Austria’s Sparkassen-Prüfungsverband Selects Wolters Kluwer’s OneSumX for Regulatory Reporting
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  • Austria’s Sparkassen-Prüfungsverband Selects Wolters Kluwer’s OneSumX for Regulatory Reporting

    Jan. 23, 2019

    Sparkassen- Prüfungsverband has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting to provide its market leading regulatory reporting software functionality for the mandatory audit reports and appendix to the reports (the so-called “Anlage zum Prüfbericht”). These yearly bank audits need to be performed by the auditors for all banks in Austria, with many choosing to utilize OneSumX for Regulatory Reporting.

    OneSumX Regulatory Reporting as such 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 30 countries.                                                                                      

    “Wolters Kluwer’s OneSumX solution has an excellent reputation in regulatory reporting,” noted Mag. Gerhard Margetich, Chairman of the Board at Sparkassen-Prüfungsverband, leading the selection process of the reporting software. “We required an expert in the field to ensure we are comprehensively managing our reporting and audit documentation obligations in line with the regulator’s exacting requirements. Wolters Kluwer was the natural choice given its long track record in the field.”

    “Wolters Kluwer is delighted to extend its client base in Austria and we look forward to work with Sparkassen-Prüfungsverband on the implementation of our software,” commented Kris Van Bavel, Managing Director, EMEA, for Wolters Kluwer’s Finance, Risk & Reporting business. “We have a strong presence in Austria and continue to add clients here, and across EMEA for that matter. We expect this trend to continue with banks active in the country keen to ensure they are utilizing our expertise in integrated regulatory reporting. The decision by auditors to use our software is also an important testament to our industry expertise.”

    Wolters Kluwer’s Finance, Risk, & Reporting (FRR) business, which is part of the company’s Governance, Risk & Compliance division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. It supports regulated financial institutions in meeting their obligations to external regulators and their own board of directors.

    Wolters Kluwer FRR receives frequent independent recognition of its excellence and innovation. In mid-2018, Risk magazine awarded the company its coveted Regulatory Reporting System of The Year Award and Central Banking magazine recently named OneSumX for Regulatory Reporting its Best Technology Solution For Regulatory Compliance. Wolters Kluwer FRR is also this year’s Category Winner for Regulatory Reporting in the annual RiskTech100® report. This comprehensive study of the world’s leading risk and compliance technology companies is compiled by Chartis Research. Notably, this is the seventh time in eight years that Wolters Kluwer FRR has achieved this honor.

    About Wolters Kluwer Governance, Risk & Compliance

    Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which 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 (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2017 annual revenues of €4.4 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.