The Compliance Program Management (CPM) business of Wolters Kluwer Compliance Solutions has won two prestigious awards celebrating excellence and innovation in operational risk. Financial Technologies Forum (FTF) News has named OneSumX its Best Operational Risk Management solution in its hotly contested 2020 Technology Innovation Awards. RegTech Insights, meanwhile, has named the solution its Best Vendor Solution for Managing Operational Risk in its highly competitive 2020 awards for a second year running.

Wolters Kluwer Compliance Program Management offers solutions that enable chief compliance officers at banks, securities, and insurance companies to stay on top of compliance with a myriad of financial and non-financial regulations. OneSumX for Operational Risk enables financial services organizations to meet and adapt to internal operational risk requirements by automating and simplifying the process of collecting, storing, analyzing, tracking and reporting on information relevant to operational losses and risk and control assessments.

The RegTech Insight awards are organized by A Team Group, the financial technology news service and content consultancy firm founded by ex-Wall Street Journal, Risk and Waters magazine journalists in 2001. The RegTech Insight Advisory Board, tasked with choosing the shortlist for the awards, includes senior representatives from major banking groups including Barclays, BNY Mellon, Credit Suisse, Deutsche Bank, JP Morgan Chase, Société Générale and Standard Chartered.

FTF News was founded in 2006 by an experienced team of publishers and journalists, with backgrounds at Dow Jones, Trading Technology Week and other leading financial news services. Its U.S.-based team is highly-respected and its annual awards are regarded as being among the preeminent accolades celebrating excellence and innovation in financial technology.

“On behalf of Wolters Kluwer I would like to thank the A Team Group and FTF News for recognizing the superior technology and user functionality of OneSumX for Operational Risk. Independent recognition of our market leading position in this important area for us is always welcome news,” said Steven Meirink, Executive Vice President and General Manager of Wolters Kluwer’s Compliance Solutions business. “Our customers in Europe and the U.S. are faced with ever mounting operational risk pressures, now more than ever, and we continue to address customer requirements through OneSumX for Operational Risk.”

Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks and credit unions, insurers and securities firms. The business, which sits within Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, helps these financial institutions efficiently manage compliance obligations tied to loan and deposit origination transactions and workflows, manage risk and other regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business. 

Wolters Kluwer’s GRC division offers a range of expert solutions to help the financial services industry respond to the COVID-19 pandemic. Its Compliance Solutions business, for example, offers Paycheck Protection Program Supported by TSoftPlus™ to support stimulus loan applications and loan forgiveness processes under the Coronavirus Aid, Relief, and Economic Security Act or U.S. CARES Act. Wolters Kluwer Lien Solutions, meanwhile, has also recently established a technology solution specifically designed to help U.S. lenders navigate Paycheck Protection Program loan applications, and associated compliance and risk mitigation requirements, resulting from the CARES Act. The Business Entity Search for CARES Act solution conducts bulk/batch corporate identity searches to verify the business status of potential borrowers.