Solution Chosen to Help Bank Effectively Manage Operational Risk
Wolters Kluwer Financial Services announced today that Türkiye Finans Katılım Bankası, the second largest network in Turkey’s participation banking sector and a subsidiary of the National Commercial Bank, has selected the company’s OneSumX GRC solution to help manage operational risk across its 280 branches in Turkey.
Türkiye Finans selected OneSumX GRC after a two-month review of both the solution’s capabilities as well as the expertise of Wolters Kluwer Financial Services’ implementation team. The solution will support Türkiye Finans’ existing operational risk model by automating and helping to simplify the process of collecting, storing, analyzing, tracking and reporting on information relevant to operational losses, risk and control assessments, definition and management of key risk indicators and scenarios.
“Türkiye Finans’ selection of OneSumX GRC over other offerings in the marketplace is a testament to our satisfaction with Wolters Kluwer Financial Services’ experience, regulatory support, and proven ability to deliver,” said Özer Baran, head of Türkiye Finans’ Risk Reporting and Credit Policy department. “We wanted to ensure that OneSumX GRC would meet our desired strategic results and expectations for managing operational risk, and we are very confident in our decision.”
Wolters Kluwer Financial Services' OneSumX GRC solution helps financial organizations bring greater transparency, control and efficiency to managing compliance, operational and financial risk management, audit, and governance functions. OneSumX GRC’s modular, suite-based approach offers organizations the flexibility and scalability required to help meet the complexity of their expanding and continually changing business operations.
“In today’s regulatory environment, an effective operational risk framework is essential for financial organizations, enabling them to make smart, forward-looking decisions that help drive the long-term success of their organizations,” said Richard Pike, vice president of market management, EMEA, Wolters Kluwer Financial Services. “We are pleased that Türkiye Finans has recognized the continued commitment we’ve made to developing solutions that meet our customers’ most pressing needs.”
As part of the Türkiye Finans implementation, FINECUS, an AFS subsidiary based in Turkey, provided additional consulting and professional services by working collaboratively alongside Wolters Kluwer Financial Services. In additional to this support, FINECUS is also helping bring the company’s solutions to the broader Turkish marketplace.
Wolters Kluwer Financial Services’ OneSumX GRC solution is used by more than 900 banks, insurance companies and asset managers worldwide. For more information about Wolters Kluwer Financial Services’ OneSumX GRC solution, please visit www.WoltersKluwerFS.com/OneSumXGRC.
Türkiye Finans Katılım Bankası
A joint venture between National Commercial Bank, Boydak Group, and Ulker Group, Türkiye Finans has deep-rooted knowledge of and experience with participation banking in Turkey. Providing consumer and corporate banking as well as treasury services, the company sits at the forefront of Turkish financial markets. With more than 280 branches throughout the domestic banking landscape, the bank provides a wide-ranging and diversified host of services to private and business clients. Headquartered in Istanbul, the bank works with other international institutions to provide services outside of Turkey. Recognizing the need to move forward, the bank invests significantly in technological services and online and mobile banking.
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®, 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 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.
FINECUS, an AFS subsidiary based in Turkey, is a provider of solutions in risk management and creator of many innovations since 2005. FINECUS is dedicated to providing customized solutions for clients using the most efficient, accurate and economical ways in the field of software services and consultancy. FINECUS offers solutions in accordance with international standards, used in more than 10 countries by many organizations.