Wolters Kluwer Financial Services, the global risk and regulatory technology firm, has launched its Enterprise Credit Solution for China.
The solution enables financial institutions operating in China to comply with the official China Enterprise Credit System (ECS) reporting standards, as set by the People’s Bank of China (PBOC).
The Enterprise Credit Solution gathers a bank’s commercial and corporate banking data directly from its core-banking and business systems, performs regulatory computations and creates on-screen forms containing its regulatory data. Once the data is confirmed, the solution constructs the submission files in the format required for PBOC submission. Through this reporting process, banks obtain a three-dimensional view of their financial conditions, which helps improve their credit risk management.
“Enterprise information obtained through ECS can help reduce information asymmetry between the bank and enterprise as much as possible and assist banks in their credit risk assessment so as to improve their risk management systems,” notes Ethan Feng, China Banking Regulatory Intelligence expert at Wolters Kluwer Financial Services.
Wolters Kluwer Financial Services developed the software to support the new reporting requirements announced during last year’s PBOC credit reporting conference. Following that conference, banks were required to develop basic rules for cross-market rating regulation, improve platform functions and expand the application of the credit reporting system.
“This solution reinforces Wolters Kluwer Financial Services’ commitment to the fast-developing Chinese market and we are excited to offer our growing range of clients active support of PBOC regulatory reporting,” says Chris Puype, managing director of Asia Pacific for Wolters Kluwer Financial Services.
The firm has been recently recognized as the leading provider of regulatory reporting and IFRS 9 solutions globally, according to the annual Chartis RiskTech100® report.