ABLV Bank, the Latvia-based private bank, has chosen Wolters Kluwer’s OneSumX to povide its regulatory reporting software for both its Latvian headquarters and its Luxembourg-based subsdiary, including European Banking Authority reporting obligations.
OneSumX provides an ecosystem of complementary and comprehensive solutions and services to manage the intersection of governance, finance, risk and compliance. Increasing organizational efficiency, adaptability and growth capacity.
The bank has specifically signed up to use Wolters Kluwer’s OneSumX Regulatory Reporting, including the firm’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in approximately 50 countries, helping to ensure the solution is current at all times. OneSumX Regulatory Reporting uses a single source of data to ensure consistency, reconciliation and accuracy.
“ABLV Bank Luxembourg is a newly established bank that will break even this year after three years of activity. It works hard to satysfy it’s clients needs while ensuring all our regulatory obligations are managed comprehensively and in a timley way in a period of frenetic increase of the regulatory burden. As a result it’s clear that we require a market leading technology provider to aid us in these ongoing efforts. We look forward to continuing to work with Wolters Kluwer,” says Benoît Wtterwulghe, Chief Executive Officer at ABLV Bank Luxembourg.
“Private banks, more than ever before, are under pressure to submit an ever increasing range of information to regulators,” notes Kris Van Bavel, managing director, EMEA, Finance, Risk and Reporting, for Wolters Kluwer. “Our deep understanding of the markets, through our large installed base in Luxembourg and the rest of Europe, not to mention our content rich offering, allows us to provide clients such as ABLV Bank with a comprehensive regulatory reporting solution. We very much look forward to continuing to work with ABLV.”
About Wolters Kluwer Governance, Risk & Compliance
Wolters Kluwer Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer which provides legal, finance, risk and compliance professionals and small business owners with a broad spectrum of solutions, services and expertise needed to help manage myriad governance, risk and compliance needs in dynamic markets and regulatory environments. The division’s prominent brands include: AuthenticWeb™, Bankers Systems®, BizFilings®, Capital Changes, CASH Suite™, CT Corporation, CT Lien Solutions, ComplianceOne®, Corsearch, Expere®, GainsKeeper®, LegalVIEW®, OneSumX®, Passport®, TyMetrix® 360, Uniform Forms™, VMP® Mortgage Solutions and Wiz®.
Wolters Kluwer N.V. (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2015 annual revenues of €4.2 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.