Portugal’s state-owned banking corporation, Caixa Geral de Depósitos (CGD), has decided to implement regulatory reporting software from Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR).

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, which monitors regulation in 30 countries. Wolters Kluwer FRR, which is part of the company’s Governance, Risk & Compliance (GRC) 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. The business and its OneSumX for Regulatory Reporting solution is this year’s recipient of Risk.net’s prestigious Regulatory Reporting System of the Year award, an accolade Wolters Kluwer FRR has won for an unprecedented fourth time.

CGD will use the solution to help comply with the Capital Requirements under CRR/CRD Directives. “Wolters Kluwer provides the know-how and proven expertise to ensure a successful implementation,” commented Hugo Verissimo Oliveira, CDO at CGD. “During the project, new processes will enable data flow automation, enabling the bank to integrate a common reporting framework, capital requirements, and financial reporting, including the deployment of data integration.”

“This deal represents a strategic win for FRR’s Portuguese team and showcases our position in the market,” added Kris Van Bavel, Managing Director of Wolters Kluwer FRR for the EMEA region. “We continue to attract a wide range of clients in the country and throughout the region, and look forward to working with CGD’s team on the implementation of our market-leading regulatory reporting solution, OneSumX.”

Earlier this month Wolters Kluwer FRR announced that members of its executive management team had won leadership accolades celebrating excellence and innovation. The executive awards “follow a stellar year for independent industry recognition with no less than 35 wins, all in free-to-enter programs, that recognize the leading position of Wolters Kluwer FRR when it comes to integrated regulatory compliance and reporting solutions”, Wolters Kluwer said in a statement.

Among the winners was Claudio Salinardi who was awarded the 2022 Risk Technology Executive of the Year accolade from CEO Monthly magazine for the second year running. CEO Monthly is circulated to more than 60,000 C-suite executives across a wide variety of industries, including financial services firms, globally.