Wolters Kluwer’s Finance, Risk & Reporting (FRR) business has won a major award from Risk magazine. For the second year running its OneSumX for Regulatory Reporting solution has been named Regulatory Reporting System of the Year in the publication’s annual Technology Awards which celebrate excellence and innovation.
The awards, which are widely regarded to be among the most prestigious accolades for financial technology, were decided by an expert panel of judges, including Risk magazine’s editorial team.
Judges commented how “the regulatory reporting module of Wolters Kluwer's OneSumX integrated suite of finance, risk and reporting solutions uses a single source of data to achieve consistency, reconciliation and accuracy of output. The solution currently provides comprehensive cover for 27 jurisdictions, with the company's experts monitoring and analyzing regulatory changes in all jurisdictions to ensure ongoing compliance through its Regulatory Update Service.” Risk’s judging panel also noted how “to enhance the flexibility and ease of use of OneSumX, Wolters Kluwer continues to introduce improved functionalities… developing its unified data model for finance, risk and regulatory reporting to facilitate transparency through comprehensive data lineage.”
“Global and local regulators are demanding ever-greater integration across business processes, more invasive and broader scope in management and reporting, and faster reaction to change with regulation. Wolters Kluwer offers integrated regulatory compliance and reporting solutions for managing clients’ more complex finance, risk and regulatory reporting obligations,” notes Claudio Salinardi, Executive Vice President and General Manager of Wolters Kluwer FRR. “The required regulatory information cuts across different functions and departments and has to be consistent to meet this increased scrutiny. Wolters Kluwer provides the world's banks with the toolkit to tackle this. We thank Risk magazine for once again acknowledging our leading capabilities in the field.”
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. In mid-2018, Central Banking magazine 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. Chartis Research has also named Wolters Kluwer FRR a Category Leader in both its IFRS 9 Technology Solutions Report and CECL Report.