Wolters Kluwer Financial Services announced today that Tennessee-based Eastman Credit Union (ECU) has successfully implemented the company’s OneSumX® Asset Liability Management solution, empowered by Empyrean. According to ECU officials, the ALM solution has provided it with a sound foundation for efficient, effective and confident ALM analysis.
“Based on our need to constantly seek process improvement, we decided to migrate from another vendor system earlier this year, and we have been very pleased with the results that the OneSumX ALM solution has provided us,” said Tonja Fish, treasurer for ECU. “We’ve reduced computing times from a couple of hours per compute cycle to a few minutes. Also, the system’s user-friendly functionality has enabled our team to generate risk analysis insights more efficiently and quickly. This has enhanced our resource efficiencies, which better positions us to serve customers and to grow our business.”
The ALM solution is part of the OneSumX solution suite, a complementary and comprehensive ecosystem of governance, finance, risk and compliance solutions and services that allows financial organizations to address a single risk or business issue, but in the context of a much larger and more holistic way. An organization’s finance, risk and compliance areas can work together with a common goal of helping maintain profitability and find additional ways to safely grow the business.
“We’ve been very pleased with the results that ECU has generated since implementing our solution, one that was specifically designed by risk management practitioners,” said Chris Maclin, vice president, Finance, Risk & Reporting for Wolters Kluwer Financial Services. “With its successful implementation of the OneSumX solution, ECU now has the kind of granularity needed for accurate ALM analysis—on one platform. Our solution is dedicated to user productivity and efficiency, providing the flexibility to model the unique characteristics of individual institutions, and it is one of the most intuitive modeling systems available in the market.”
For more information on Wolters Kluwer Financial Services’ ALM solution, please visit www.WoltersKluwerFS.com/Empyrean.
Wolters Kluwer Financial Services provides customers worldwide with risk management, compliance, finance and audit solutions that help them successfully navigate regulatory complexity, optimize risk and financial performance, and manage data to support critical decisions. With more than 30 offices in 20 countries, our prominent brands include: AppOne®, AuthenticWeb™, Bankers Systems®, Capital Changes, CASH Suite™, GainsKeeper®, NILS®, OneSumX®, TeamMate®, Uniform Forms™, VMP® Mortgage Solutions and Wiz®. Wolters Kluwer Financial Services is part of Wolters Kluwer, which had 2014 annual revenues of €3.7 billion ($4.9 billion), employs 19,000 employees worldwide, and maintains operations in over 170 countries across Europe, North America, Asia Pacific, and Latin America. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.
Empyrean Strategic Partners brings over 25-plus years of experience in developing financial risk management software to the marketplace. A pioneer in leveraging stochastic simulation capabilities to measure and manage interest rate risk, Empyrean's enterprise risk management simulation tool allows financial institutions to accurately and efficiently model their balance sheets for income and economic value sensitivity. To provide this requires computation speed and efficiency which has been an obsession, for without it stochastic analysis becomes impractical. Performance comes primarily from an acute understanding of all of the elements of a simulation and how they can be architected for maximum throughput. Empyrean is the culmination of those years of experience.
Founded in 1934, ECU is a not-for-profit, financial services cooperative with over $3.1 billion in assets and serving over 155,000 members at over 20 branches. ECU members have access to more than 50,000 free ATMs nationwide and a wide range of financial services, including free checking and free online banking. ECU serves those who live, work, worship, attend school or own a business in most of Northeast Tennessee and Southwest Virginia, as well as a portion of Texas. For more information visit https://www.ecu.org/personal/about-us.