These yearly bank audits need to be performed by the auditors for all banks in Austria, with many choosing to utilize OneSumX for Regulatory Reporting.

OneSumX Regulatory Reporting as such 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.

“Wolters Kluwer’s OneSumX solution has an excellent reputation in regulatory reporting,” noted Mag. Gerhard Margetich, Chairman of the Board at Sparkassen-Prüfungsverband, leading the selection process of the reporting software. “We required an expert in the field to ensure we are comprehensively managing our reporting and audit documentation obligations in line with the regulator’s exacting requirements. Wolters Kluwer was the natural choice given its long track record in the field.”

“Wolters Kluwer is delighted to extend its client base in Austria and we look forward to work with Sparkassen-Prüfungsverband on the implementation of our software,” commented Kris Van Bavel, Managing Director, EMEA, for Wolters Kluwer’s Finance, Risk & Reporting business. “We have a strong presence in Austria and continue to add clients here, and across EMEA for that matter. We expect this trend to continue with banks active in the country keen to ensure they are utilizing our expertise in integrated regulatory reporting. The decision by auditors to use our software is also an important testament to our industry expertise.”