SYDNEY–(BUSINESS WIRE)–Bendigo and Adelaide Bank has completed its implementation of Phase 1 of
Modernized Economic and Financial Statistical Reporting (EFS) using Wolters
Kluwer’s OneSumX for Regulatory Reporting. EFS is an ambitious
regulatory change program, managed by the Australian Prudential
Regulation Authority (APRA).
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, helping to ensure the solution is current at all times.
Bendigo and Adelaide Bank specifically use the Regulatory Reporting
functionality for its Authorised Deposit-Taking Institution in Australia.
“During our program Wolters Kluwer’s experts have assisted the Bendigo
and Adelaide Bank implementation team, keeping within budget and
delivering on schedule,” said Patricia Zeitz, Divisional CFO, Consumer
Banking, for Bendigo and Adelaide Bank. “We look forward to delivering
the APRA reporting automation in full and keeping ahead of future
regulatory changes with assistance from this expert team. Using a number
of Wolters Kluwer solutions to benchmark our submissions to regulators,
the bank will continue to assist regulators by producing their required
information in the most unified and expedient way possible.”
David Rule, Australia and New Zealand Account Manager at Wolters
Kluwer’s Finance, Risk & Reporting (FRR) business, added: “Working with
the Bendigo and Adelaide Bank finance team has been a mutually rewarding
experience for us all. Their professional and dedicated approach meant
the first deliverables of the project were signed off and ready for
production well ahead of time. Wolters Kluwer is now positioned to
benchmark the bank’s reporting to our other clients across a wide range
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 and Central
Banking magazine recently named OneSumX for Regulatory Reporting its
Best Technology Solution For Regulatory Compliance. Wolters Kluwer
FRR is also this year’s Category
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
About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance (GRC) is a division of Wolters
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 N.V. (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.
Director of Global Corporate Communications, Banking &
Governance, Risk & Compliance
Office +44 20 3197 6586, Mobile +44 77 6539 1824
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