FinanceComplianceFebruary 12, 2019

Wolters Kluwer invited to Bank of England roundtable on the resolvability assessment framework package

Wolters Kluwer’s finance, risk & reporting (FRR) business has been invited to take part in an industry roundtable, organized by the Bank of England, which will discuss proposals designed to ensure U.K. banks are accountable for their own resolvability - the Resolvability Assessment Framework (RAF).

The roundtable takes place today and includes Partner level participants from law firms, consultancies and accounting firms. Wolters Kluwer is the sole technology provider taking part in the event and will be providing expertise relating to regulatory reporting implications.

Consisting of two consultation papers, the Bank of England and Prudential Regulation Authority (PRA) published the RAF package in December 2018. An important step in the Bank’s commitment to Parliament that major U.K. banks will be fully resolvable by 2022, the package is designed to make resolution more transparent, better understood and more successful by creating a common assessment framework across all firms.

Representing Wolters Kluwer at the roundtable will be Nicos Kynicos, Product Manager for Regulatory Reporting, U.K., Ireland and Nordics at Wolters Kluwer FRR.

The decision to take part in the event is part of Wolters Kluwer’s ongoing commitment to share its regulatory insights with regulators and the industry as a whole. “This advisory roundtable provides a useful opportunity to hear directly from influential thought leaders that are contributing to this important subject for the U.K.’s banking sector,” commented Kynicos. “The approach and objectives of the RAF are certainly welcome. It makes absolute sense to internalize the externalities associated with failure of major financial institutions. I look forward to discussing the wider implications of the package and hearing what the Bank and other experts believe to be the key areas for focus in the proposals.”

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.