Aegean Baltic Bank of Greece Selects Wolters Kluwer to Provide Integrated Risk and Regulatory Reporting Solution
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  • Aegean Baltic Bank of Greece Selects Wolters Kluwer to Provide Integrated Risk and Regulatory Reporting Solution

    May 15, 2020

    Aegean Baltic Bank of Greece (ABB) has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting and OneSumX for Risk Management as its integrated risk and regulatory reporting software solution, helping the bank to meet its Basel IV and CRD V obligations.

    OneSumX for Regulatory Reporting combines bank data into a single source of data to ensure consistency, reconciliation and accuracy and includes Wolters Kluwer’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries.

    The bank will also implement a number of risk management modules, including OneSumX for Asset & Liability Management (ALM). The ALM component of OneSumX for Risk Management is based on Wolters Kluwer’s integrated platform, enabling balance sheet modeling, stress testing and dynamic planning. Wolters Kluwer’s comprehensive OneSumX Liquidity Risk Management solution, meanwhile, combines a risk management/stress engine and regulatory reporting platform which will enables ABB to monitor, manage and report liquidity risk.

    ABB, operating under the regulatory supervision of the Central Bank of Greece, provides corporate and investment banking products and services to shipping companies in Greece. The company is primarily involved in contracting and the administration of syndicated loans granted to shipping corporations.

    “Wolters Kluwer’s software provides the extensive functional coverage and scalability that the bank required when exploring options in both the risk and reporting fields,” commented Konstantinos Hadjipanayotis, Chairman of the Board and Deputy CEO at ABB. “The software allows us to take a truly integrated approach to our risk management and regulatory reporting obligations,” added Dimitris Daispyros, Head of Risk at ABB.

    “We are delighted to be working with ABB on this important project for the bank. Basel IV and CRD V will present huge challenges for all banks and so we are happy to be assisting ABB with its all-important regulatory compliance,” said Kris Van Bavel, Managing Director of Wolters Kluwer’s Finance, Risk & Reporting (FRR) business in EMEA. “Regulatory reporting and risk mitigation are key considerations for all banks now more than ever. Our experts are on hand to provide all important access to our award-winning software and we look forward to working with ABB on this implementation project.”

    Wolters Kluwer FRR, which is part of the company’s Governance, Risk & Compliance 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 awarded the company its coveted Regulatory Reporting System of The Year Award for the second year running and Waters Technology has named the company the Best Market Risk Solution Provider in its annual Technology Rankings. Wolters Kluwer is also the #1 provider in both Regulatory Reporting and Liquidity Risk according to the RiskTech100, as compiled by Chartis Research.

    About Wolters Kluwer Governance, Risk & Compliance

    Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, stay competitive and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.

    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 2019 annual revenues of €4.6 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.