Investors Bank addresses reporting with Wolters Kluwer
Investors Bank has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting software for its US activities.
New Jersey-based bank will use OneSumX for its US activities
The bank operates from its corporate headquarters in Short Hills, New Jersey, and has approximately $25.52 billion in assets and 151 branches located throughout New Jersey and New York.
“We wanted to take a more strategic approach when it came to our regulatory reporting obligations and were searching for an integrated platform, allowing for regulatory reporting automation,” comments Sean Burke, executive vice-president and chief financial officer at Investors Bank.
OneSumX for Regulatory Reporting combines bank data into a single source of data, including Wolters Kluwer’s Regulatory Update Service. This service is maintained by Wolters Kluwer, which monitors regulation in 30 countries.
“As regulations evolve globally, data has become both an essential currency and a pain point for financial institutions. Regulatory report submissions involve more frequent, complex and granular data requests, and require calculations that draw on multiple business functions across finance, risk and treasury,” says Todd Lawrence, GM of Wolters Kluwer’s Finance, Risk and Reporting (FRR) business in the Americas.
OneSumX for Regulatory Reporting addresses US FR Y-14, FR 2052a, liquidity and other reporting requirements, the firms says. It can be also expanded or customised to account for shifts in the risk and compliance environment.
