CGD will use the OneSumX for Regulatory Reporting solution, which also includes Wolters Kluwer’s Regulatory Update Service to comply with the Capital Requirements under CRR/CRD Directives
CGD selects Wolters Kluwer’s regulatory reporting solution. (Credit: Mikhail Fesenko on Unsplash)
Portugal’s state-owned bank Caixa Geral de Depósitos (CGD) has selected Wolters Kluwer Finance Risk & Regulatory Reporting (FRR) to implement its regulatory reporting software.
The reporting solution, dubbed OneSumX for Regulatory Reporting, will combine bank data into a single source of data to facilitate consistency and accuracy.
It also includes Wolters Kluwer’s Regulatory Update Service, which is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries.
CGD will use the OneSumX for Regulatory Reporting solution to achieve compliance with the Capital Requirements under CRR/CRD Directives.
CGD CDO Hugo Verissimo Oliveira said: “Wolters Kluwer provides the know-how and proven expertise to ensure a successful implementation.
“During the project, new processes will enable data flow automation, enabling the bank to integrate a common reporting framework, capital requirements, and financial reporting, including the deployment of data integration.”
Wolters Kluwer is a provider of software solutions, and services for the healthcare, tax and accounting, governance, risk and compliance, legal and regulatory sectors.
Wolters Kluwer FRR, is a part of the company’s Governance, Risk & Compliance (GRC) division.
GRC is a division of Wolters Kluwer, which provides legal and banking professionals with integrated regulatory compliance and reporting solutions.
It offers a portfolio of services and solutions focused on legal compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer FRR works to help regulated financial institutions meet their obligations to external regulators and their own board of directors.
Wolters Kluwer FRR EMEA region managing director Kris Van Bavel said: “This deal represents a strategic win for FRR’s Portuguese team and showcases our position in the market.
“We continue to attract a wide range of clients in the country and throughout the region, and look forward to working with CGD’s team on the implementation of our market-leading regulatory reporting solution, OneSumX.”