commented Uri Yanir, Senior Vice President and Head of Basel II/III Implementation at Bank Hapoalim. “Indeed, the software is now our main tool for calculating capital ratios.”
“We are delighted to be working with Bank Hapoalim to ensure it has access to a truly integrated platform for managing its credit risk profile,” added Kris Van Bavel, Managing Director, EMEA, for Wolters Kluwer’s Finance, Risk & Reporting (FRR) business.
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. 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. Risk magazine recently awarded the company its coveted Regulatory Reporting System of The Year Award for the second year running and Central Banking magazine has 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 Chartis Research’s annual RiskTech100® report, which is a comprehensive study of the world’s leading risk and compliance technology companies. Notably, this is the seventh time in eight years that Wolters Kluwer FRR has achieved this honor. Chartis Research has also named Wolters Kluwer FRR a Category Leader in both its IFRS 9 Technology Solutions Report and CECL Report.