West African Development Bank (BOAD) selects Wolters Kluwer’s OneSumX Software to manage risk
- Risk Management
- 21.05.2020 06:05 pm
West African Development Bank (BOAD) has selected Wolters Kluwer’s OneSumX solution for Risk Management with the aim of implementing an integrated approach to risk management and financial planning in order to strengthen its financial governance.
BOAD has specifically selected the Asset and Liability Management (ALM), Liquidity Risk, Market Risk, and Credit Risk components of OneSumX for Risk Management, to monitor performance, profitability and capital adequacy (both regulatory and economic). Wolters Kluwer’s integrated approach to managing risk enables balance sheet modeling, stress testing, dynamic planning and advanced reporting capabilities on top of all provided indicators, ensuring holistic and consistent monitoring. To assist in the bank’s decision making, the solution will also cover the parameters of BOAD’s risk appetite framework.
BOAD is the common development finance institution of the member countries of the West African Monetary Union (WAMU). It was established in 1973 and became operational in 1976. Member countries include Benin, Burkina, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Senegal, and Togo. In addition to its member states and the Central Bank of West African States (BCEAO), its main shareholder, BOAD counts the following among its shareholders: The French Republic, China, The African Bank of Development (ADB), The Kingdom of Belgium, The European Investment Bank (EIB), Germany, India and the Kingdom of Morocco.
Once implemented OneSumX for Risk Management will support BOAD’s functional needs across a wide variety of areas including IFRS9, Financial Planning and its Risk Appetite Framework.
“We are delighted to be working with BOAD to ensure it has access to a truly integrated platform for managing its risk profile,” said Kris Van Bavel, Managing Director, EMEA, for Wolters Kluwer’s Finance, Risk & Reporting (FRR) business. “Our business continues to attract clients for its leading risk solutions across the region and we very much look forward to working with BOAD on the implementation.”
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. Risk magazine recently 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.