Caixa Geral de Depósitos (CGD), the Portuguese state-owned banking corporation, and the largest bank in Portugal, has chosen “to implement regulatory reporting software from Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR).”
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.”
CGD will “use the solution to help comply with the Capital Requirements under CRR/CRD Directives.”
Hugo Verissimo Oliveira, CDO at CGD, 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.”
Kris Van Bavel, Managing Director of Wolters Kluwer FRR for the EMEA region, remarked:
“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.”
Wolters Kluwer FRR, which is part of the company’s Governance, Risk & Compliance (GRC) 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.”
The business and its OneSumX for Regulatory Reporting solution is “this year’s recipient of Risk.net’s prestigious Regulatory Reporting System of the Year award, an accolade Wolters Kluwer FRR has won for an unprecedented fourth time.”
Governance, Risk & Compliance is “a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes.”
As noted in the update, Wolters Kluwer (WKL) claims it is “a global leader in professional information, software solutions, and services for the health, tax & accounting, governance, risk & compliance, and legal & regulatory sectors.”
They help their customers “make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.”