Wolters Kluwer’s CPM Business Announces Interoperability with RSA Archer®, Providing Regulatory Data Feed

Wolters Kluwer’s Compliance Program Management (CPM) business has launched a data feed service of its regulatory content for financial services customers through the RSA Archer Corporate Obligations Management use case.

The company says “this interoperability enables RSA Archer customers to strengthen their regulatory change management efforts by accessing daily regulatory update feeds from Wolters Kluwer in support of their regulatory change management efforts and overall compliance initiatives.”

The provision of expert-curated, daily feeds of regulatory content is structured in a way that readily integrates into the RSA Archer platform, according to a company statement. Wolters Kluwer’s daily feeds “combine the power of artificial intelligence (AI) and robotic processing automation (RPA) with in-house regulatory expertise to deliver a new level of regulatory content coverage.

Its citation-linking functionality is unique in the marketplace, Wolters Kluwer adds, providing relevant, actionable regulatory updates in a more timely and cost-efficient manner. Enriched regulatory content directly benefits compliance customers, who use that content for faster classification and resolution to help meet their most pressing business compliance obligations.

Notably, RSA Archer users can now access Wolters Kluwer’s regulatory rules library and relevant regulatory changes via their existing RSA Archer service.

“We are pleased to provide our customers with access to Wolters Kluwer’s dynamic regulatory updates and content, a resource that can be instrumental in helping manage one’s regulatory compliance obligations,” said Matt Crawley, Senior Manager, Technology Alliances, RSA. “The addition of this content strengthens RSA Archer’s overall offering in the regulatory and corporate compliance space.”

Under the arrangement, customers are able to download installation files from the RSA Ready website and prepare their RSA Archer site to accept the Wolters Kluwer data feeds.

Not all regulatory content feeds are equal,” noted Chuck Ross, Vice President, CPM. for Wolters Kluwer. “Given the volume, breadth, and depth of regulatory changes facing financial institutions, access to an automated, up-to-date, and comprehensive feed detailing those changes and a corresponding rules library is critical for keeping pace in today’s ever-changing regulatory environment.

CPM Developments

Earlier this month Wolters Kluwer’s CPM business was invited to take part in a major industry roundtable devoted to discussing strategies for building operational resilience in the U.K.’s financial services sector.

The advisory roundtable, jointly organized by The Bank of England and the U.K.’s Financial Conduct Authority (FCA), included Partner level participants from some of the biggest law firms, consultancies and accounting firms. Wolters Kluwer is the sole technology provider to take part in the event, providing expertise relating to operational risk implications.

In July 2018 the FCA and Bank of England released a joint discussion paper on Operational Resilience. They are now running a series of events to support the discussion paper, including this advisory roundtable.

The paper envisages that boards and senior management can achieve better standards of operational resilience through increased focus on setting, monitoring and testing specific impact tolerances for key business services which define the level of disruption that could be tolerated. “The challenges for operational resilience have become even more demanding given a hostile cyber environment and large scale technological changes. As recent disruptive events illustrate, operational resilience is a vital part of protecting the U.K.’s financial system, institutions and consumers,” the regulators said at the time.

Representing Wolters Kluwer at the roundtable was Brian Gregory, Vice President, Non-Financial Risk/Governance, Risk and Compliance, EMEA, for Wolters Kluwer’s CPM business.

The decision to take part in the event was part of Wolters Kluwer’s “ongoing commitment to contribute regulatory and operational risk insights to the industry as a whole,” the company said in a statement.

A Wolters Kluwer’s spokesperson in London confirmed that the link up with RSA is a global arrangement, also revealing that recent CPM developments include “the application AI and RPA technology to our global regulation library to acquire content, source, and fully index this information to customers the same day it is published.”

Within the library, regulatory changes are now also delivered in structured formats that “are unique in the marketplace due to citation-linking functionality,” the spokesperson added.

OneSumX for Compliance Program Management allows firms to efficiently measure, monitor and manage compliance requirements and risk. The solution features regulatory intelligence and change management, risk assessment, control monitoring and testing, complaint management, and issues management functionalities.

OneSumX Operational Risk, meanwhile, enables organizations to meet and adapt to internal operational risk practices by automating and simplifying the process of collecting, storing, analyzing, tracking and reporting on information relevant to operational losses, risk and control assessments, definition and management of key risk indicators and scenarios.

The CPM business is part of Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, globally headed by CEO Richard Flynn. The unit of Wolters Kluwer “provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, stay competitive and produce better business outcomes.” GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.

Wolters Kluwer itself reported 2017 annual revenues of €4.4 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, says it serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.

Author: Yash Hirani

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