BBVA Compass Selects Wolters Kluwer’s OneSumX for Regulatory Reporting in the US
Posted: 29 January 2019 | Source: Wolters Kluwer
BVA Compass has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting to provide regulatory reporting software for its operations in the U.S. BBVA Compass is the U.S.-based subsidiary of Spanish multinational banking group BBVA, with a major presence throughout the Sunbelt region of the U.S. and total assets of more than $90 billion.
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 30 countries.
“As part of our ongoing strategy to build a leading franchise in the U.S. we wanted to take a more strategic approach to compliance. This needed to be supported by an integrated, flexible platform capable of evolving in response to regulatory requirements and supporting broader business goals. Wolters Kluwer provides this capability through OneSumX for Regulatory Reporting,” commented Chris Butler, Senior Vice President and Director of Financial Reporting at BBVA Compass.
“OneSumX for Regulatory Reporting addresses all U.S. regulatory, FR Y-14, FR 2052a, liquidity and other reporting requirements and can also easily be expanded or customized to account for shifts in the risk and compliance environment,” said Todd Lawrence, General Manager of Wolters Kluwer’s Finance, Risk & Reporting (FRR) business in the Americas. “Like all firms, BBVA Compass was confronted with the challenge to respond to the rapid emergence of new regulatory demands in recent years, from increases in changes to core U.S. regulatory reporting, incorporation of capital changes, Comprehensive Capital Analysis and Review stress testing and additional liquidity reporting. We are excited to be working with BBVA to ensure a strategic approach is in place.”
Wolters Kluwer FRR, which is part of the company’s Governance, Risk & Compliance 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.