Bank to Utilize to Help Address Elevated Volume and Complexity of Regulatory Reporting Requirements
Wolters Kluwer Financial Services announced today that China Construction Bank (Asia) Co. Ltd. (CCB Asia), has selected the company’s OneSumX® Regulatory Reporting solution. The Hong Kong-based bank will use the solution to help improve the accuracy, timeliness, quality and efficiency of reporting requirements across its 44 branches.
The OneSumX Regulatory Reporting solution will allow CCB Asia to maintain a single source for data to ensure consistency, reconciliation and accuracy in the management of the wide range of information they are required to submit to regulators. Today’s increasing scrutiny on banks has led to added pressures to be able to reconcile all the requirements needed to ensure alignment between finance and risk reports, both for internal use and externally for regulators.
“After a rigorous selection process, Wolters Kluwer Financial Services’ OneSumX solution emerged as the clear choice for meeting our regulatory reporting needs,” said Tony Lai, head of Business Intelligence and Management Information Systems, CCB Asia. “The company’s deep industry and subject matter expertise, combined with its leading technology and support, means it is best positioned to help address the rigorous reporting challenges we face.”
The regulatory reporting solution is part of Wolters Kluwer Financial Services' OneSumX solution suite. This ecosystem of solutions is designed to empower the full range of governance, finance, risk and compliance professionals through technology, content and analysis so they can help achieve greater organizational profitability, efficiency and growth. The company’s modular, suite-based approach offers organizations the flexibility and scalability required to help meet the complexity of their expanding and continually changing compliance, risk management and finance needs.
“Banks operating within Asia Pacific today face increased scrutiny from regulators and greater demand from stakeholders for transparency and more insightful business analytics, placing stress on antiquated manual approaches to compliance management,” said James Stewart, general manager, Compliance, Asia Pacific for Wolters Kluwer Financial Services. “Regulatory reporting is an essential component of any proactive and successful compliance program, so we are excited that CCB Asia has chosen us to help manage these pressures.”
For more information about Wolters Kluwer Financial Services’ OneSumX for Compliance, please visit our website.
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides customers worldwide with risk management, compliance, finance and audit solutions that help them successfully navigate regulatory complexity, optimize risk and financial performance, and manage data to support critical decisions. With more than 30 offices in 20 countries, our prominent brands include: AppOne®, AuthenticWeb™, Bankers Systems®, Capital Changes, CASH Suite™, GainsKeeper®, NILS®, OneSumX®, TeamMate®, Uniform Forms™, VMP® Mortgage Solutions and Wiz®. Wolters Kluwer Financial Services is part of Wolters Kluwer, which had 2014 annual revenues of €3.7 billion ($4.9 billion), employs 19,000 employees worldwide, and maintains operations in over 40 countries across Europe, North America, Asia Pacific, and Latin America. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.
About China Construction Bank (Asia)
China Construction Bank (Asia) Corporation Limited (CCB Asia) is the retail and commercial business platform of China Construction Bank Corporation in Hong Kong. CCB Asia has 44 branches (including one CCB Private Banking Center specially designed for high-net-worth customers, as well as one Cross Border Financial Centre for cross-border customers in Hong Kong and China), offering a wide array of banking products and services to customers through these branches and centers. China Construction Bank (Asia) Corporation Limited is a wholly-owned subsidiary of China Construction Bank.