ABN AMRO, the third largest bank in the Netherlands, has chosen Wolters Kluwer and SAS to meet regulatory compliance.
The bank said it has chosen Wolters Kluwer and SAS to provide a truly integrated finance, risk and regulatory reporting software solution. The implementation of the software is part of the bank’s major transformation project, the Finance and Risk Architecture Alignment Initiative (FRAAI), which is designed to meet increasing requests internally as well as from regulatory bodies.
ABN AMRO will use SAS risk and finance capabilities for data management and visualisation, finance and risk analytics and enterprise model risk management and process orchestration.
SAS claims to ensure that all risk and finance data is properly sourced, processed, governed and available for self-service analysis and reporting. Whether it is estimation of risk parameters, or handling all FRAAI forecasting activities for scenario-based capital planning, IFRS 9, stress testing and Pillar 2 capital requirements, SAS’ risk solutions will make these processes more efficient and more valuable to the Bank.
Its risk governance capabilities will also be used across the bank, promoting transparency, traceability, and automation of the various FRAAI processes.
ABN AMRO will also use Wolters Kluwer’s OneSumX for Regulatory Reporting, along with OneSumX for Finance and OneSumX Asset and Liability Management (ALM).
OneSumX for Regulatory Reporting uses a single source of data to ensure consistency, reconciliation and accuracy and includes the firm’s Regulatory Update Service, which actively monitors regulation in approximately 50 countries.
Wolters Kluwer’s OneSumX for Finance provides financial institutions with fully integrated finance functionality, which addresses the finance challenges in this fast-moving business and regulatory environment.
While OneSumX ALM is a centralized data repository combining contract data, balance sheet structures, counterparty and market data complements the ALM solution and is an integral part of the overall system.
SAS and Wolters Kluwer said they will create an Exchange Layer to connect their respective software components, which will ensure seamless integration and efficient integration.
Troy Haines, senior vice president and head of the Risk Management division at SAS is committed to the success of the FRAAI project. “We recognize the importance of strategically combining our data management, visualization and finance and risk analytics capabilities with the finance and regulatory reporting strengths of Wolters Kluwer. Together, we are uniquely positioned to provide a truly integrated finance and risk application ecosystem that will help ABN AMRO to effectively tackle the increasing regulations, promote automation, as well as become more agile and cost-efficient. A true win-win across the board.”
SME Development Bank Malaysia Berhad (SME Bank) recently picked Wolters Kluwer’s OneSumX to provide its software for managing IFRS 9.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
