CIBC, a leading Canadian-based global financial institution, has chosen Wolters Kluwer’s OneSumX offering to provide its regulatory reporting software for the U.K. and Asia Pacific region.
OneSumX provides an ecosystem of complementary and comprehensive solutions and services to manage the intersection of governance, finance, risk and compliance, increasing organizational profitability, efficiency and growth.
The bank has specifically signed up to use Wolters Kluwer’s OneSumX Regulatory Reporting, including the firm’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in approximately 50 countries, helping to ensure the solution is current at all times. OneSumX Regulatory Reporting uses a single source of data to ensure consistency, reconciliation and accuracy.
CIBC is already a user of the OneSumX platform in the U.K., using it to service all the institution’s Bank of England statistical and prudential reporting as well as EBA COREP, FINREP and Liquidity Reporting.
Notably, CIBC has also extended the use of the platform to incorporate reporting requirements for Japan and Australia. Both Australia and Japan utilize centralized instances of the underlying OneSumX Regulatory Reporting data model, which are installed at CIBC’s Head Offices in Toronto, Canada.
The OneSumX platform is now also set to be rolled out to Hong Kong and Singapore, where CIBC has established banking operations.
“Globally financial institutions are required to submit an ever-increasing range of information to regulators,” notes Clive Pedder, executive vice president and general manager of Finance, Risk and Reporting for Wolters Kluwer. “Our content-rich offering allows clients to manage their regulatory obligations with precision. We look forward to continuing our work with CIBC."
Other banks that have recently signed up to use OneSumX include Banco Santander, Taiwan Business Bank, Bank BGŻ BNP Paribas and Sberbank.