Investors Bank, a Short Hills, New Jersey-based publicly traded full-service bank, as per recent press report, has decided to go with Wolters Kluwer’s OneSumX regulatory compliance and reporting platform for Regulatory Reporting for the banks’ activities in the US. New-Jersey-based has approximately $25.52 billion in net assets and 151 branches spread across New Jersey and New York.
According to Sean Burke, Executive Vice-President and Chief Financial Officer at Investors Bank, the bank, in obligation to regulatory reporting, needed a more strategic approach and thus was in the lookout for an integrated platform, allowing the same.
The Wolters Kluwer’s OneSumX Regulatory Reporting platform allows for the combination of bank data into a single unified source, which also includes the Wolters Kluwer’s Regulatory Update Service, which is solely maintained by Wolters Kluwer monitoring regulation in over 30 countries all around the world.
According to Todd Lawrence, GM of Wolters Kluwer’s Finance, Risk and Reporting (FRR) business in the Americas, the regulations as they evolve globally, make data both a boon and a bane, i.e. an essential currency and a potential hurt factor for financial institutions. Regulatory report submissions is a complicated task that brings in more frequent, complex, and granular data requests, and requires detailed business calculations on finance, risk and treasury functions.
Furthermore, the OneSumX Regulatory Reporting platform addresses US FR Y-14, FR 2052a, liquidity, and other reporting requirements, and also supports account expansions or customization for shifts in the risk and compliance environment.