New clients in the Netherlands and Malaysia for Wolters Kluwer
Risk management and regtech vendor Wolters Kluwer has signed tech deals with ABN Amro in the Netherlands and SME Development Bank in Malaysia.
The ABN Amro project is in partnership with SAS and aims to provide the bank with “a truly integrated finance, risk and regulatory reporting software solution”. It is part of the bank’s major transformation venture – the Finance and Risk Architecture Alignment Initiative (FRAAI).
“Following a thorough evaluation of a wide range of available solutions, ABN Amro opted for a truly integrated approach that will complement the FRAAI objectives,” says Kees Visser, finance director at the bank.
Visser flags Wolters Kluwer’s “excellent reputation in regulatory reporting, asset and liability management (ALM) and finance” and the “strength in credit risk and stress testing” of SAS.
The bank will implement Wolters Kluwer’s flagship OneSumX solution to cover regulatory reporting, finance and ALM. Also, as part of integrated application landscape, the bank will use SAS capabilities such as data management and visualisation, finance and risk analytics, and enterprise model risk management and process orchestration.
In Malaysia, SME Development Bank (SME Bank), the country’s development financial institution, has chosen Wolters Kluwer’s OneSumX to support International Financial Reporting Standard (IFRS) 9. The accounting standard replaces the IAS 39 standard and came into effect at the start of the year. It addresses classification and measurement, impairment methodology and hedge accounting.
“Due to the 2018 IFRS 9 deadline it was necessary for the bank to select a vendor that could provide us with the best solution and system implementation in the fastest time possible,” explains Shahazana Shaari, head of IT at the bank.
She adds the bank was looking for “a tried and tested vendor”. Wolters Kluwer’s OneSumX IFRS 9 provides “an end-to-end solution, which successfully addresses all of the bank’s requirements”, she comments.
The solution will be interfaced to the SME Bank core processing system, Flexcube from Oracle FSS.