Wolters Kluwer’s Finance, Risk & Reporting (FRR) business is holding a webinar with Risk.net to explore how the year delay to Basel IV provides an opportunity to prepare and examine suitable financial technology platforms to help comply with the regulatory changes.
At the end of March it was announced that Basel III finalisation (a.k.a Basel IV), originally due to come into force in January 2022, will be delayed by a year, giving a new implementation date of January 1st, 2023. Banks are being urged by Wolters Kluwer experts to take a proactive approach to not only comply with ever changing regulations in a timely manner but to also “leverage their investments to look ahead and anticipate breaches/shortfalls.”
Speakers include Xavier Dubois, Director of Risk and Finance for Wolters Kluwer FRR. With a 20 year career he joined Wolters Kluwer in 2014 and has held a number of roles within the company including within the development, professional services, pre-sales, marketing and product management teams. In his current position as Director of Risk and Finance, Dubois leads Wolters Kluwer’s Basel IV initiative within EMEA, encompassing solution areas including Market, Credit and Financial Risk Management, as well as strategic and business implications, data and IT management.
Other speakers include Harry Fang, Senior Director and Head of Risk Methodology and Analytics at CIBC, as well as Jeff Simmons, Chief Risk Officer for MUFG Securities Europe. Philip Alexander, Regulations Editor at Risk.net will be moderating the event.
Wolters Kluwer FRR, which is part of the company’s Governance, Risk & Compliance division, provides 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’s range of solutions include modules for managing finance, regulatory reporting and risk – all relevant for banks striving to comply with Basel IV. Wolters Kluwer OneSumX Market Risk solution, for example, provides an integrated view of profit and loss and risks on balance sheet. Based on a centralized data structure specifically designed for financial institutions, the OneSumX Market Risk solution offers all modern risk analytics and techniques, from basic sensitivity and gap analysis, through more advanced Value at Risk (VaR) techniques and into simultaneous dynamic simulation of credit and market risk, based on Monte Carlo modeling.
The Asset & Liability Management component of OneSumX for Risk Management is based on Wolters Kluwer’s integrated platform, enabling balance sheet modeling, stress testing and dynamic planning.
OneSumX for Credit Risk, meanwhile, provides single name and portfolio credit risk analysis by means of three components: current and future exposures, expected and unexpected credit loss based on stress and credit value-at-risk analysis, and credit value adjustments. And 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. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries.
Wolters Kluwer FRR receives frequent independent recognition of its excellence and innovation, celebrating a record year for award wins in 2019. 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.