OneSumX for Compliance

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A comprehensive compliance toolbox for managing today’s global regulatory requirements. An organization’s risks for non-compliance with regulatory requirements can result in legal sanctions, consent decrees, prosecution, liability suits, failed business strategies, and damage to reputation and brand. In extreme cases, non-compliance can threaten the existence of the organization. Compliance mandates can come from various regulatory bodies. Today’s financial services firms are under particular scrutiny from regulatory and enforcement agencies. Compliance is not a revenue generating business function. However, it is a core component of managing enterprise risk and successfully executing business strategies. Hence, due to the extent of compliance demands, many organizations maintain large and growing compliance functions that increase their overall operational costs. The increasing number and complexity of regulations, continuing shortage of talent, and constant pressure from shareholders to reduce operating costs makes this a good time to consider Wolters Kluwer Financial Services. To be effective, compliance oversight of industry-specific regulations requires both knowledge of the regulatory requirements and associated expectations—and deep familiarity with the business context. Wolters Kluwer Financial Services provides the expertise and technology required to move regulatory compliance up on the priority list. We help compliance report forward-looking compliance information that is explicitly relevant to strategy, including emerging compliance risks and trends—information that is of immediate strategic importance to the organization. Working with Wolters Kluwer Financial Services can enable financial organizations to improve allocation of resources; placing operational functions with a trusted partner who can execute them at high levels of quality, with responsiveness, cost-effective delivery models, and to free up internal resources for revenue-generating activities. While the organization remains responsible for compliance and any risks, OneSumX for Compliance can enable management to selectively employ a mix of internal and external resources to meet compliance demands.

Key Features

OneSumX Finance, Risk and Reporting (FRR)

This aspect of OneSumX enables firms to have complete data transparency for financial risk, regulatory reporting, finance and performance management, taking multiple, disparate data sources into integrated centralized data architecture. Regulatory requirements and the financial risk imperative are driving the need for a consolidated view across all businesses and across all types of financial risk, including market, credit and liquidity risk.

At the same time, demand for this information is expanding beyond the traditional domain of the chief risk officer. Increasingly, compliance officers and finance departments want access to this data, to drive their own analyzes and support strategic business planning. By standardizing data sets and setting harmonized common vocabularies across different business processes, firms can begin to break down the silos, whether geographical, functional or defined by asset class.

OneSumX Governance, Risk, and Compliance (GRC)

OneSumX GRC increases transparency and control across the enterprise. Its modular components measure, monitor and manage compliance, operational, and enterprise risk. The platform is unique due to its depth of financial services content. With hundreds of experts across the globe monitoring the financial regulatory landscape, customers receive the latest content and functionality based on best practices and the unique, prescriptive requirements of the financial services industry.

Featuring high-level reports, interactive dashboards and multirisk discipline support, OneSumX GRC fully supports decision making and resource allocation. Department managers and operational units enter the information that drives those decisions, from simple risk assessments to control attestations and testing while senior executives are provided with a cross-silo view of their risks.OneSumX® for Governance, Finance, Risk and Compliance

OneSumX Financial Crime Control This aspect of the OneSumX ecosystem incorporates features such as integrated AML and anti-fraud platforms, centralized case management and reporting systems and real-time transaction monitoring. Standardizing and consolidating behavioral monitoring on a single strategic platform can provide a holistic and integrated set of sophisticated capabilities to detect, investigate and resolve risks around customers and their transactions across different crimes, regulations, products, channels and geographies.

The platform features an integrated real-time detection engine to deliver advanced integration, modeling, detection and resolution capabilities. OneSumX FCC introduces next generation real-time identification of fraudulent activity based upon a real-time cross-channel behavioral review across all of a customer’s accounts.

OneSumX Audit Management

The Audit Management solution within OneSumX is designed to help companies manage a wide range of audit-related activities, data, and processes in a single, comprehensive framework. The solution provides the flexibility to support all types of audits, including internal audits, operational audits, IT audits, supplier audits, and quality audits. It also provides end-to-end functionalities for managing the complete audit lifecycle – from audit planning and scheduling, to the development of standard audit plans and checklists, to field data collection, to the development of audit reports and recommendations, to the review of audit recommendations by auditees and the Management, to the implementation of audit recommendations.

Advanced capabilities such as built-in remediation workflows, time tracking, email-based notifications and alerts, risk assessment methodologies, and offline audit functionalities allow organizations to implement industry best practices for efficient audit execution, and ensure integration of the audit process with the risk and compliance management system.

Key Benefits

OneSumX provides financial institutions with:

  • Component-based technology to be able to select the solutions that meet their needs
  • Agility to resolve issues and react to changing circumstances
  • Design-and-define capabilities to set the parameters of the solution to support business goals
  • Data management and analytics for a consistent view of the organization
  • Integration capabilities with existing internal systems and external data sources and solutions

These proven solutions and services provide financial services professionals with the insight needed to comply with regulatory requirements or manage financial transactions, address a single key risk, or work toward a holistic GFRC strategy, so you can spend more time focused on your customers and managing your business’ performance.


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