Wolters Kluwer’s Finance, Risk & Reporting business has hired Rajat Somany as Global Head of Strategy, Product and Platform Management – a newly created role. 

Somany will have global responsibility for all aspects of strategy, product management and platform profitability, based in London. He has more than 25 years of strategy, technology and operational management experience in the global financial services sector. For the past 12 years he held a variety of senior management roles as a Managing Director at Citigroup, with international assignments spanning Europe, Asia-Pacific and the U.S.

In his new role Somany reports directly to Clive Pedder, Executive Vice President and General Manager of Wolters Kluwer’s Finance, Risk & Reporting business.

“With this senior hire we are further strengthening our overall product strategy and go-to-market capabilities,” Pedder notes. “Rajat has significant senior experience in the banking world that will allow us to further cement our position as the leading provider of integrated regulatory compliance and reporting solutions. I’m delighted to welcome him to the firm.”

“Regulators are demanding greater integration across business processes at banks and faster reactions to changing regulation,” Somany says. “Siloed approaches are, as a result, a thing of the past, and this is where Wolters Kluwer can help banks adapt. The firm has long proven itself to be a trusted provider of best-in-class regulatory reporting, risk and finance solutions for financial institutions globally, adopting agile and innovative approaches as content-led technology experts. It’s an exciting time to join the firm and I look forward to working with my new colleagues to provide new and existing clients with access to market leading solutions.”

At the end of last year Chartis Research named the company #1 for Regulatory Reporting in its RiskTech100® report. Notably, this is the sixth year running that Wolters Kluwer has achieved this honor, with 2016 also seeing the firm win a plethora of other accolades for its dominant position in regulatory reporting (from the likes of FinTech Finance and Data Management Review). Wolters Kluwer’s OneSumX was also named Best Risk Management System by Banking Technology magazine at the end of 2016.

In the past few months leading banks from every corner of the world have implemented the company’s OneSumX solution for Regulatory Reporting, Risk and Finance (including IFRS 9 solutions). Major financial services providers to have recently announced their use of Wolters Kluwer include Nordea, BBVA, CIBC, Australia’s Queensland Treasury Corporation and The Swedish Export Credit Corporation.