Israel Discount Bank signs for Wolters Kluwer reg reporting package

Source: Wolters Kluwer

Israel Discount Bank (IDB), one of the largest commercial banks in Israel, has become the latest firm to choose OneSumX for Risk – the solution developed by Wolters Kluwer Financial Services.

OneSumX provides a complementary and comprehensive ecosystem of governance, finance, risk and compliance solutions. IDB has specifically signed up to use the OneSumX solution for Market Risk, Asset and Liability Management (ALM) and Liquidty Risk. IDB chose Wolters Kluwer Financial Services following an extensive search for a vendor that could provide a suitably robust risk solution, subject matter expertise and implementation services.

“In today’s rapidly changing environment, financial institutions must have robust systems in place to mitigate a wide array of risks,” said Shaul Rudner, head of Central Procurement at IDB. “The OneSumX solution provides suitably effective risk management tools to help ensure we continue to monitor and manage market, ALM and liquidity risk.”

Based on a centralized data structure specifically designed for financial institutions, the OneSumX Market Risk solution offers all modern risk analytics and techniques, from basic sensitivity and gap analysis, through to more advanced Value at Risk (VaR) techniques and dynamic simulations, based on Monte Carlo modeling.

The ALM solution, meanwhile, is based on Wolters Kluwer Financial Services’ integrated data architecture. This enterprise-wide risk solution enables balance sheet modeling, risk measurement and management, as well as regulatory compliance. And the OneSumX Liquidity solution combines a risk management/stress engine and regulatory reporting platform, enabling firms to monitor, manage and report liquidity risk

The news follows a raft of recent announcements from the Minneapolis-based risk and regulatory technology firm. In the past two weeks alone the firm’s Asian and European offices have announced clients wins from two Sri Lankan banks (Commercial Bank of Ceylon and Hatton National Bank), the Belgium branch of Banca Monte Paschi and Ireland’s permanent TSB.

“We are honored that IDB - a leading bank in Israel - has recognized our continued commitment to developing risk solutions that meet our client’s most challenging needs,” added Kris Van Bavel, vice president of Sales, EMEA, for Wolters Kluwer Financial Services. “We are certainly noting a significant trend across EMEA for banks who are keen to upgrade their risk management platforms.”

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