The SVENSON product suite is built on a strong platform to support automated and integrated regulatory reporting and risk management
Financial organizations with operations in Austria are expected to meet the growing requirements of the country’s three regulators - Austrian National Bank (OeNB), Financial Market Supervisory Authority (FMA) and Insurance Supervisory Authority (VAB). In addition to local regulatory obligations, firms in Austria are also required to submit European Central Bank (ECB) reports such as monetary statistics (MONSTAT), interest rate pricing list statistics (ZINSSTAT), minimum reserves and loan origination statistics. This national and regional regulatory pressure has led to an increased need for comprehensive reporting and risk solutions.
The SVENSON product suite is built on a strong platform to support automated and integrated regulatory reporting and risk management. The modules include:
- SVENSON LiMON to monitor the regulatory and individual limits
- SVENSON xCHECK for trend and deviation analysis
- Reporting coverage across the OeNB, FMA and VÖBB regulatory requirements
- SVENSON ICAAP for regulatory analysis of risk monitoring.
“The global financial crisis, globalization, and increasing regulatory scrutiny have created challenges for financial organizations and that is no exception for firms operating in Austria and the surrounding area,” said Raffi Festekjian, CEO of the Finance Risk & Compliance unit of Wolters Kluwer Financial Services. “These pressures require intelligent and comprehensive solutions and services to address the complexities of a rapidly evolving regulatory environment. Together, we will continue to provide customers with comprehensive support, and global regulatory, finance and risk management solutions.”
“As the leading regulatory reporting solution suite in Austria, SVENSON has been enabling firms in the region to navigate the regulatory landscape for many years, and will continue deliver value to its customers as it becomes part of Wolters Kluwer Financial Services,” said Christian Schiebl Executive vice president, SmartStream and Managing Director SmartStream Technologies Vienna.
The acquisition is expected to close this summer. Terms of the deal were not disclosed.
About Wolters Kluwer Financial Services
Whether complying with regulatory requirements or managing financial transactions, addressing a single key risk, or working toward a holistic enterprise risk management strategy, Wolters Kluwer Financial Services works with more than 15,000 customers worldwide to help them successfully navigate regulatory complexity, optimize risk and financial performance, and manage data to support critical decisions. Wolters Kluwer Financial Services provides risk management, compliance, finance and audit solutions that help financial organizations improve efficiency and effectiveness across their enterprise. With more than 30 offices in 20 countries, the company’s prominent brands include: FRSGlobal, FinArch, ARC Logics®, TeamMate®, Bankers Systems, VMP® Mortgage Solutions, AppOne®, GainsKeeper®, Capital Changes, NILS®, AuthenticWeb™ and Uniform Forms™.
SmartStream provides Transaction Lifecycle Management (TLM®) software solutions and Managed Services to dramatically transform the middle and back-office operations for financial institutions. Over 1,500 clients, including more than 70 of the World's top 100 banks, 8 of the top 10 asset managers, and 8 of the top 10 custodians rely on SmartStream’s solutions.
SmartStream delivers greater efficiency, automation and control to critical post trade operations including: Reference Data Operations, Trade Process Management, Confirmations and Reconciliation Management, Corporate Actions Processing, Fees and Invoice Management, Cash & Liquidity Management and Compliance solutions. Used independently or as a suite of solutions and services, clients’ gain a lower cost-per-transaction while reducing operational risk, aiding compliance while improving customer service levels.
For more information about SmartStream and our solutions visit: www.smartstream-stp.com