Bank of China to implement Wolters Kluwer's OneSumX for reg reporting in Australia

Source: Wolters Kluwer

Bank of China has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting to provide its regulatory reporting calculation and submission software for its operations in Australia.

OneSumX for Regulatory Reporting is set up to use a single source of data to ensure consistency, reconciliation and accuracy and includes Wolters Kluwer’s Regulatory Update Service. This unique service maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries.

Mr. Felix Lin, Senior Finance Manager for Bank of China, Sydney Branch, commented, “Providing accurate and timely submission of our business data to regulators has always been our priority. After an extensive investigation into all the options available to us, it became apparent that Wolters Kluwer’s integrated approach met our future Finance, Risk and Regulatory Reporting aspirations. We have commenced working on the implementation quickly to meet the Australian Prudential Regulatory Authority’s Economic and Financial Statistical Reporting (EFS) Phase 1.”

“Wolters Kluwer is delighted to be working with Bank of China in its continuation of delivering excellence in external and internal reporting,” commented David Rule, Account Manager for Australia New Zealand in Wolters Kluwer’s Finance, Risk & Reporting (FRR) business. “The team at Bank of China has taken a future view of its reporting capabilities and recognized the recent regulatory reporting changes in Australia will allow the firm to execute finance and risk function enhancements.”
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