Regulatory Reporting | Wolters Kluwer Financial Services OneSumX
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OneSumX for Regulatory Reporting

  • Improve accuracy, timeliness, quality, and efficiency of your Regulatory Reporting requirements with OneSumX.

    Today, financial institutions are confronted by more assertive and aggressive regulators and wider and more intrusive rules. Banks, insurance companies, fund managers and other financial firms face tough and challenging times.

    As regulatory policy initiatives continue to be presented in jurisdictions around the globe, the volume and complexity of reporting that firms need to complete is increasing. As a result, resources are being stretched to meet the new requirements. Keeping ahead of the changes, and the increasing demands of the business is becoming a significant challenge.

    Financial institutions need to submit a wider range of information to their regulators than ever before. The depth and detail of information required is also greater. In addition, the new rules have created more statutory and regulatory limits to which firms must adhere, that often require them to prepare working versions of regulatory submissions frequently, to ensure that they continue to operate within their prudential limits.

    The greater the number of reports firms must submit, the greater the likelihood of errors, mistaken submissions and misunderstanding of reporting obligations. All of this leads to added pressure for firms to reconcile requirements needed to ensure perfect alignment between finance and risk reports, both for internal use and externally for regulators. Falling short of what is required can invite reputational damage, regulatory sanctions and in some cases financial penalties. In short, it has never been more important that financial institutions get regulatory reporting right.

    OneSumX Regulatory Reporting, part of OneSumX for Compliance, uses a single source of data to ensure consistency, reconciliation and accuracy.

    • Regulatory update service (RUS)
      Additionally, we actively monitor regulatory changes and provide updates within regulatory update service (RUS) allowing firms to rest assured that they are meeting the ever changing regulatory requirements at all times. Our experts actively monitor and analyze regulatory changes in approx. 50 countries worldwide, helping firms to ensure compliance on an ongoing basis.
    • A global and local view
      Cover for approximately 50 countries ensure availability on a global level, providing support to customers across multiple jurisdictions.

      Local domain expertise with in depth subject knowledge and connections into the local regulators that overcome language difficulties while maintaining gobal consistency.

    • Full insight into data
      Full audit trail, drill-up and drill-down to underlying data,/ variance analysis, etc. as part of the runtime engine ensures ease of analysis, identifies errors and provides proof of quality. OLAP and dashboarding provides essential information that can be broadcast across multiple audiences in a graphical and tabular format. Being a visual aid, this is particularly effective for an instant view of a firm’s financial reporting status.
    • Workflow management
      The solution offers both user workflow management that monitors and determines the process from start to finish and data workflow management automating loading of data, execution of calculation processes and preparation of the reports thus preventing hold ups and errors but ensuring timeliness and accountability.
    • Dual control/four eyes principle
      Once a user makes a change, a line manager will be required to review and approve it. This assigns accountability and prevents changes going unnoticed and/or forgotten. Each line manager is provided with a personal sign-off list where they can approve or decline changes.
    • Reliable delivery
      Accurate submission of regulatory reporting that includes report level validation rules and electronic delivery (XBRL, XML etc.) where applicable.