The Bank of East Asia, Limited (BEA), a Hong Kong-based financial services group listed on The Stock Exchange of Hong Kong, has chosen to implement award-winning regulatory reporting software from Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR). OneSumX for Regulatory Reporting combines bank data into a single source to ensure consistency, reconciliation and accuracy and includes the Regulatory Update Service.
Why did BEA select Wolters Kluwer’s OneSumX solution?
This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries. BEA will specifically use the software to aid its automation of Hong Kong Monetary Authority (HKMA) banking returns and GDR (Granular Data Reporting) reports.
The OneSumX solution, along with the company’s Professional Services offerings, recently won a number of APAC focused awards, which follow a record 2021 when it comes to industry recognition with accolades from the likes of Regulation Asia and RegTech Insights.
Wolters Kluwer FRR, which is part of the company’s Governance, Risk & Compliance (GRC) division, is a market leader in the provision of integrated regulatory compliance and reporting solutions. It supports financial institutions in meeting their obligations to external regulators.
Wolters Kluwer’s GRC division provides expert solutions to help financial institutions manage regulatory and risk obligations. Wolters Kluwer’s OneSumX® for Regulatory Change Management tracks regulatory changes and organizes them to create structured, value-added content through a single data feed paired with an easy-to-use software solution.
Compliance Solutions’ iLien Motor Vehicle provides for the management of motor vehicle titles and liens, helping solve the most complicated challenges in title perfection. The division’s legal solutions are Wolters Kluwer CT Corporation and Wolters Kluwer ELM Solutions.
What were the executives’ thoughts on the partnership?
“Wolters Kluwer provides us the regulatory reporting solution that meets our needs. Regulators are looking to build better data-driven insights, and encourage evidence-based, objective decision-making, and so choosing a provider with proven GDR automation, in particular, is key,” said Tong Hon-shing, Deputy Chief Executive & Chief Operating Officer, BEA.
Rainer Fuchsluger, Vice President, Global Strategy, and APAC Managing Director of Wolters Kluwer FRR, said: “We are excited to work with BEA and its talented team on this important project, helping the bank to meet its all-important regulatory reporting obligations.”
“The OneSumX GDR component contains many out-of-box features that provide fast system rollout and early automation, which will help BEA and other clients save in internal development and operational effort. Notably, the solution provides extensive data lineage capabilities, catering to critical data validation and audit needs,” Fuchsluger further said.