Singapore/Hong Kong, 15 December 2020 – Wolters Kluwer has won Best Solution in Regulatory Reporting in the 3rd Regulation Asia Awards for Excellence 2020 in an online ceremony on 15 December 2020.
In the hotly-contested regulatory reporting category, Wolters Kluwer emerged as the winner for OneSumX for Finance, Risk and Reporting, which provides an integrated regulatory reporting solution that combines bank data into a single source to ensure consistency, reconciliation and accuracy of reported data.
The solution, used by over 600 financial institutions across 50 countries, is now also available as a cloud service, providing firms with greater cost predictability while lowering infrastructure costs for banks. Wolters Kluwer also provides a regulatory update service for 30 countries, which is maintained by experts with deep domain expertise and ensures banks can remain compliant with evolving regulatory reporting requirements.
This year, Wolters Kluwer’s regulatory engine has been upgraded to improve execution speed, performance and reliability in meeting high volume and high frequency reporting requirements. The upgrade has been rolled out in Europe and Asia, and will be further expanded over the next three years. The engine enables banks to capture source data in regulator-defined reports and run validation, adjustments and auditing before data is submitted to regulators.
In Singapore, Wolters Kluwer has partnered with Vizor to use its reporting API to automatically consume published machine-readable regulatory rules and data models to increase reporting quality and reduce the time and effort required for compliance. The platform allows the preparation and validation of regulatory data to become a machine-to-machine task, enabling banks and regulators to instead focus on data analysis and risk management.
“OneSumX sets a high standard in the market. This solution is well known and respected,” said one judge on the awards panel. “Banks benefit greatly from the solution and, given its preparedness for the latest Basel standards, it will support firms even further in meeting regulatory reporting requirements. The relationship with Vizor stands out and helps to firm up the OneSumX reporting solution.”
Wolters Kluwer has also developed an AI-based regulatory reporting prototype, which was chosen as a G20 Techsprint finalist in August 2020. The prototype showed that AI can be used to build highly accurate predictive models for regulatory reporting, paving the way for increased automation in this area in future.
About the Regulation Asia Awards for Excellence 2020
The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that have helped meet the challenges of the ever-changing and increasingly complex regulatory landscape in Asia Pacific. Each year, submissions are diligently evaluated and award winners selected by a panel of industry experts serving as judges.
The full list of award winners is available here.
About Regulation Asia
Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. With over 8,500 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.