Wolters Kluwer’s Finance, Risk & Reporting (FRR) business has signed its first client for its recently launched software-as-a-service (SaaS) Regulatory Reporting solution. BNG Bank, which is partiually owned by the State of the Netherlands, will use the solution to automate its regulatory reporting processes and to better ensure reconciliation of reporting between the bank’s own functional departments.
The SaaS solution, like the OneSumX for Regulatory Reporting on-premise solution, combines bank data into a single source of data to ensure consistency, ease of reconciliation and accuracy. It includes access to Wolters Kluwer’s unique Regulatory Update Service which is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries, factoring the potential impact of future changes into the OneSumX portfolio and ensuring clients’ ongoing compliance. As well as ensuring predictability of cost, the SaaS offering is a secure platform which provides flexibility of infrastructure for banks undergoing growth.
BNG Bank is a statutory two-tier company under Dutch law (structuurvennootschap). Half of the bank's share capital is held by the State of the Netherlands and the other half by municipal authorities, provincial authorities and a water board. It’s clients are local authorities and institutions for housing, healthcare, education, energy and infrastructure in the Netherlands. The bank provides customized financial services, ranging from loans and advances, payment services and electronic banking. BNG Bank also participates in public-private partnerships.
“BNG Bank recently started the implementation of an enterprise data warehouse, with the aim that this will become the source of all reports and analytical data sets within the organization,” commented Jeroen Speek, Head of Reporting at BNG Bank. “This single data foundation will form the basis for both internal and external reporting. In Wolters Kluwer we found the know how of a trusted partner with regulatory reporting prowess and technological expertise. Wolters Kluwer, with it’s award winning integrated regulatory compliance and reporting solutions, was the natural choice. We are looking forward to the extensive collaboration with Wolters Kluwer for the coming years.”
“Our newly launched SaaS solution offers the same functionality as the company’s on-premise product, based on our recently upgraded OneSumX Regulatory Engine technology platform which offers enhanced performance and better user experience, in terms of speed, automation and scalability,” commented Claudio Salinardi, Executive Vice President & General Manager of Wolters Kluwer FRR. “We are delighted that BNG Bank has chosen to implement the solution and look forward to working with the bank as it looks to build its enterprise data warehouse.”
Wolters Kluwer FRR, which is part of Wolters Kluwer’s Governance, Risk & Compliance 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. Risk magazine recently awarded the company its coveted Regulatory Reporting System of The Year Award for the second year running. Wolters Kluwer FRR is also this year’s Category Winner for Regulatory Reporting in the annual RiskTech100® report. This comprehensive study of the world’s leading risk and compliance technology companies is compiled by Chartis Research. Notably, this is the seventh time in eight years that Wolters Kluwer FRR has achieved this honor. Chartis Research has also named the firm a Category Leader in both its IFRS 9 Technology Solutions Report and CECL Report.
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, 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 18,600 people worldwide.