BBVA Compass has chosen Wolters Kluwer’s OneSumX Regulatory Reporting to provide regulatory reporting software for its operations in the US.
OneSumX Regulatory Reporting uses a single source of data for consistency, reconciliation and accuracy and includes the firm’s regulatory update service.
BBVA Compass is the US-based subsidiary of Spanish multinational banking group, BBVA.
Chris Butler, senior vice president and director of financial reporting at BBVA Compass, said: “As part of our ongoing strategy to build a leading franchise in the US we wanted to take a more strategic approach to compliance.”
He added: “This needed to be supported by an integrated, flexible platform capable of evolving in response to regulatory requirements and supporting broader business goals. Wolters Kluwer provides this capability through OneSumX for Regulatory Reporting.”
Todd Lawrence, general manager of Wolters Kluwer’s finance, risk and reporting business in the Americas, commented: “Like all firms, BBVA Compass was confronted with the challenge to respond to the rapid emergence of new regulatory demands in recent years, from increases in changes to core US regulatory reporting, incorporation of capital changes, comprehensive capital analysis and review stress testing and additional liquidity reporting.”
He added: “We are excited to be working with BBVA to ensure a strategic approach is in place.”
