Aegean Baltic Bank of Greece (ABB) has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting and OneSumX for Risk Management as its integrated risk and regulatory reporting software solution, helping the bank to meet its Basel IV and CRD V obligations. 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 b
The Financial Crisis of 2008 had far reaching social and economic ramifications. Within the Financial Services industry, the collapse of Lehman Brothers and the ensuing mess that unfolded resulted in governments scratching their heads for solutions to guarantee such a situation never happens again. This manifested itself in vast amounts of regulation forcing compliance and transparency which was deemed the best way of avoiding another crisis. This response posed a significant
Part 1 of the blog (which you can read here) showed how the gathering, aggregation and sharing of quantitative risk data and qualitative information is fraught with existing challenges that are ever-increasing given the tightening regulatory landscape. These challenges typically related to the increasing granularity data required by regulators, legacy IT systems, data protection laws and cross-jurisdictional differences. However, the following new technologies could contribut
While the importance of data is undeniable, organising it and accessing it can be challenging for a lot of firms, industry experts discuss how best to keep one’s ducks in a row when it comes to data management In a world that heavily relies on technology, data and its capabilities are of paramount importance. In the financial services world, organised and correct data is able to empower decision making, spur revenue growth, and make organisations faster and agile.
Regulatory reporting is simply the submission of raw or summary data required by regulators to evaluate a bank's operations and its overall health which thus determines the degree of compliance with required regulatory provisions. The salience of this issue increased dramatically after the 2008 financial crisis as both the volume and complexity of regulation increased in order to prevent a repeat of the subprime mortgage meltdown. In response to the ever-evolving regulatory l