Wolters Kluwer - Best New Governance, Risk & Compliance Solution

Company: Wolters Kluwer, Minneapolis, MN
Company Description: Wolters Kluwer is a global leader in information services & solutions for professionals in health, tax/accounting, risk & compliance, finance and legal sectors. Our Governance, Risk & Compliance division provides legal & bank professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, & produce better business outcomes.
Nomination Category: Product & Service Categories - Business Technology Solutions
Nomination Sub Category: Governance, Risk & Compliance Solution

Nomination Title: OneSumX for CPM: A Holistic Approach to Managing Compliance Risk

If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released: Released March 2019

Compliance teams at banks, insurance companies, and securities firms are not only challenged to effectively manage and monitor daily compliance, but watch for emerging compliance risks, educate stakeholders on business impacts, remediate issues quickly, and report on the status of key compliance risks. Compliance professionals are increasingly becoming part of firms’ strategic GRC decision-making processes, with regulators prompting demonstration of risk-based or strategically aligned risk management practices that include compliance operations.

Wolters Kluwer’s recognition of these challenges led to its design of OneSumX for Compliance Program Management (OneSumX for CPM) a comprehensive regulatory compliance system of seven modules brought together to help organizations address the key component processes of compliance, with the downstream capability needed to manage one’s programs from a single reporting system. Identifying the main components of such a holistic, integrated system—and mapping them along customers’ compliance journey—has been imperative to the development of OneSumX for CPM.

The solution is populated with structured, expert-curated, enriched regulatory content and brings together all relevant data into a single system, enabling organizations to stay up-to-date on regulatory obligations and make intelligent business decisions around their compliance and regulatory risks.

Data reports originate directly from the software, allowing compliance teams the ability to demonstrate progress made and better provide recommendations for improvement. These reports are also useful for other internal and external stakeholders, such as auditors and board members, ensuring greater transparency.

Organizations can select individual components or all seven OneSumX for CPM modules. By utilizing the appropriate mix of programs, firms can better manage their compliance risk and alleviate the administrative burden often accompanying compliance work, automating processes that save critical time and allow compliance teams to better focus on other tasks.

With such interconnected offerings such as risk and controls, tests, policies and procedures, and structured regulatory change, OneSumX for CPM provides a common language, approach, and methodology in which all parts of one’s compliance program can intersect.

In the end, customers experience the benefits of a flexible solution, scalable to their needs, that brings together intelligent financial technology and structured content to optimize regulatory compliance efforts.

Wolters Kluwer does not divulge sales revenue, but its offering of this set of fundamental compliance program capabilities has resulted in considerable market uptake by major U.S. financial firms in the past 18 months. Moreover, industry recognition has grown, reflected in numerous awards (see Supporting Documents section).

The OneSumX for CPM set of modules helps financial firms be able to address three key questions: 1) What are the laws and regulations to which your firm is beholden across all the jurisdictions in which you operate? 2) Are you confident you are adhering to those laws? and 3) Can you prove that compliance to regulators?

The CPM modules help firms more efficiently measure, monitor, and manage their compliance programs. Each module feeds into a central interface, delivering a single view of regulatory risk that can be articulated across the entire organization.

Regulatory content is curated by Wolters Kluwer experts, combining domain expertise with intelligent financial technologies. Regulatory change data is aligned and dynamically linkable to a regulatory library, and optimizable in all jurisdictions in which an organization operates.

Firms’ access to structured, actionable regulatory content frees up valuable time traditionally invested in tracking and analyzing regulatory data, allowing them to instead focus on more value-added activities. The application of these modules in concert with a firm’s existing regulatory compliance program is substantively helping to transform and enhance firms’ ability to manage their risk and regulatory compliance obligations by using the most current and complete regulatory compliance tools available in the market.

The supporting documents provided in this award entry further highlight and reinforce key points about Wolters Kluwer’s OneSumX for Compliance Program Management distinguishing capabilities, market receptivity and efficacy in addressing the needs of lenders in keeping pace with the tremendous volume and scope of changing laws and regulations. Included for this entry is a list of recent industry awards, several product backgrounders, product webpage with video, and a sample press release on a major award win for modules within the CPM suite of offerings.

2020 CPM Award Wins:

Finance Monthly - Solution of the Year - OneSumX CPM for Regulatory Change Management, FinTech Awards 2020

Finance Monthly -Solution of the Year - OneSumX CPM for Operational Risk, FinTech Awards 2020

RegTech Insights Award -Best Vendor Solution for Managing Operational Risk, Compliance Program Management’s OneSumX for Operational Risk

Wealth & Finance International – Best Operational Risk Solution: OneSumX

Wealth & Finance International – Best Regulatory Change Management Solution: OneSumX

FTF News – Best Operational Risk Management System, 2020

Corporate Vision - Operational Risk Solution of the Year, Technology Innovator Awards

Corporate Vision - Regulatory Change Management Solution of the Year, Technology Innovator Awards

One Planet Award 2020 - Best Content Analytics Solution, OneSumX for Regulatory Change Management (Gold)

One Planet Award 2020 - Best GRC Solution – OneSumX for Compliance Program Management (Gold)

Golden Bridge Award 2020 – Best Content Analytics Solution, OneSumX for Regulatory Change Management (Gold)