OneSumX solutions essential in helping bank identify evolving regulations, manage compliance risk.
Central Bancompany, headquartered in Jefferson City, Mo., has implemented Wolters Kluwer's regulatory change management offering along with its risk and controls assessment solution to streamline processes and enhance compliance risk management and controls among Central Bancompany's 13 affiliate banks.
OneSumX for Regulatory Change Management helps Central Bancompany track regulatory changes, map them to the appropriate lines of business, and monitor the implementation of the changes in one system. The solution features structured regulatory content provided through a data feed and a software platform that supports regulatory change management. Wolters Kluwer content experts review and organize important regulatory content in a way that makes it easy to quickly assess how a change may affect the bank, which sets it apart from other regulatory change management platforms.
Central Bancompany is also using OneSumX Risk and Controls Assessment, which combines a strong regulatory framework with organizational controls to create a comprehensive platform for managing enterprise compliance risk. The solution provides risk and controls content specifically designed for the financial services industry that can be used as both a starting point for assessments and as a benchmark throughout the risk management process.
“As we continue to evolve our compliance management system to fit the size and complexity of our organization, the necessity to enhance our second line of defense and change management to become more streamlined, efficient and structured throughout our organization became apparent,” said Shannon Thomason, Senior Vice President, Chief Compliance Officer at Central Bancompany. “Adding these solutions gives us immediate transparency and connectivity into the array of regulatory rules and developments impacting our business, and allows us to respond in a coordinated, compliant manner.”
“These offerings illustrate our longstanding commitment to providing financial institutions like Central Bancompany with reliable options for managing their risk and regulatory compliance efforts,” said Chuck Ross, Vice President, Compliance Program Management for Wolters Kluwer. “Given the volume, breadth, frequency and depth of regulatory changes facing banks today, access to automated, up-to-date, and comprehensive content is critical for keeping pace in today’s ever-changing regulatory environment.”
Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software solutions and services for professionals in healthcare; tax and accounting; financial and corporate compliance; legal and regulatory; corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services.
