Equitable Bank automates IFRS 9 reg requirements with Wolters Kluwer’s OneSumX
Canada-based Equitable Bank is implementing Wolters Kluwer’s OneSumX regulatory reporting solution.
The vendor says OneSumX “will help Equitable Bank manage regulatory and supervisory expectations for its credit and capital management processes, as well as automate its International Financial Reporting Standards (IFRS) 9 requirements”.
Equitable Bank seeks to become an advanced internal ratings based (A-IRB) bank under the Basel III framework, so the solution will enable compliance with the necessary regulations.
Ron Tratch, VP and CRO for Equitable Bank, says the project “will enable us to have complete data transparency, using an integrated centralised data architecture, which will provide us with a consolidated view across all business lines and all types of risk”.
He hopes it will also result in “resource efficiencies”.
At the back office, OneSumX, will be interfaced to Equitable Bank’s long-standing core banking system, Portfolio Plus, supplied by a local vendor, Strategic Information Technology (SIT).
Across the ocean
Meanwhile, in Australia, Queensland Treasury Corporation (QTC) has recently gone live with the OneSumX enterprise-wide platform, which includes finance, risk and reporting solutions.
Philip Noble, chief executive of QTC, compliments Wolters Kluwer’s specialists on their “knowledge, technical expertise, understanding and flexibility to meet the targeted outcomes”. He adds the project has been completed within “the prescribed budget and challenging deadlines”.