Wolters Kluwer Financial Services announced today that Peel Hunt LLP, the UK-based full service broking house, has selected its Summix solution suite for regulatory reporting and liquidity risk management.
Under the deal, Peel Hunt will be able to automate the common reporting (COREP), financial reporting (FINREP) and liquidity reporting returns, as well as utilize the liquidity stress testing module to meet the requirements of the Capital Requirements Directive IV (CRD IV) - the European implementation of Basel III - and also for internal business planning purposes.
"With the new reporting requirements such as COREP representing a more than significant increase in scale, volume, and frequency, we decided to select Wolters Kluwer Financial Services' market leading automated regulatory reporting solution," said Sunil Dhall, Chief Financial and Operating Officer of Peel Hunt. "With their integrated solution for regulatory reporting and liquidity risk management, we can not only comply with the immediate compliance concerns, but also enhance our business planning through the stress testing module for any future requirements or potential risks."
"With selection of our Summix suite Peel Hunt can address two key requirements of the Basel III directive - regulatory reporting and liquidity risk - through one solution," said Kris Van Bavel, vice president, Sales EMEA at Wolters Kluwer Financial Services. "Requirements of Basel III are extensive for financial institutions all over the world, so selecting a trusted provider, with the necessary experience, expertise and technology can help alleviate the burden of compliance carried by firms such as Peel Hunt."
With Wolters Kluwer Financial Services' Regulatory Update Service (RUS), Peel Hunt will be better able to comply with on-going changes to the regulatory requirements of Basel III. The RUS consists of Wolters Kluwer Financial Services domain experts actively monitoring changes to regulations, in order to provide updates within the regulatory reporting solution.