Mizuho Bank’s Netherlands-based subsidiary has successfully implemented Wolters Kluwer’s OneSumX to provide a solution for risk calculations and multi country regulatory reporting. The leading Japanese bank is already an existing Wolters Kluwer customer across a number of European countries.
OneSumX provides an ecosystem of complementary and comprehensive solutions and services to manage the intersection of governance, finance, risk and compliance, increasing organizational profitability, efficiency and growth.
“Mizuho Bank needed a leading solution to ensure its regulatory obligations for the Netherlands, Belgium and Austria are managed comprehensively – Wolters Kluwer provides this. Especially now that The Dutch National Bank (DNB) is changing its delivery protocol, we rely on the firm’s expertise for our XBRL requirements,” says Jens Pöhland, managing director and Chief Risk Officer at Mizuho Bank Nederland N.V.
The DNB now requires institutions under its jurisdiction to produce financial reports in Extensible Business Reporting Language (XBRL), a global standard for exchanging business information.
“A multi country implementation in the domain of regulatory reporting poses many challenges to an organization,” commented Samir Tatou, who managed the project at Mizuho. “Thanks to the close collaboration between the bank and Wolters Kluwer we succeeded and won the trust of our compliance officers and our auditors.”
Other banks that have recently signed up to use OneSumX include BGFI, Banco Santander, Taiwan Business Bank and Bank BGŻ BNP Paribas.
“Mizuho Bank’s adoption of our risk and regulatory reporting software in the Netherlands is another important validation of our leading position in the field,” notes Kris Van Bavel, managing director, EMEA, Finance, Risk and Reporting, for Wolters Kluwer. “Our deep understanding of the markets enables us to provide clients like Mizuho with a comprehensive regulatory reporting solution and we look forward to continuing our work with the bank.”