Missouri-based bank Central Bancompany has picked Wolters Kluwer’s OneSumX solution to support its compliance risk management.
OneSumX will implement its regulatory change management solution to the bank’s own risk and controls assessment system, helping to streamline processes, enhance compliance risk management and controls at 13 of its affiliate banks.
The integrated service will track regulatory changes, map them to the appropriate business lines, and monitor the implementation of the changes in on system. OneSumX offers a structured regulatory content provided by a data feed and software platform for change management.
The Wolters Kluwer team review and organise regulatory content which makes it easily digestible by banks and making it clear how they are impacted.
In addition to this, RegTech company will provide risk and controls content which are specifically designed for the financial industry and can be used as a starting point for assessments and a benchmark across risk management processes.
Central Bancompany chief compliance officer and senior vice president Shannon Thomason said, “As we continue to evolve our compliance management system to fit the size and complexity of our organization, the necessity to enhance our second line of defense and change management to become more streamlined, efficient and structured throughout our organization became apparent.
“Adding these solutions gives us immediate transparency and connectivity into the array of regulatory rules and developments impacting our business, and allows us to respond in a coordinated, compliant manner.”
Last year, SME Development Bank Malaysia Berhad selected the OneSumX solution to help manage IFRS9. The RegTech supplied a solution to capture and store all relevant contractual information, manage events and transactions, IFRS calculations, accounting generation and processing up to the delivery of the disclosures.
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