Solution combines AI with subject matter experts to help financial institutions manage regulatory change
Wolters Kluwer Compliance Solutions has introduced OneSumX® ProViso, an AI-based solution that leverages Wolters Kluwer regulatory expertise, content and 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 and thus challenged with managing the massive volume, breadth and scope of ongoing regulatory changes impacting their businesses.
OneSumX ProViso uses Wolters Kluwer’s regulatory change data feed—a comprehensive, legal library of state and federal citations and requirements—and logically analyzes, groups and clusters relevant legal requirements across multiple jurisdictions. This functionality streamlines a financial institution’s process for creating and managing a rationalized set of legal requirements.
The solution clusters citations with similar requirements so 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.
The result is a faster, less costly and more efficient process for comprehensively managing a financial institution ’s regulatory requirements in a compliant manner.
“In the current regulatory environment, there are 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,” said Steve Meirink, Executive Vice President and General Manager of Wolters Kluwer Compliance Solutions. “OneSumX ProViso is a game changer, merging our deep compliance content and regulatory expertise with AI-based technologies and workflow tools in a way that helps financial institutions more effectively manage their state and federal compliance obligations.”
OneSumX ProViso also offers its users end-to-end traceability and reporting to facilitate internal audits and demonstrate compliance to regulators across multiple jurisdictions.