Wolters Kluwer’s Finance, Risk & Reporting business today announced that Chartis Research has named the company a Category Leader in its Current Expected Credit Loss (CECL) Technology Solutions report. Chartis uses in-depth research and a clear scoring system to determine which solutions in the marketplace can meet an organization’s needs. Last year Chartis also named Wolters Kluwer as a Category Leader in its International Financial Reporting Standards (IFRS) 9 Technology Solutions: Market Update 2017 report.
The report from Chartis evaluates CECL technology solution providers on two key factors— completeness of offering and market potential. According to Chartis, Category Leaders, such as Wolters Kluwer, “combine depth and breadth of functionality, technology and content with the required organizational characteristics to capture significant share in their market.” Category Leaders offer “best-in-class solutions and the range and diversity of offerings, sector coverage and financial strength to absorb demand volatility in specific industry sectors or geographic regions.”
“Much like other regulations and standards, CECL is a catalyst for revolutionary change in the methodologies, business processes and IT/data infrastructure financial institutions employ to handle market and credit risk,” said Rob Stubbs, Head of Research at Chartis. “The main impacts and requirements of CECL will be more data, the development and implementation of new models, and a complex interplay of related regulations and stress tests. Dealing with these will require a strong database structure, the right modeling methodology, and an approach that — where appropriate — incorporates elements of the systems firms will have to use for other industry regulations and requirements. Category Leaders such as Wolters Kluwer are in a position to deliver this functionality.”
“There are just eighteen months until the implementation of CECL - a game changing event for impacted financial institutions,” said Will Newcomer, Vice President, Business Development & Strategy, Risk & Finance, Americas, for Wolters Kluwer’s Finance, Risk & Reporting business. “We are delighted that Chartis has recognized our capabilities in its first CECL report and will continue to work with our clients on strategic roll outs that meet the challenges of compliance with the standard. CECL necessitates a flexible, adaptable technology solution that enables closer collaboration among finance, risk and reporting functions. As the market leader in the provision of integrated regulatory compliance and reporting solutions we are, as this report highlights, in an excellent position to provide clients with a future-proof CECL offering.”
Leading financial services firms, including banks and automotive finance firms, from across North America continue to implement the company’s award winning OneSumX solution for Regulatory Reporting, Risk and Finance, including CECL systems. Major financial services providers from across the world that have recently announced their use of Wolters Kluwer solutions include ABN AMRO, SME Development Bank Malaysia Berhad, Bahrain Middle East Bank, China Everbright Bank, China Merchants Bank, LGT and Nordea.
Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
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 2017 annual revenues of €4.4 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.
Chartis Research is the leading provider of research and analysis on the global market for risk technology. It is part of Infopro Digital, which owns market-leading brands such as Risk and WatersTechnology. Chartis’ goal is to support enterprises as they drive business performance through improved risk management, corporate governance and compliance, and to help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology.
For more information, visit www.chartis-research.com.
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Governance, Risk & Compliance
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