China Merchants Bank has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting to provide its regulatory reporting software in the U.S.

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 comprehensive features available in OneSumX for Regulatory Reporting provide extensive functional coverage, adaptability and scalability and these were all qualities we were looking for when selecting the software,” commented Joseph Loffredo, Assistant General Manager & Chief Financial Officer for China Merchants Bank’s New York Branch. “Wolters Kluwer’s subject matter experts provide unrivalled expertise, and the ease of integration with other technology also makes OneSumX for Regulatory Reporting an attractive proposition.”

Wolters Kluwer Finance, Risk and Reporting (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. Risk magazine recently awarded the company its coveted Regulatory Reporting System of The Year Award for the second year running and Central Banking magazine has 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. Chartis Research has also named Wolters Kluwer FRR a Category Leader in both its IFRS 9 Technology Solutions Report and CECL Report.