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News and resources on regulation, compliance, legal and governance issues for banks and fintechs.

Investors Bank selects Wolters Kluwer’s OneSumX for regulatory reporting

Source: Wolters Kluwer

Investors Bank has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting to provide its regulatory reporting software. Investors Bank, which operates from its corporate headquarters in Short Hills, New Jersey, has approximately $25.52 billion in assets and 151 branches located throughout New Jersey and New York.

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

“We wanted to take a more strategic approach when it came to our regulatory reporting obligations and were searching for an integrated platform, allowing for regulatory reporting automation. Wolters Kluwer neatly provides this capability through OneSumX for Regulatory Reporting and we are excited to be working on the roll out of the award winning technology,” commented Sean Burke, Executive Vice President and Chief Financial Officer at Investors Bank.

“As regulations evolve globally, data has become both an essential currency and a pain point for financial institutions. Regulatory report submissions involve more frequent, complex and granular data requests, and require calculations that draw on multiple business functions across finance, risk and treasury,” said Todd Lawrence, General Manager of Wolters Kluwer’s Finance, Risk & Reporting (FRR) business in the Americas. “OneSumX for Regulatory Reporting addresses US FR Y-14, FR 2052a, liquidity and other reporting requirements and can be also easily expanded or customized to account for shifts in the risk and compliance environment, effectively allowing for the automation of regulatory reporting. We are delighted to be working with Investors on this important project for the bank.”

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