Wolters Kluwer updates OneSumX for Basel requirements
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Wolters Kluwer updates OneSumX for Basel requirements 05 October 2023UK Reporter: Lucy Carter
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Wolters Kluwer has updated its OneSumX finance, risk and regulatory reporting (FRR) product to meet capital requirements regulation (CRR) III and Basel IV requirements.
OneSumX for Basel covers standardised and advanced approaches across all risk types and bank sizes, and allows users to manage the reporting process from start to end. Ensuring compliance with Basel II, III, 3.1 and IV implementation will enable teams to make more informed decisions, manage risk more effectively and optimise their revenues, the company says.
This iteration of the OneSumX solution suite benefits from improvements to cloud technology, security and memory processing, Wolters Kluwer says, along with enhanced user experience and functionality capabilities. Total cost of ownership has been reduced, regardless of whether the service is implemented on-premise or via the cloud.
Claudio Salinardi, executive vice president and general manager for Wolters Kluwer FRR, says: “This is the next milestone in the delivery of our FRR integration mission with the native integration of financial risk, the Basel Regulatory framework, and regulatory reporting.
“OneSumX for Basel enables banks to be compliant with the complex Basel regulations with an integrated solution, utilising our regulatory update service. As part of Wolters Kluwer Corporate Performance and ESG we are committed to helping our clients digitally transform the way they collect, report, analyse and assure the accuracy of their financial and ESG data, aiding efforts to build a distinct competitive advantage. Basel reporting is a vital component of this.”
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