Information services specialist Wolters Kluwer’s finance, risk and regulatory (FRR) reporting business, Wolters Kluwer FRR, has launched a China specific version of its OneSumX for Risk Management, part of the company’s OneSumX for FRR solution.
OneSumX for FRR is an integrated regulatory compliance and reporting solution suite that establishes a single source of data for finance, risk and regulatory reporting that is enriched with value-added content from in-house experts.
The OneSumX for Risk Management module equips financial services firms to deliver processes, best practices, regulatory intelligence, and the analytics required of businesses in a highly regulated industry. As well as delivering regulatory compliance, OneSumX for Risk Management delivers business value, combining financial risk management with regulatory analytics across multiple risk classes.
The localised Chinese version will specifically cover asset liability management, economic capital, market risk, interest rate risk in the banking book, stress testing and liquidity risk (including liquidity coverage ratio, net stable funding ratio and high-quality liquid assets).
Ultimately the solution will also include all regulatory analytics calculations—covering credit risk, risk weighted assets (RWA) and market risk RWA. Through combined use with OneSumX for Regulatory Reporting, clients will have access to a full suite of regulatory analytics and reporting functionality.
Wolters Kluwer FRR has hired Benjamin Jing as vice president of sales and business development for its operations in China. Jing has 30 years of experience in leading business transformation and growth at various international and local teams in the country.
Previously, he worked for Vanda Group (part of PCCW Solutions), as assistant vice president in charge of more than 100 staff in its financial services unit. He has held a number of leadership positions in his career at Oracle, IBM, Infosys, Teradata, and working at local and global banks as well as insurance firms.
“This product launch is an incredibly exciting opportunity to further extend our domain expertise and leading technology to China.
“OneSumX for Risk Management offers our clients a competitive advantage through its truly integrated platform for multiple risk classes, allowing reconciliation and consolidation with finance beyond regulatory analytics,” said Rainer Fuchsluger, managing director of Wolters Kluwer FRR, Asia-Pacific.
“This localised OneSumX for Risk Management solution, which will have a Chinese front-end interface, supports the country’s financial institutions which are required to comply with the finalisation of the Basel III reforms.
“With an ever-changing regulatory landscape, especially in China thanks to the country’s multiple regulatory bodies, Wolters Kluwer FRR is delighted to reinforce its commitment with investments in people and technology to help Chinese financial institutions through the use of our innovative solutions for governance, risk and compliance.”
Wolters Kluwer FRR, OneSumX, Risk Management, Insurance, Reinsurance, China