Investors Bank has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting to provide its regulatory reporting software. Investors Bank, which operates from its corporate headquarters in Short Hills, New Jersey, has approximately $25.52 billion in assets and 151 branches located throughout New Jersey and New York.
OneSumX for Regulatory Reporting combines bank data into a single source of data to ensure consistency, reconciliation and accuracy and includes Wolters Kluwer’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries.
“We wanted to take a more strategic approach when it came to our regulatory reporting obligations and were searching for an integrated platform, allowing for regulatory reporting automation. Wolters Kluwer neatly provides this capability through OneSumX for Regulatory Reporting and we are excited to be working on the roll out of the award winning technology,” commented Sean Burke, Executive Vice President and Chief Financial Officer at Investors Bank.
“As regulations evolve globally, data has become both an essential currency and a pain point for financial institutions. Regulatory report submissions involve more frequent, complex and granular data requests, and require calculations that draw on multiple business functions across finance, risk and treasury,” said Todd Lawrence, General Manager of Wolters Kluwer’s Finance, Risk & Reporting (FRR) business in the Americas. “OneSumX for Regulatory Reporting addresses US FR Y-14, FR 2052a, liquidity and other reporting requirements and can be also easily expanded or customized to account for shifts in the risk and compliance environment, effectively allowing for the automation of regulatory reporting. We are delighted to be working with Investors on this important project for the bank.”
Wolters Kluwer FRR, which is part of Wolters Kluwer’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. Chartis Research has also named the firm a Category Leader in both its IFRS 9 Technology Solutions Report and CECL Report.
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 2018 annual revenues of €4.3 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.