Subsidiary of World’s Oldest Bank Addresses CRD IV Reporting Requirements with Leading Reporting Solution
Wolters Kluwer Financial Services announced today that it has successfully implemented its OneSumX Regulatory Reporting solution at Banca Monte Paschi Belgio (BMPB), the Belgium branch of Banca Monte dei Paschi di Siena. The Wolters Kluwer Financial Services solution enables the bank to automatically submit regulatory reports, including Common Reporting templates via XBRL, accurately and on time to the National Bank of Belgium and the European Banking Authority.
OneSumX Regulatory Reporting, part of OneSumX for Compliance, uses a single source of data to help ensure consistency, reconciliation and accuracy. BMPB selected this solution for CRD IV, the European Commission’s framework for the international standards on bank capital requirements known as Basel III, combined with the Regulatory Update Service, after the previous successful implementation of its solution to meet Basel II reporting requirements.
“With the Wolters Kluwer Financial Services solution, we are now successfully producing automated reports for the local regulator and the EBA in the form of COREP, with the required accuracy and timeliness, fulfilling the regulatory reporting requirements of CRD IV,” said Philippe Willocq, responsible accounting department at Banca Monte Paschi Belgio. “Throughout implementation, Wolters Kluwer Financial Services’ experts and consultants demonstrated a thorough knowledge of regulatory reporting requirements and technical expertise of the solution, providing us with a streamlined reporting process for statutory and prudential returns.”
“Through our extensive regulatory reporting experience spanning more than two decades, which includes a strong record of COREP implementation across many firms in Europe, we were able to seamlessly implement our automated reporting solution for BMPB, helping them address a key part of CRD IV,” said Richard Bennett, vice president of market management, Regulatory Reporting, EMEA, at Wolters Kluwer Financial Services. “Successful implementation was born out of strong collaboration between our team of experts and consultants and BMPB, resulting in a reporting system which is tailored to the business needs of the firm, adapts automatically in line with regulatory changes, and reconciles data from back office systems.”
Through Wolters Kluwer Financial Services’ Regulatory Update Service offering, and a part of the Regulatory Reporting solution, BMPB will have access to up-to-date information on regulatory requirements to help ensure ongoing compliance with regulatory developments when they happen. The Regulatory Update Service is unique to Wolters Kluwer Financial Services and is maintained by experts who actively monitor regulation in over 50 countries around the world, ensuring the solution is up-to-date at all times.
For more information on Wolters Kluwer Financial Services’ leading OneSumX Regulatory Reporting solution, as recognized by Chartis Research in its 2015 RiskTech 100 survey, a position it has held for four consecutive years, go to www.wolterskluwerfs.com.
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.