Wolters Kluwer’s OneSumX for Regulatory Reporting wins major award from Risk.net
Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR) has won a major award from Risk.net, with its OneSumX for Regulatory Reporting solution being named Regulatory Reporting System of the Year in the publication’s annual Technology Awards.
This marks an unprecedented fourth time in which OneSumX has won the accolade in the well-followed award series which celebrates excellence and innovation.
The free to enter 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’s editorial team. OneSumX for Regulatory Reporting combines bank data into a single source of data to ensure consistency, reconciliation and accuracy and includes Wolters Kluwer’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries.
“Notably, Wolters Kluwer FRR has implemented strategic initiatives to address regulatory compliance trends and client pain points, including the development of an integrated modular solution built with state-of-the-art technology, increased integration and stress testing, alternative cloud delivery models and expanded regulatory capabilities,” Risk judges commented. “These innovations are strategic differentiators for this enterprise-wide risk and stress testing tool that combines requirements for treasury, Asset & Liability Management and compliance departments. Clients can now also benefit from the performance and ease of integration brought by data virtualization and in-memory computing.”
Judges also noted that “Wolters Kluwer is a top firm in this space,” providing “a product that is difficult to beat.” “Wolters Kluwer is the clear winner in terms of size, coverage and integration,” Risk added in its award justification.
“Risk is arguably the journal of record when it comes to financial technology, with a distinguished history of covering financial markets developments for the last 35 years. To win this award once is an achievement, to have our OneSumX solution recognized for an unprecedented fourth time is a real testament to the tireless work of our global experts and positive impact we generate for our global banking customers,” said Claudio Salinardi, Executive Vice President and General Manager of Wolters Kluwer FRR. “On behalf of Wolters Kluwer I’d like to thank Risk and, of course, our valued clients who continue to recognize the superior capabilities of Wolters Kluwer FRR offerings.”
Wolters Kluwer FRR, which is part of the company’s Governance, Risk & Compliance (GRC) 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. In 2021 the business enjoyed a record year for independent industry recognition.
Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes.