Proposed Changes Could Impose a Significant Burden on Organizational Compliance
Wolters Kluwer Financial Services announced today that the company is well positioned to help U.S. financial institutions comply with the proposed changes to the Federal Reserve Board's new FR Y-14 requirements which become effective on Sept. 30 and Dec. 31. The stringent reporting requirements present bank executives with numerous operational challenges that can include difficult, time-intensive data compilation, disparate calculation processes and manual report generation and submissions.
On July 9, the Fed released a new FR Y-14 proposal, which includes a number of changes, such as increasing the reporting frequency of two schedules as well as expanding the reporting panel. While these proposed changes have not been finalized, Wolters Kluwer Financial Services' regulatory compliance experts continue to see an emphasis on data lineage and process management from the regulators in regard to the Comprehensive Capital Analysis and Review submission.
"One of the most difficult challenges resulting from these proposed changes is that they put increased pressure on organizations to prove to regulators that they control the flow of data throughout their compliance operations," said Will Newcomer, vice president, Wolters Kluwer Financial Services. "Our response to this is a Regulatory Reporting solution that maintains full data lineage from source systems to reports, providing the transparency and auditability required by regulators."
Working closely with its clients, Wolters Kluwer Financial Services has actively made suggested changes to its FR Y-14 reporting tool. The company can help financial institutions create and audit various FR Y-14, FR Y-16 and DFAST reports, and submit them as part of one integrated system, helping to ensure regulatory compliance. Powered by the regulatory expertise of Wolters Kluwer Financial Services, reports are automatically updated to help meet constantly changing regulatory requirements. Reports can be set to run on a monthly, quarterly, or annual basis or pulled on an ad hoc basis. Wolters Kluwer Financial Services supports the reconciliation between FR Y-14 and FR Y9-C. Wolters Kluwer Financial Services also maintains a full array of U.S. regulatory reports.
To learn more about the FR Y-14 reporting tool, visit Wolters Kluwer Financial Services' website.
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides more than 15,000 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®, ARC Logics®, AuthenticWeb™, Bankers Systems®, Capital Changes, CASH Suite™, FRSGlobal, FinArch, GainsKeeper®, NILS®, TeamMate®, Uniform Forms™, VMP® Mortgage Solutions and Wiz ®. Wolters Kluwer Financial Services is part of Wolters Kluwer, which had 2013 annual revenues of €3.6 billion ($4.7 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.