Warsaw-based Bank Polskiej Spóldzielczosci SA (Bank BPS) has chosen Wolters Kluwer’s OneSumX to provide an integrated risk and regulatory reporting solution following a competitive tender process.
Bank BPS has chosen to use the OneSumX solution for static and dynamic projection analysis, liquidity reporting, interest rate and FX risk with Value at Risk analysis on top of it. In addition to the risk solution, the bank will use OneSumX to support Liquidity Coverage Ratio (LCR), Additional Liquidity Monitoring Metrics (ALMM), Net Stable Funding Ratio (NSFR) and Assets Encumbrance Regulatory Reporting in Poland.
OneSumX Regulatory Reporting uses a single source of data to ensure consistency, reconciliation and accuracy and includes the firm’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in approximately 50 countries, helping to ensure the solution is current at all times.
“We required a system in which risk and regulatory reporting were integrated in an optimal and seamless way. Wolters Kluwer provides this capability,” commented Maja Kraszewska, Director of the Financial Risk Department at Bank BPS.
“Our integrated risk and regulatory reporting platform, supported by our detailed understanding of the Bank’s business needs and strong local presence were some of our key differentiators in the RFP process,” commented Kris Van Bavel, Managing Director, EMEA, for Wolters Kluwer’s Finance, Risk & Reporting business. “We are delighted to have Bank BPS as a new customer in the region and look forward to working with them on the implementation.”
Bank BPS provides banking products and services to corporate clients, small and medium enterprises, and individual customers in Poland through a network of approximately 50 branches. The bank offers accounts, loans, cards, savings and investments, internet banking, and payment services, as well as insurance. It also provides financing, EU fund, bill, guarantees and warranties, and surplus placement services; and housing communities financing, trade finance, and currency risk management services.
In the past few months leading financial services firms from across the world have implemented the company’s OneSumX solution for Regulatory Reporting, Risk and Finance (including IFRS 9 solutions). Major financial services providers that have publicly announced their use of Wolters Kluwer in the past nine months include Nordea, BBVA, CIBC, Equitable Bank, LGT, Australia’s Queensland Treasury Corporation and The Swedish Export Credit Corporation.