BBVA Compass Selects Wolters Kluwer’s OneSumX for Regulatory Reporting in the U.S.

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BBVA Compass Selects Wolters Kluwer’s OneSumX for Regulatory Reporting in the U.S.


NEW YORK–(BUSINESS WIRE)–BBVA Compass has chosenWolters
Kluwer’s OneSumX for Regulatory Reporting
to provide regulatory
reporting software for its operations in the U.S. BBVA Compass is the
U.S.-based subsidiary of Spanish multinational banking group BBVA, with
a major presence throughout the Sunbelt region of the U.S. and total
assets of more than $90 billion.

OneSumX Regulatory Reporting uses a single source of data to ensure
consistency, reconciliation and accuracy and includes the firm’s
Regulatory Update Service. This unique service is maintained by Wolters
Kluwer experts who actively monitor regulation in approximately 30
countries.

“As part of our ongoing strategy to build a leading franchise in the
U.S. we wanted to take a more strategic approach to compliance. This
needed to be supported by an integrated, flexible platform capable of
evolving in response to regulatory requirements and supporting broader
business goals. Wolters Kluwer provides this capability through OneSumX
for Regulatory Reporting,” commented Chris Butler, Senior Vice President
and Director of Financial Reporting at BBVA Compass.

“OneSumX for Regulatory Reporting addresses all U.S. regulatory, FR
Y-14, FR 2052a, liquidity and other reporting requirements and can be
also easily be expanded or customized to account for shifts in the risk
and compliance environment,” said Todd Lawrence, General Manager of
Wolters Kluwer’s Finance, Risk & Reporting (FRR) business in the
Americas. “Like all firms, BBVA Compass was confronted with the
challenge to respond to the rapid emergence of new regulatory demands in
recent years, from increases in changes to core U.S. regulatory
reporting, incorporation of capital changes, Comprehensive Capital
Analysis and Review stress testing and additional liquidity reporting.
We are excited to be working with BBVA to ensure a strategic approach is
in place.”

Wolters Kluwer FRR, which is part of the company’s Governance, Risk &
Compliance division, is a global market leader in the provision of
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 FRR receives frequent independent recognition of its
excellence and innovation. In mid-2018,Risk
magazine awarded the company its coveted Regulatory Reporting System of
The Year Award
andCentral
Banking
magazine recently named OneSumX for Regulatory Reporting its
Best Technology Solution For Regulatory Compliance
. Wolters Kluwer
FRR is also this year’sCategory
Winner for Regulatory Reporting in the annual RiskTech100® report
.
This comprehensive study of the world’s leading risk and compliance
technology companies is compiled by Chartis Research. Notably, this is
the seventh time in eight years that Wolters Kluwer FRR has achieved
this honor. Chartis Research has also named the firm a Category Leader
in both itsIFRS
9 Technology Solutions Report
andCECL
Report
.

About Wolters Kluwer Governance, Risk & Compliance
Governance,
Risk & Compliance (GRC) is a division ofWolters
Kluwer
, which provides legal and banking professionals with
solutions to ensure compliance with ever-changing regulatory and legal
obligations, manage risk, increase efficiency, stay competitive and
produce better business outcomes. GRC offers a portfolio of
technology-enabled expert services and solutions focused on legal entity
compliance, legal operations management, banking product compliance, and
banking regulatory compliance.

Wolters Kluwer (AEX: WKL) is a global leader in information services and
solutions for professionals in the health, tax and accounting, risk and
compliance, finance and legal sectors. Wolters Kluwer reported 2017
annual revenues of €4.4 billion. The company, headquartered in Alphen
aan den Rijn, the Netherlands, serves customers in over 180 countries,
maintains operations in over 40 countries and employs 19,000 people
worldwide.

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