Bank Polskiej Spóldzielczosci selects Wolters Kluwer
Posted: 23 October 2017 | Source: Wolters Kluwer Financial Services
Warsaw-based Bank Polskiej Spóldzielczosci SA (Bank BPS) has chosen Wolters Kluwer’s OneSumX for Risk and OneSumX for Regulatory Reporting to provide an integrated risk and regulatory reporting solution following a competitive tender process.
Bank BPS has chosen to use the OneSumX solution for static and dynamic projection analysis, liquidity reporting, interest rate and FX risk with Value at Risk analysis on top of it. In addition to the risk solution, the bank will use OneSumX to support Liquidity Coverage Ratio (LCR), Additional Liquidity Monitoring Metrics (ALMM), Net Stable Funding Ratio (NSFR) and Assets Encumbrance Regulatory Reporting in Poland.
OneSumX Regulatory Reporting uses a single source of data to ensure consistency, reconciliation and accuracy and includes the firm’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in approximately 50 countries, helping to ensure the solution is current at all times.
“We required a system in which risk and regulatory reporting were integrated in an optimal and seamless way. Wolters Kluwer provides this capability,” commented Maja Kraszewska, Director of the Financial Risk Department at Bank BPS.
“Our integrated risk and regulatory reporting platform, supported by our detailed understanding of the Bank’s business needs and strong local presence were some of our key differentiators in the RFP process,” commented Kris Van Bavel, Managing Director, EMEA, for Wolters Kluwer’s Finance, Risk & Reporting business. “We are delighted to have Bank BPS as a new customer in the region and look forward to working with them on the implementation.”
Bank BPS provides banking products and services to corporate clients, small and medium enterprises, and individual customers in Poland through a network of approximately 50 branches. The bank offers accounts, loans, cards, savings and investments, internet banking, and payment services, as well as insurance. It also provides financing, EU fund, bill, guarantees and warranties, and surplus placement services; and housing communities financing, trade finance, and currency risk management services.
Wolters Kluwer has received a number of recent awards, providing independent verification of its leading market position in integrated regulatory reporting. Chartis Research, for example, recently named Wolters Kluwer a Category Leader for IFRS 9 solutions, for the second year running, as well as a Category Leader in its Markets in Financial Instruments Directive II (MiFID II) Report. Wolters Kluwer has won a number of other accolades for its dominant position in regulatory reporting from the likes of Wealth & Finance International, FinTech Finance, Data Management Review and Corporate Vision magazine. Wolters Kluwer’s OneSumX for Risk was also named Best Risk Management System by Banking Technology magazine at the end of 2016.