OneSumX provides a suite of products for managing governance, finance risk and compliance requirements. Specifically, CIBC will use OneSumX Regulatory Reporting, including the Regulatory Update Service.
This service is maintained by Wolters Kluwer staff, who monitor regulatory changes in around 50 changes, making sure the solution is current at all times. It also works from a single source of data, in order to maintain consistency, accuracy and ease of reconciliation.
CIBC already uses the OneSumX platform in the UK for servicing its Bank of England statistical and prudential reporting requirements.
It has already extended the mandate to cover requirements for Japan and Australia, using centralised versions of the OneSumX Regulatory Reporting data model installed at the CIBC head office in Toronto.
CIBC will also roll out the solution to Hong Kong and Singapore, where it already has established banking operations.
Clive Pedder, executive vice president and general manager of finance, risk and reporting at Wolters Kluwer, said: “Globally financial institutions are required to submit an ever-increasing range of information to regulators.”
He added: “Our content-rich offering allows clients to manage their regulatory obligations with precision. We look forward to continuing our work with CIBC.”