LGT Opts for Wolters Kluwer’s OneSumX for Asian Regulatory Reporting and Risk Management
Posted: 9 August 2017 | Source: Wolters Kluwer
LGT, a leading international private banking and asset management group owned by the Princely House of Liechtenstein, has chosen Wolters Kluwer’s OneSumX to provide its regulatory reporting and risk software for its Asian operations.
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. LGT will be specifically using the Regulatory Reporting functionality for Singapore and Hong Kong.
LGT will also use OneSumX Financial Risk Management for the calculation of risk ratios for capital adequacy reporting (CAR) in Singapore.
“LGT needed to find the best possible solution to comply with our regulatory and risk obligations in Asia,” comments Daniel Marxer, Manager at LGT. “After carefully evaluating all the options on offer, we are confident that Wolters Kluwer, with its considerable expertise in risk and regulatory reporting in the region, will provide us with the best possible end-to-end solution.”
In the past few months leading financial services firms from every corner of the world have implemented the company’s OneSumX solution for Regulatory Reporting, Risk and Finance (including IFRS 9 solutions). Major financial services providers that have recently announced their use of Wolters Kluwer include Nordea, BBVA, CIBC, Australia’s Queensland Treasury Corporation and The Swedish Export Credit Corporation.
Wolters Kluwer has received a number of recent awards, providing independent verification of its leading market position in integrated regulatory reporting. Just last month Chartis Research named the Wolters Kluwer a Category Leader for IFRS 9 solutions, for the second year running. At the end of last year Chartis Research also named Wolters Kluwer #1 for Regulatory Reporting in its RiskTech100® report. Notably, this is the sixth year running that Wolters Kluwer has achieved this honor, with 2016 also seeing the firm win a plethora of other accolades for its dominant position in regulatory reporting (from the likes of FinTech Finance and Data Management Review). Wolters Kluwer’s OneSumX was also named Best Risk Management System by Banking Technology magazine at the end of 2016.