Technology Partner for Regulatory Compliance: Wolters Kluwer

In 2017, the Monetary Authority of Singapore (MAS) announced it would be overhauling its regulatory reporting framework. Under notices 610 and 1003, which cover all banks in Singapore, firms’ reporting obligations will grow from 4,000 data points to more than 300,000 across 260 pages in 67 reports. This is a monumental undertaking for banks and for the regulator.

To help it process the deluge of data it will soon receive, MAS has created a new Data Collection Gateway in partnership with Vizor Software. Launched earlier this year, the gateway pilot provides banks with a fully automated method of submitting their data, their systems collecting large granular sets of structured data. All banks are expected to adhere to these new reporting obligations by July 2021.

As regulators upgrade their tech, the industry is having to do the same. For a number of years, Wolters Kluwer’s Finance, Risk & Regulatory Reporting (FRR) business has been providing financial institutions with integrated regulatory compliance and reporting solutions. Its OneSumX for FRR platform allows reporting to central banks and other regulatory bodies.

“We are one of the few software providers with strengths in both regulatory compliance and risk that has invested in the integration of the two capabilities under one common data model,” explains Claudio Salinardi, general manager and executive vice-president of Wolters Kluwer FRR.

Wolters Kluwer has adapted its OneSumX for Regulatory Reporting platform, using Vizor’s reporting application programming interface, to help its customers use Singapore’s new Data Collection Gateway. Customers in Singapore are now able to automatically access published, machine-readable regulatory rules and data models directly from Singapore’s regulatory system.

Salinardi says this “seamless alignment” between MAS and domestic financial institutions will result in more timely and higher-quality regulatory reports, while reducing the costs and resources associated with new regulatory requirements. Because OneSumX is using the same software as the regulator, the preparation and validation of data becomes more of a machine-to-machine task.

Wolters Kluwer also recently launched its OneSumX Software-as-a-Service (SaaS)Regulatory Reporting solution. This is the first time the company’s regulatory reporting software has been made available on the cloud; the service runs on Microsoft Azure, with full platform management by the company, including ongoing software upgrades, testing and fixes. The company has also introduced a major upgrade to its OneSumX Regulatory Engine, which it is rolling out for on-premise installations, and is immediately available in the new SaaS version for clients across Europe and Asia-Pacific.

“Financial institutions need to demonstrate quality of data, and are increasingly discouraged from using manual processes in regulatory reporting and other important business functions,” Salinardi adds. The upgrade allows clients to capture source data in reports and run validation adjustments and auditing before having to submit data to the regulators.