Bank of China Selects Wolters Kluwer’s OneSumX for Integrated Finance, Risk and Regulatory Reporting in Australia

SYDNEY–(BUSINESS WIRE)–Bank of China has chosen Wolters
Kluwer’s OneSumX for Regulatory Reporting
to provide its regulatory
reporting calculation and submission software for its operations in

OneSumX for Regulatory Reporting is set up to use a single source of
data to ensure consistency, reconciliation and accuracy and includes
Wolters Kluwer’s Regulatory Update Service. This unique service
maintained by Wolters Kluwer experts who actively monitor regulation in
30 countries.

Mr. Felix Lin, Senior Finance Manager for Bank of China, Sydney Branch,
commented, “Providing accurate and timely submission of our business
data to regulators has always been our priority. After an extensive
investigation into all the options available to us, it became apparent
that Wolters Kluwer’s integrated approach met our future Finance, Risk
and Regulatory Reporting aspirations. We have commenced working on the
implementation quickly to meet the Australian Prudential Regulatory
Authority’s Economic and Financial Statistical Reporting (EFS) Phase 1.”

“Wolters Kluwer is delighted to be working with Bank of China in its
continuation of delivering excellence in external and internal
reporting,” commented David Rule, Account Manager for Australia New
Zealand in Wolters Kluwer’s Finance, Risk & Reporting (FRR) business.
“The team at Bank of China has taken a future view of its reporting
capabilities and recognized the recent regulatory reporting changes in
Australia will allow the firm to execute finance and risk function

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, supporting
regulated financial institutions in meeting their obligations to
external regulators and their own boards of directors. Wolters Kluwer
FRR receives frequent independent recognition of its excellence and
innovation. Notably, in July 2018, Risk
magazine awarded Wolters Kluwer FRR its coveted Regulatory Reporting
System of The Year Award
and Central
magazine recently named OneSumX for Regulatory Reporting as
Best Technology Solution For Regulatory Compliance
. Chartis
Research, meanwhile, has also named the firm a Category Leader in both
its IFRS
9 Technology Solutions Report
and CECL

also recently named Wolters Kluwer’s OneSumX for Regulatory
Reporting the “Best Solution in Regulatory Reporting”
in its Awards
for Excellence, 2018. For the seventh time in eight year, Chartis
Research has also awarded Wolters Kluwer its global Regulatory Reporting
Category Award in Chartis
RiskTech100® Rankings

About Wolters Kluwer Governance, Risk & Compliance

Governance, Risk & Compliance (GRC) is a division of Wolters
, which provides legal and banking professionals with
solutions to ensure compliance with ever-changing regulatory and legal
obligations, manage risk, increase efficiency, stay competitive and
produce better business outcomes. GRC offers a portfolio of
technology-enabled expert services and solutions focused on legal entity
compliance, legal operations management, banking product compliance, and
banking regulatory compliance.

Wolters Kluwer (AEX: WKL) is a global leader in information services and
solutions for professionals in the health, tax and accounting, risk and
compliance, finance and legal sectors. Wolters Kluwer reported 2018
annual revenues of €4.3 billion. The company, headquartered in Alphen
aan den Rijn, the Netherlands, serves customers in over 180 countries,
maintains operations in over 40 countries and employs 19,000 people

Source link Finance News Australia

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