Bank Selects OneSumX to Help Automate IFRS 9 Regulatory Requirements
Wolters Kluwer today announced that Canadian-based Equitable Bank has selected the company’s OneSumX® Finance, Risk and Reporting solution. The solution will help Equitable Bank manage regulatory and supervisory expectations for its credit and capital management processes, as well as automate its International Financial Reporting Standards (IFRS) 9 requirements.
Additionally, as Equitable Bank seeks to become an Advanced Internal Ratings Based (A-IRB) bank under the Basel III framework, the solution will provide the necessary tools to help comply with Office of the Superintendent of Financial Institution’s (OSFI) Capital Adequacy Requirements guidelines and supporting Implementation Notes.
“As the ninth-largest independent Schedule I bank in Canada, our needs are continually evolving to support our continued growth and diversification. As we sought new and better ways to manage our regulatory processes, we selected Wolters Kluwer to help address these needs,” said Ron Tratch, vice president and chief risk officer for Equitable Bank. “The solution will enable us to have complete data transparency, using an integrated centralized data architecture, which will provide us with a consolidated view across all business lines and all types of risk. This will enhance our resource efficiencies, and better position us to deliver on our business strategies.”
The Finance, Risk and Reporting solution is part of the OneSumX solution suite, a complementary and comprehensive ecosystem of governance, finance, risk and compliance solutions and services that allows financial organizations to address a single risk or business issue, but in the context of a much larger and more holistic way. An organization’s finance, risk and compliance areas can work together with a common goal of helping to maintain profitability and find additional ways to safely grow the business.
“We’ve been very pleased to partner with Equitable Bank in its regulatory compliance journey,” said Bill Collette, general manager, Finance, Risk and Reporting for the Americas at Wolters Kluwer. “Our solution is one of the most intuitive systems available in the market when it comes to addressing IFRS 9 requirements. With OneSumX, Equitable Bank can now comprehensively address the specific methodologies and calculations of IFRS, particularly fair value and amortized cost, expected credit losses, and hedge accounting, which are continually evolving.”