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ComplianceOctober 06, 2020

Wolters Kluwer FRR launches OneSumX for Risk Management in China

Wolters Kluwer’s Finance, Risk & Regulatory Reporting (FRR) business has today launched a China specific version of its award winning OneSumX for Risk Management, part of the company’s OneSumX for FRR solution.

OneSumX for FRR is a best-in-class integrated regulatory compliance and reporting solution suite that establishes a single source of data for finance, risk and regulatory reporting that is enriched with value-added content from in-house experts. The OneSumX for Risk Management module empowers financial services firms to deliver processes, best practices, regulatory intelligence, and the analytics required of businesses in a highly regulated industry. OneSumX for Risk Management not only helps achieve regulatory compliance, but delivers superior business value, seamlessly combining Financial Risk Management with Regulatory Analytics across multiple Risk classes.

The localized Chinese version will specifically cover Asset Liability Management, Economic Capital, Market Risk, Interest Rate Risk in the Banking Book, Stress Testing and Liquidity Risk (including Liquidity Coverage Ratio, Net Stable Funding Ratio and High Quality Liquid Assets). Ultimately the solution will also include all Regulatory Analytics calculations – covering Credit Risk, Risk Weighted Assets (RWA) and Market Risk RWA. Through combined use with OneSumX for Regulatory Reporting, clients will have access to a full suite of Regulatory Analytics and Reporting functionality.

Wolters Kluwer FRR recently hired Benjamin Jing as Vice President of Sales and Business Development for its operations in China. Jing has 30 years of experience in leading business transformation and growth at various international and local teams in the country. Previously, he worked for Vanda Group (part of PCCW Solutions), as Assistant Vice President in charge of more than 100 staff in its Financial Services unit. He has also held a number of leadership positions in his career at Oracle, IBM, Infosys, Teradata, also working at local and global banks as well as insurance firms.

“This product launch is an incredibly exciting opportunity to further extend our domain expertise and leading technology to China. In fact, OneSumX for Risk Management offers our clients a competitive advantage through its truly integrated platform for multiple risk classes, allowing reconciliation and consolidation with Finance beyond Regulatory Analytics,” commented Rainer Fuchsluger, Managing Director of Wolters Kluwer FRR, Asia Pacific. “This localized OneSumX for Risk Management solution, which will have a Chinese front-end interface, supports the country’s financial institutions who are required to comply with the finalization of the Basel III reforms. With an ever changing regulatory landscape, especially in China thanks to the country’s multiple regulatory bodies, Wolters Kluwer FRR is delighted to reinforce its commitment with investments in people and technology to help Chinese financial institutions through the use of our innovative solutions for governance, risk and compliance.”

Wolters Kluwer FRR, which is part of Wolters Kluwer’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, celebrating a record year for award wins in 2019. Risk magazine recently awarded the company its coveted Regulatory Reporting System of The Year Award for the third year running and Wolters Kluwer FRR is the #1 provider in both Regulatory Reporting and Liquidity Risk according to the RiskTech100, as compiled by Chartis Research.

 

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.