Taiwan Business Bank’s Wuhan, China, branch has selected Wolters Kluwer’s OneSumX Regulatory Reporting solution for its increased regulatory reporting requirements.
With the need for enhanced regulatory reporting to the China Banking Regulatory Commission (CBRC), Taiwan Business Bank decided to opt for a scalable solution that enables it to meet the new standards.
Specifically, the OneSumX Regulatory Reporting solution will enable the bank to meet CBRC’s requirements for Basel III and Foreign Asset Liability regulatory reporting. The new branch in Wuhan will pilot this solution, also using Wolters Kluwer’s Regulatory Update Service (RUS). This unique service is maintained by experts who actively monitor regulation in approximately 50 countries globally, to ensure the solution is current at all times. The bank also chose OneSumX Regulatory Reporting for its ability to provide a full audit trail, user workflow management and data workflow management.
“We are pleased to deepen our relationship with Taiwan Business Bank as the firm expands in China. In today’s evolving regulatory landscape, adopting a strategic solution to meet such changes is really essential. We are deeply committed to China and recognize the need to manage these vast changes in the financial industry with updated, scalable solutions,” said Chris Puype, managing director, Asia Pacific, Wolters Kluwer Finance, Risk and Reporting.
Wolters Kluwer Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer which provides legal, finance, risk and compliance professionals and small business owners with a broad spectrum of solutions, services and expertise needed to help manage myriad governance, risk and compliance needs in dynamic markets and regulatory environments. The division’s prominent brands include: AppOne®, AuthenticWeb™, Bankers Systems®, BizFilings®, Capital Changes, CASH Suite™, CT Corporation, CT Lien Solutions, Corsearch, TyMetrix® 360, Passport®, LegalVIEW®, GainsKeeper®, OneSumX®, Uniform Forms™, VMP® Mortgage Solutions and Wiz®.
Wolters Kluwer N.V. (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 2015 annual revenues of €4.2 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.