Bendigo and Adelaide Bank have completed the first phase of the implementation of Wolters Kluwer’s OneSumX solution for Regulatory Reporting.
Decisions to implement this solution came in order to meet compliance with the changes being made to the Modernized Economic and Financial Statistics Reporting (EFS) legislation. Changes are being made by the Australian Prudential Regulation Authority (APRA) to the country’s core regulatory reporting requirements to ensure they keep up-to-date with developments in technology and data collection.
OneSumX Regulatory Reporting leverages a single source of data to maintain consistency, reconciliation and accuracy, as well as a regulatory update service. The company’s platform is supported by a team of experts which monitor regulations across 30 countries to maintain the freshness of regulation support.
Bendigo and Adelaide Bank is specifically utilising the OneSumX solution to aid the regulatory reporting of its Authorised Deposit-Taking Institution in Australia.
The two organisations inititally revealed their partnership in July last year.
Bendigo and Adelaide Bank consumer banking divisional CFO Patricia Zeitz said, “We look forward to delivering the APRA reporting automation in full and keeping ahead of future regulatory changes with assistance from this expert team. Using a number of Wolters Kluwer solutions to benchmark our submissions to regulators, the bank will continue to assist regulators by producing their required information in the most unified and expedient way possible.”
The OneSumX solution is a part of Wolters Kluwer FRR’s wider Governance, Risk & Compliance (GRC) division. Its GRC unit offers banking professionals with a selection of compliance tools to meet regulatory and legal requirements, manage risk, increase efficiency, stay competitive and produce better business outcomes.
Last year, a number of banks from around the world partnered up with Wolters Kluwer to bolster their regulatory reporting processes. These included, Land Bank of Taiwan’s Singapore Branch, Bank of Beirut and bpost banv.
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