Wolters Kluwer Financial Services Adds KPI Verification For Regulatory Reporting
Posted: 14 October 2014 | Source: Wolters Kluwer
Wolters Kluwer Financial Services, a leading worldwide provider of comprehensive risk management, compliance, finance and audit solutions to the financial services industry, today announced that the Key Performance Indicator KPI Verification module has been added into the company's China Regulatory Reporting solution.
With the newly added capability, Wolters Kluwer Financial Services' Regulatory Reporting solution can help financial institutions operating in China comply with the requirements on KPI verification that were recently introduced by the China Banking Regulatory Commission.
"The CBRC is introducing additional KPIs that banks should apply to monitor their businesses, as well as additional verifications to improve the accuracy of reported data and sensitivity validations of period on period movements," said Yong Zhao, the deputy general manager and head of Professional Services at Wolters Kluwer Financial Services. "Most of these are effective at year end, but some of the CBRC requirements are being introduced in Shanghai and effective immediately. As a result, banks urgently need to update their automated controls."
"Stress can lead people to make many more errors than under normal circumstances and with nearly no time to control or contain the issues that may be identified. The controls automation provides help to avoid this by helping to ensure that compliance and risk management processes work effectively," added Zhao.
Wolters Kluwer Financial Services' automated Regulatory Reporting solution helps firms create accurate and timely regulatory and internal reports through the use of a common, standardized data model that harnesses financial intelligence across an enterprise. The solution has been recognized as a leading Regulatory Reporting Tool in Chartis Research's RiskTech100 ranking for three years in a row. In addition, the solution has earned awards from the Insurance Risk and Banking Technology publications, among others.
Wolters Kluwer Financial Services' Senior Regulatory Intelligence Expert Spark Wang wrote a comment piece that further highlights the key challenges that banks are facing. " Guarantee Data Quality - A New Responsibility for Senior Bank Management" analyzes the key regulations and provides advice on how banks can comply with these requirements before the deadline.