OneSumX
OneSumX provides an ecosystem of complementary and comprehensive solutions and services to manage the intersection of governance, finance, risk and compliance—increasing organizational profitability, efficiency and growth.
The crisis has forced firms to take revised look at their internal governance procedures and approach to risk management. Financial institutions are strengthening these processes and are giving them a more strategically important role. However, there is also a growing awareness that these practices in their existing forms were unable to stop significant loss events and failures in the past.
However, there is now not only pressure from regulators and the public for firms to evolve existing practices to avoid repetition of past mistakes, but there is also readiness within firms to adopt fresher, more proactive and dynamic approaches. The new methodology that is becoming increasingly sought after to achieve this change is one that allows for the multidisciplinary management of complex risks and issues to create more strategic support and future-looking views for the business. Examples of this new approach include:
- The incorporation of tools such as scenario analysis and predictive analytics to to forecast both future performance and potential threats
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The placement of governance and compliance into strategic decision-making through their relation to financial and performance metrics.
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The connection of behavior, financial performance, and remuneration to help manage areas such as compliance and conduct risk.
In essence, firms need a framework in place that effectively enables them to govern and manage risk and business performance at all points and intersections across the organization. To truly shift the existing paradigm, a linkage between the previously siloed areas of governance, finance, risk and compliance needs to be established to create a unified ‘GFRC’ strategy.
As a company committed to staying on top of changing market dynamics, Wolters Kluwer Financial Services has stayed ahead of the curve organically, by investing into innovative product development, and acquisitively with the addition of niche providers to its wider portfolio. The result is a portfolio that includes the systems and specialities needed to enable firms to create their own specific GFRC vision a reality.
The solution suite that addresses this - OneSumX - is made up of the following areas:
