Bahrain Middle East Bank Chooses Wolters Kluwer’s OneSumX for Finance
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  • Bahrain Middle East Bank Chooses Wolters Kluwer’s OneSumX for Finance

    Dec. 19, 2017

    Bahrain Middle East Bank (BMB) has chosen Wolters Kluwer’s OneSumX for Finance solution to provide the basis for its core banking and reporting system.

    Banks’ finance functions are facing significant changes that are reshaping the way they operate. To support these changes, banks require access to more complex systems, with high tech components and highly-skilled guidance. The markets, the board, management, auditors and regulators are all asking finance departments to produce increasingly sensitive and detailed analysis and forecasts, often more quickly than ever before. At the same time, internal teams are pushing the finance function to bring more value to the global strategy while encompassing the function with accuracy and ease. OneSumX for Finance supports financial institutions in their strategic planning, budgeting and forecasting through simulations and analytics.

    OneSumX for Finance has the flexibility to adapt to rapidly evolving regulatory requirements, providing financial institutions with fully integrated finance functionality, from event to disclosure, with built-in content and expert support. Amongst various Wolters Kluwer Finance, Risk & Reporting products, BMB has handpicked the encompassing OneSumX Subledger Accounting solution. It provides fast and reliable financial reporting and its functionality includes reconciled granular business and accounting data and support multiple entities, currencies and Generally Accepted Accounting Principles (GAAPs).

    “In our drive to enhance client reach and client service with multi-dimensional reporting on our evolving product platform, BMB has embarked on an exercise to transform its core banking and reporting system,” said Gaurav Baid, BMB’s Chief Financial Officer. “The use of the enhanced Wolters Kluwer OneSumX for Finance solution will facilitate ease of regulatory compliance and reporting to all constituents of our business.” 

    The Bank will use Advanced Financial Solutions for the implementation of the Wolters Kluwer offerings. A subsidiary of Midis Group, Advanced Financial Solutions specializes in providing software solutions and consulting services for financial institutions in the Middle East, North Africa and Turkey.

    “We are delighted to partner with BMB on an integrated general ledger, financial and compliance reporting system transformation,” said Juan Jarjour, Managing Director of Advanced Financial Solutions. “The OneSumX for Finance platform selected by BMB provides a powerful solution geared to handle BMB’s requirements for automation and is a solid platform to support the bank’s growth.”

    “We are delighted that BMB has chosen to implement our leading OneSumX for Finance solution,” commented Kris Van Bavel, Managing Director for EMEA at Wolters Kluwer’s Finance, Risk & Reporting business. “We continue to help clients across the region and beyond to adapt to and manage demanding risk and regulatory obligations. We look forward to working with both BMB and Advanced Financial Solutions on the implementation.”

    About Wolters Kluwer Governance, Risk & Compliance

    Wolters Kluwer Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer which provides legal, finance, risk and compliance professionals and small business owners with a broad spectrum of solutions, services and expertise needed to help manage myriad governance, risk and compliance needs in dynamic markets and regulatory environments.

    Wolters Kluwer N.V. (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.

    About BMB

    BMB is a Wholesale Bank, established in 1982. It is one of the foremost Wholesale Banks to be set-up in the Kingdom of Bahrain and offers services in the areas of:

    •             Portfolio and Asset Management
    •             Treasury and Capital Markets
    •             Trade Finance
    •             Private Equity Fund Investments
    •             Financial Advisory and Structured Products
    •             Corporate Finance

    BMB’s operations are backed by a network of relationships amongst Top Tier Global Financial Institutions, Asset Managers, Trade Finance Specialists and Investment Banks in the MENA region. For more information, visit www.bmb.com.bh.

    About Advanced Financial Solutions

    Advanced Financial Solutions specializes in risk management, financial consulting & software solutions and is a business unit of Midis Group, one of the largest technology companies in the Middle East.

    Advanced Financial Solutions has a specialized team of consultants with deep domain expertise in:

    •             ALM, Market & Liquidity Risk
    •             Basel III Capital Calculation & BRSA Reporting
    •             Credit Risk Rating & Retail Scoring
    •             PD / LGD / EAD Modeling for Basel & IFRS9
    •             IFRS & Financial Reporting
    •             Operational Risk