Wolters Kluwer Financial Services has launched OneSumX, a governance, finance, risk and compliance (GFRC) tool that the company calls an “ecosystem of GFRC solutions and services [that] will enable financial organizations to create their own, specific GFRC vision.”
OneSumX replaces many of Wolters Kluwer’s current solutions and brands, including ARC Logics, BankReg, Financial Studio, Summix, RiskPro, RegPro, SVENSON, Wiz Sentri and Examiner, WKFS says.
The new product configuration “allows financial organizations to address a single risk or business issue, but in the context of a much larger and holistic way of managing GFRC,” officials say. “An organization’s finance, risk and compliance areas can work together with a common goal of helping maintain profitability and find additional ways to safely grow the business.”
The company characterizes the elements that make up OneSumX as follows:
- Finance, Risk and Reporting – Enables data transparency for financial risk, regulatory reporting, finance and performance management, taking multiple, disparate data sources into an integrated, centralized data architecture;
- Governance, Risk and Compliance – Increases transparency and control across the financial institution with high-level reporting, interactive dashboards and modular components that measure, monitor and manage compliance, operational and enterprise risk;
- Financial Crime Control – Enables identification of fraudulent activity based on a real-time, cross-channel behavioral review of a customer’s accounts; and
- Audit Management – Helps manage a wide range of audit-related activities, data and processes in a single framework, and can support all types of audits, including internal audits, operational audits, IT audits, supplier audits and quality audits.
“Wolters Kluwer Financial Services has helped its customers stay ahead of changing marketplace dynamics by investing heavily in existing product innovation. At the same time, we’ve made a number of acquisitions that have allowed us to extend and expand upon the overall GFRC capabilities we can offer our customers,” Raffi Festekjian, president and CEO of the company’s finance, risk and compliance business, says in the statement.
Wolters Kluwer Financial Services is part of Wolters Kluwer, headquartered in Alphen aan den Rijn, the Netherlands, which had 2013 annual revenues of €3.6 billion ($4.7 billion), employs 19,000 employees worldwide, and maintains operations in over 40 countries across Europe, North America, Asia Pacific, and Latin America, according to the company.
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