Wolters Kluwer expert comments on European Parliament vote to pass amendment implementing Basel III reforms

“This is a major overhaul of the capital requirements framework, impacting various aspects, including credit risk, operational risk, market risk, and the capital floor. Whereas other significant jurisdictions, including the U.S., the U.K. and Hong Kong, have deferred timelines, the European Economic Area (EEA) region is now moving ahead with the Basel III reforms without delay. 

“The clock is now ticking for financial institutions in the EEA as the CRR3 regulation is applicable from January 1, 2025. It will be essential that banks and financial institutions act swiftly and harness transformative technologies to ensure compliance and readiness.”

Wolters Kluwer Finance, Risk and Regulatory Reporting (FRR) supports financial institutions through innovative technology that enables and empowers clients to stay compliant with ever-changing regulatory requirements, manage uncertainty through financial risk management offerings and drive efficiency.

Wolters Kluwer FRR is part of Wolters Kluwer’s Corporate Performance & ESG (CP & ESG) division, headed by CEO Karen Abramson. The division is the world’s leading provider of integrated software solutions for EHS, Environmental, Social, and Governance (ESG), and Governance, Risk and Compliance (GRC). Through innovative technology and unique expertise, Wolters Kluwer CP & ESG enables business leaders to make informed, strategic decisions that drive transformation, performance, and risk management for a sustainable and resilient world.