Bank of China has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting to provide its regulatory reporting calculation and submission software for its operations in Australia.
OneSumX for Regulatory Reporting is set up to use a single source of data to ensure consistency, reconciliation and accuracy and includes Wolters Kluwer’s Regulatory Update Service. This unique service maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries.
Mr. Felix Lin, Senior Finance Manager for Bank of China, Sydney Branch, commented, “Providing accurate and timely submission of our business data to regulators has always been our priority. After an extensive investigation into all the options available to us, it became apparent that Wolters Kluwer’s integrated approach met our future Finance, Risk and Regulatory Reporting aspirations. We have commenced working on the implementation quickly to meet the Australian Prudential Regulatory Authority’s Economic and Financial Statistical Reporting (EFS) Phase 1.”
“Wolters Kluwer is delighted to be working with Bank of China in its continuation of delivering excellence in external and internal reporting,” commented David Rule, Account Manager for Australia New Zealand in Wolters Kluwer’s Finance, Risk & Reporting (FRR) business. “The team at Bank of China has taken a future view of its reporting capabilities and recognized the recent regulatory reporting changes in Australia will allow the firm to execute finance and risk function enhancements.”
Wolters Kluwer FRR, which is part of the company’s Governance, Risk & Compliance (GRC) division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions, supporting regulated financial institutions in meeting their obligations to external regulators and their own boards of directors. Wolters Kluwer FRR receives frequent independent recognition of its excellence and innovation. Notably, in July 2018, Risk magazine awarded Wolters Kluwer FRR its coveted Regulatory Reporting System of The Year Award and Central Banking magazine recently named OneSumX for Regulatory Reporting as Best Technology Solution For Regulatory Compliance. Chartis Research, meanwhile, has also named the firm a Category Leader in both its IFRS 9 Technology Solutions Report and CECL Report.
Regulation Asia also recently named Wolters Kluwer’s OneSumX for Regulatory Reporting the “Best Solution in Regulatory Reporting” in its Awards for Excellence, 2018. For the seventh time in eight year, Chartis Research has also awarded Wolters Kluwer its global Regulatory Reporting Category Award in Chartis RiskTech100® Rankings.
About Wolters Kluwer Governance, Risk & Compliance
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, stay competitive 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 (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 2018 annual revenues of €4.3 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.