Major Egyptian Bank Selects Wolters Kluwer's OneSumX

Major Egyptian Bank Selects Wolters Kluwer's OneSumX
15.01.2016 12:30 pm

Major Egyptian Bank Selects Wolters Kluwer's OneSumX

Banking , Compliance , Infrastructure

Housing and Development Bank (HDB), a major Egyptian bank that is approximately 60% state owned, has selected Wolters Kluwer Financial Services to provide its risk, regulatory reporting and operational risk software solutions. 

Wolters Kluwer Financial Services won the Enterprise Risk Management tender issued by HDB, along with its local Egyptian partner, Winter Partners Egypt (WPE). The implementation of the OneSumX solution covering all three areas will be undertaken by both partners.

OneSumX provides an ecosystem of complementary and comprehensive solutions and services to manage the intersection of governance, finance, risk and compliance, helping to increase organizational profitability, efficiency and growth. HDB will specifically use OneSumX for risk management in the following areas – asset liability management (ALM), liquidity, market risk and credit risk.

The ALM solution to be deployed at HDB is based on Wolters Kluwer Financial Services’ integrated data architecture, providing an enterprise-wide risk solution. The solution enables balance sheet modeling, risk measurement, risk management and regulatory compliance. HDB will also use the OneSumX Liquidity Risk Management solution, which combines a risk management/stress testing engine and a regulatory reporting platform, enabling firms to manage and monitor liquidity risk. The OneSumX Credit Risk solution, meanwhile, provides single name and portfolio credit risk analysis, while the Market Risk component provides an integrated view of profit & loss and balance sheet, both from a risk and a business unit perspective.

In addition, HDB will use OneSumX Regulatory Reporting, which uses a single source of data to help ensure consistency, reconciliation and accuracy. The solution enables firms to address statutory, prudential, transactional and statistical requirements on a local scale.

The OneSumX GRC for Operational Risk will enable HDB to meet and adapt to internal operational risk practices by automating and simplifying the process of collecting, storing, analyzing, tracking and reporting on information relevant to operational losses, risk and control assessments.

“As a leading bank keen to demonstrate our commitment to upholding the highest standards in risk, regulatory reporting and operational risk, we needed a suite of solutions that matched our exacting requirements,” said Mr. Fathy El Sebaei, managing director & CEO of HDB. “Wolters Kluwer Financial Services, through its OneSumX suite, working together with WPE, was an appealing choice for us due to its strong reputation and track record in delivering superior software solutions. Our shareholders and clients demand the highest standards and so it was vital to ensure we have the best systems in place to manage risk, regulatory reporting and operational risk.”

“This triple win is a testament to the strong business we have built in the Europe, Middle East & Africa region,” commented Kris Van Bavel, vice president, EMEA Sales, at Wolters Kluwer Financial Services. “Banks need vendors who understand their entire business and are able to offer suitable solutions to manage increasingly complex requirements. We look forward to working with HDB on the implementation.”

HDB has more than 40 years of market expertise and its contribution to the local economy is considerable, particularly in the housing sector with medium to low-income projects. Its shares are quoted on the EGX, the Egyptian Exchange.

Related News

Cognitive Credit and IHS Markit enter strategic alliance to collaborate on global credit data services

Cognitive Credit, the UK-based credit analytics software company, is pleased to announce a new alliance that brings best-in-class credit market data from IHS Markit to the... Read more »

Sopra Banking Software signs strategic partnership with Tink

Sopra Banking Software (SBS), a global leader in digital banking and financing software, announces a strategic channel partnership with Tink, Europe’s leading open... Read more »

iProov to provide biometric technology to challenger bank Knab, part of AEGON

Today, iProov is proud to announce that its technology is to be deployed by Dutch challenger bank Knab, to provide an effortless online biometric experience to its nearly 500,... Read more »

FintechOS named the hottest FinTech Startup in Europe

FintechOS, the global provider of technology for the digital transformation of banks, insurance companies and other financial services organisations, is this year’s hottest... Read more »

UK-based Allica Bank launches using Profile’s comprehensive banking platforms

Profile Software, the international financial solutions provider, announced today that Allica Bank, the bank that empowers small and medium businesses to succeed, has... Read more »

Techcombank and Compass Plus celebrate 15 year milestone in banking partnership

Since issuing the first Visa card 15 years ago using solutions provided by trusted partner Compass Plus, Techcombank, one of the top commercial joint stock... Read more »

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