Bank to Utilize OneSumX® to Help Address Elevated Volume and Complexity of Regulatory Reporting Requirements
Wolters Kluwer Financial Services announced today that China Construction Bank (Asia) Co. Ltd. (CCB Asia), has selected the company’s OneSumX® Regulatory Reporting solution. The Hong Kong-based bank will use the solution to help improve the accuracy, timeliness, quality and efficiency of reporting requirements across its 44 branches.
The OneSumX Regulatory Reporting solution will allow CCB Asia to maintain a single source for data to ensure consistency, reconciliation and accuracy in the management of the wide range of information the firm is required to submit to regulators. Today’s increasing scrutiny on banks has led to added pressures to be able to reconcile all the requirements needed to ensure alignment between finance and risk reports, both for internal use and externally for regulators.
“After a rigorous selection process, Wolters Kluwer Financial Services’ OneSumX solution emerged as the clear choice for meeting our regulatory reporting needs,” said Tony Lai, head of Business Intelligence and Management Information Systems, CCB Asia. “The company’s deep industry and subject matter expertise, combined with its leading technology and support, means it is best positioned to help address the rigorous reporting challenges we face.”
The regulatory reporting solution is part of Wolters Kluwer Financial Services' OneSumX solution suite. This ecosystem of solutions is designed to empower the full range of governance, finance, risk and compliance professionals through technology, content and analysis so they can help achieve greater organizational profitability, efficiency and growth. The company’s modular, suite-based approach offers organizations the flexibility and scalability required to help meet the complexity of their expanding and continually changing compliance, risk management and finance needs.
“Banks operating within Asia Pacific today face increased scrutiny from regulators and greater demand from stakeholders for transparency and more insightful business analytics, placing stress on antiquated manual approaches to compliance management,” said James Stewart, general manager, Compliance, Asia Pacific for Wolters Kluwer Financial Services. “Regulatory reporting is an essential component of any proactive and successful compliance program, so we are excited that CCB Asia has chosen us to help manage these pressures.”