MUFG Europe Selects Wolters Kluwer
Posted: 7 December 2018 | Source: Wolters Kluwer
MUFG Europe, the European subsidiary of Japan’s Mitsubishi UFJ Group, has chosen Wolters Kluwer’s OneSumX software to manage a number of regulatory and risk reporting obligations for its Dutch and German business lines, including AnaCredit and Interest Rate Risk in The Banking Book (IRRBB).
The bank is an existing user of OneSumX for Regulatory Reporting, which uses a single source of data to ensure consistency, reconciliation and accuracy and includes Wolters Kluwer’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in approximately 30 countries.
MUFG will now also use Wolters Kluwer’s OneSumX AnaCredit solution. This integrated and scalable solution uses grid and in-memory computing to handle the large data volumes required for AnaCredit, by the extensive regulation. This enables faster processing time and a more flexible operational environment for end users. AnaCredit is the European Central Bank project to set up a dataset containing detailed information on individual bank loans in the euro area, harmonized across all member states.
“New requirements under AnaCredit and IRRBB are changing the frequency on which we report,” commented Sander van der Laan, Executive Director and Head of MUFG Europe’s Risk Management Division. “As an existing customer of Wolters Kluwer, we were already aware of the benefits of its leading technology and it was a natural choice to extend our use of OneSumX to provide a suitably robust infrastructure for managing our obligations.”
Wolters Kluwer’s Finance, Risk & Reporting (FRR) business, 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 boards of directors.
Wolters Kluwer FRR receives frequent independent recognition of its excellence and innovation. Risk magazine awarded the company its coveted Regulatory Reporting System of The Year Award and Central Banking magazine recently named OneSumX for Regulatory Reporting its Best Technology Solution For Regulatory Compliance. Wolters Kluwer FRR is also this year’s Category Winner for Regulatory Reporting in the annual RiskTech100® report. This comprehensive study of the world’s leading risk and compliance technology companies is compiled by Chartis Research. Notably, this is the seventh time in eight years that Wolters Kluwer FRR has achieved this honor.
Leading financial services firms from across the world have implemented the company’s award winning OneSumX solution for integrated Regulatory Reporting, Risk and Finance. Major financial services firms that have recently announced their use of Wolters Kluwer solutions include ABN AMRO, SME Development Bank Malaysia Berhad, Bahrain Middle East Bank, China Merchants Bank, China Everbright Bank, LGT and Nordea.