Wolters Kluwer’s Finance, Risk & Regulatory Reporting (FRR) business has launched a Professional Services offering for ongoing software management and maintenance, specifically for the Americas market.
The consultancy service is designed to help Wolters Kluwer’s clients in the region leverage private cloud environments to more efficiently scale their risk and reporting infrastructures, helping them to ensure optimal system performance. Complete with automatic updates, remote management, low maintenance and on-demand services, clients are better able to manage their data and performance demands allowing for greater focus on their core banking needs.
As part of this new service Wolters Kluwer FRR’s team of functional and technical consultants will help clients define both business requirements and technical specifications needed to move to a private cloud environment when implementing the OneSumX FRR suite of solutions. This allows business users to focus on executing day-to-day functions. Technical Consultants will be available to remotely manage and support a client’s integrated system to run optimally, utilizing a combination of software upgrades, archive management and system tuning and optimization for improved performance.
“Business today relies on complex databases to house data critical to the operation and integrity of their regulatory reporting obligations. Having consultants that are current with regulatory and technology changes across a large client base allows us to offer solutions that stay ahead of the ever-changing regulatory landscape,” commented Todd Lawrence, General Manager of Wolters Kluwer FRR, Americas. “Our consultants have extensive experience assessing whether a system helps meet performance goals for clients by providing best practice recommendations to bring systems to optimal performance. We look forward to working with client IT teams to implement new, or migrate an existing, OneSumX FRR infrastructure to a client’s private cloud. Once the solution is in production in a cloud environment, we offer hands-free remote monitoring and maintenance of the OneSumX FRR solution.”
The Professional Services offering will also allow Wolters Kluwer FRR to partner with a client’s team to navigate changing regulations and requirements to keep the business prepared and current. Quarterly support assessment and support visits from Wolters Kluwer’s consultants, alongside preparation for Federal Regulators, are among the services offered.
The new service is part of a wider portfolio of value-added services Wolters Kluwer FRR offers to clients post implementation. Other services include performance and monitoring, helping clients assess the performance of regulatory infrastructure goals in pursuit of optimal system performance. It also includes archiving, which helps businesses meet compliance retention requirements both by storing data long term and consolidating data for easy access in case of an audit, reporting or re-filing.
Wolters Kluwer FRR, which is part of Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. It supports regulated financial institutions in meeting their obligations to external regulators and their own board of directors.
Wolters Kluwer FRR receives frequent independent recognition of its excellence and innovation, celebrating a record year for award wins in 2019. Risk magazine recently awarded the company its coveted Regulatory Reporting System of The Year Award for the third year running and Wolters Kluwer FRR is the #1 provider in both Regulatory Reporting and Liquidity Risk according to the RiskTech100, as compiled by Chartis Research.
Wolters Kluwer’s GRC division offers a range of expert solutions to help the financial services industry respond to the COVID-19 pandemic. Its Compliance Solutions business, for example, offers Paycheck Protection Program Supported by TSoftPlus™ to support stimulus loan applications and loan forgiveness processes under the Coronavirus Aid, Relief, and Economic Security Act or U.S. CARES Act. Wolters Kluwer Lien Solutions, meanwhile, has also recently established a technology solution specifically designed to help U.S. lenders navigate Paycheck Protection Program loan applications, and associated compliance and risk mitigation requirements, resulting from the CARES Act. The Business Entity Search for CARES Act solution conducts bulk/batch corporate identity searches to verify the business status of potential borrowers.