Wolters Kluwer’s Finance, Risk & Reporting (FRR) business has been invited to take part in an industry roundtable, organized by the Bank of England, which will discuss proposals designed to ensure U.K. banks are accountable for their own resolvability - the Resolvability Assessment Framework (RAF).
The roundtable takes place today and includes Partner level participants from law firms, consultancies and accounting firms. Wolters Kluwer is the sole technology provider taking part in the event and will be providing expertise relating to regulatory reporting implications.
Consisting of two consultation papers, the Bank of England and Prudential Regulation Authority (PRA) published the RAF package in December 2018. An important step in the Bank’s commitment to Parliament that major U.K. banks will be fully resolvable by 2022, the package is designed to make resolution more transparent, better understood and more successful by creating a common assessment framework across all firms.
Representing Wolters Kluwer at the roundtable will be Nicos Kynicos, Product Manager for Regulatory Reporting, U.K., Ireland and Nordics at Wolters Kluwer FRR.
The decision to take part in the event is part of Wolters Kluwer’s ongoing commitment to share its regulatory insights with regulators and the industry as a whole. “This advisory roundtable provides a useful opportunity to hear directly from influential thought leaders that are contributing to this important subject for the U.K.’s banking sector,” commented Kynicos. “The approach and objectives of the RAF are certainly welcome. It makes absolute sense to internalize the externalities associated with failure of major financial institutions. I look forward to discussing the wider implications of the package and hearing what the Bank and other experts believe to be the key areas for focus in the proposals.”
Wolters Kluwer FRR, which is part of the company’s Governance, Risk & Compliance division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. It supports regulated financial institutions in meeting their obligations to external regulators and their own board of directors.
Wolters Kluwer FRR receives frequent independent recognition of its excellence and innovation. In mid-2018, Risk magazine awarded the company its coveted Regulatory Reporting System of The Year Award and Central Banking magazine recently named OneSumX for Regulatory Reporting its Best Technology Solution For Regulatory Compliance. Wolters Kluwer FRR is also this year’s Category Winner for Regulatory Reporting in the annual RiskTech100® report. This comprehensive study of the world’s leading risk and compliance technology companies is compiled by Chartis Research. Notably, this is the seventh time in eight years that Wolters Kluwer FRR has achieved this honor.
About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, stay competitive and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2017 annual revenues of €4.4 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.