LONDON – October 5, 2023 - Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR), part of Wolters Kluwer’s Corporate Performance and ESG (CP & ESG) division, is showcasing some eagerly awaited innovations at its annual client conference this week. The company is launching OneSumX for Basel - the latest addition to the multi award-winning OneSumX for FRR suite of solutions. The expert solution allows users to manage the entire Basel reporting process from data integrity and lineage, through to finance and risk management, and into regulatory calculators and reporting.
Wolters Kluwer says “OneSumX for FRR addresses the tactical and strategic needs of finance, risk management, performance, compliance and regulatory reporting teams at financial institutions. The OneSumX for Basel solution specifically covers standardized and advanced approaches across all bank sizes and risk types - from credit to market risk, through to operational, settlement, credit valuation adjustment, and counterparty credit risk.”
The company also says that “the latest evolution of the OneSumX platform brings further technological improvements to the company’s cloud-native applications with state-of-the-art security, and in memory processing for faster calculations. There are also significant improvements in terms of user experience, functionality, and total cost of ownership, making it simpler and easier to comply with regulatory requirements whether implemented on-premise or on the cloud as software-as-a-service (SaaS).”
Notably, Wolters Kluwer technology and expertise enable compliance with Basel II, Basel III, Basel 3.1 and Basel IV implementation and reporting timelines, allowing teams to make timely, informed decisions to manage risk more effectively, and optimize revenues.
“This really is the next milestone in the delivery of our FRR integration mission with the native integration of financial risk, the Basel Regulatory framework, and regulatory reporting,” said Claudio Salinardi, Executive Vice President and General Manager, Wolters Kluwer FRR. “OneSumX for Basel enables banks to be compliant with the complex Basel regulations with an integrated solution, utilizing our unique Regulatory Update Service. As part of Wolters Kluwer CP & ESG we are committed to helping our clients digitally transform the way they collect, report, analyze, and assure the accuracy of their financial and ESG data, aiding efforts to build a distinct competitive advantage. Basel reporting is a vital component of this.”
Wolters Kluwer established its CP & ESG division in March 2023 to meet the growing demand from corporations and banks for integrated financial, operational, and ESG performance management and reporting solutions. Wolters Kluwer CP & ESG was recently named among the leading global providers of ESG software in the inaugural, prestigious Green Quadrant: ESG Reporting and Data Management Software 2023 report from Verdantix, an independent research firm. The company was also named a “Top Vendor” in the inaugural 2023 Environmental, Social, and Governance Reporting (ESG) Market Study, published by Dresner Advisory Services.
As previously reported the division is comprised of four global software units: Corporate Performance (CCH Tagetik; including U.S. Corporate Tax); EHS/ORM Software (Enablon); Finance, Risk & Regulatory Reporting (OneSumX) and Internal Audit Solutions (TeamMate).
“All four businesses serve global corporations and banks with cloud and on-premise solutions and have leading market positions in their specific areas of expertise,” the company said in a statement in February 2023. “Combining these assets will allow Wolters Kluwer to accelerate synergies and leverage their combined global strengths to pursue a growing market opportunity.” A London-based spokesman also confirmed the division is home to approximately 2,500 professionals globally.