Aegean Baltic Bank of Greece Selects Wolters Kluwer to Provide Integrated Risk and Regulatory Reporting Solution

Aegean Baltic Bank of Greece Selects Wolters Kluwer to Provide Integrated Risk and Regulatory Reporting Solution
15.05.2020 09:56 am

Aegean Baltic Bank of Greece Selects Wolters Kluwer to Provide Integrated Risk and Regulatory Reporting Solution

Banking

Aegean Baltic Bank of Greece (ABB) has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting and OneSumX for Risk Management as its integrated risk and regulatory reporting software solution, helping the bank to meet its Basel IV and CRD V obligations.

OneSumX for Regulatory Reporting combines bank data into a single source of data to ensure consistency, reconciliation and accuracy and includes Wolters Kluwer’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries.

The bank will also implement a number of risk management modules, including OneSumX for Asset & Liability Management (ALM). The ALM component of OneSumX for Risk Management is based on Wolters Kluwer’s integrated platform, enabling balance sheet modeling, stress testing and dynamic planning. Wolters Kluwer’s comprehensive OneSumX Liquidity Risk Management solution, meanwhile, combines a risk management/stress engine and regulatory reporting platform which will enables ABB to monitor, manage and report liquidity risk.

ABB, operating under the regulatory supervision of the Central Bank of Greece, provides corporate and investment banking products and services to shipping companies in Greece. The company is primarily involved in contracting and the administration of syndicated loans granted to shipping corporations.

“Wolters Kluwer’s software provides the extensive functional coverage and scalability that the bank required when exploring options in both the risk and reporting fields,” commented Konstantinos Hadjipanayotis, Chairman of the Board and Deputy CEO at ABB. “The software allows us to take a truly integrated approach to our risk management and regulatory reporting obligations,” added Dimitris Daispyros, Head of Risk at ABB.

“We are delighted to be working with ABB on this important project for the bank. Basel IV and CRD V will present huge challenges for all banks and so we are happy to be assisting ABB with its all-important regulatory compliance,” said Kris Van Bavel, Managing Director of Wolters Kluwer’s Finance, Risk & Reporting (FRR) business in EMEA. “Regulatory reporting and risk mitigation are key considerations for all banks now more than ever. Our experts are on hand to provide all important access to our award-winning software and we look forward to working with ABB on this implementation project.”

Wolters Kluwer FRR, 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, celebrating a record year for award wins in 2019. Risk magazine awarded the company its coveted Regulatory Reporting System of The Year Award for the second year running and Waters Technology has named the company the Best Market Risk Solution Provider in its annual Technology Rankings. Wolters Kluwer is also the #1 provider in both Regulatory Reporting and Liquidity Risk according to the RiskTech100, as compiled by Chartis Research.

Related News

ClearBank Becomes First Clearing Bank to Offer Multi-Currency Bank Accounts via API

ClearBank, the cloud-based clearing bank, has become the first clearing bank to offer multi-... Read more »

Paymentology and Thought Machine Collaborate to Create Digital Banking Platform

Paymentology, the UK cloud-native payment processor, is partnering with digital banking platform Thought Machine, to bring rapid integration... Read more »

Commerzbank Issues the Second Own Green Bond €500 Million Worth

Commerzbank AG has today very successfully issued another Green Bond with an issuance volume of €500 million. It is the Bank’s second own Green Bond after the... Read more »

FT Survey: 78% Say UK Banks Have “Surprised Themselves” With Their Adaptability During COVID-19

Appian (NASDAQ: APPN) today published survey results examining the response of the UK banking sector to the coronavirus pandemic, revealing that nearly three-... Read more »

Saudi Arabian Fintech Hakbah Joins Visa’s Fintech Fast Track Program

Hakbah, an alternative financial saving platform based in Riyadh, Saudi Arabia, today announced that it has joined Visa’s Fintech Fast Track... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel