Solution Chosen to Help Bank Effectively Manage Operational Risk
Wolters Kluwer Financial Services announced today that Türkiye Finans KatÄ±lÄ±m BankasÄ±, the second largest network in Turkey’s participation banking sector and a subsidiary of the National Commercial Bank, has selected the company’s OneSumX GRC solution to help manage operational risk across its 280 branches in Turkey.
Türkiye Finans selected OneSumX GRC after a two-month review of both the solution’s capabilities as well as the expertise of Wolters Kluwer Financial Services’ implementation team. The solution will support Türkiye Finans’ existing operational risk model by automating and helping to simplify the process of collecting, storing, analyzing, tracking and reporting on information relevant to operational losses, risk and control assessments, definition and management of key risk indicators and scenarios.
“Türkiye Finans’ selection of OneSumX GRC over other offerings in the marketplace is a testament to our satisfaction with Wolters Kluwer Financial Services’ experience, regulatory support, and proven ability to deliver,” said Özer Baran, head of Türkiye Finans’ Risk Reporting and Credit Policy department. “We wanted to ensure that OneSumX GRC would meet our desired strategic results and expectations for managing operational risk, and we are very confident in our decision.”
Wolters Kluwer Financial Services' OneSumX GRC solution helps financial organizations bring greater transparency, control and efficiency to managing compliance, operational and financial risk management, audit, and governance functions. OneSumX GRC’s modular, suite-based approach offers organizations the flexibility and scalability required to help meet the complexity of their expanding and continually changing business operations.
“In today’s regulatory environment, an effective operational risk framework is essential for financial organizations, enabling them to make smart, forward-looking decisions that help drive the long-term success of their organizations,” said Richard Pike, vice president of market management, EMEA, Wolters Kluwer Financial Services. “We are pleased that Türkiye Finans has recognized the continued commitment we’ve made to developing solutions that meet our customers’ most pressing needs.”
As part of the Türkiye Finans implementation, Finecus, an AFS subsidiary based in Turkey, provided additional consulting and professional services by working collaboratively alongside Wolters Kluwer Financial Services. In additional to this support, Finecus is also helping bring the company’s solutions to the broader Turkish marketplace.
Wolters Kluwer Financial Services’ OneSumX GRC solution is used by more than 900 banks, insurance companies and asset managers worldwide.