A major Egyptian bank, the Housing and Development Bank (HDB) has chosen the Wolters Kluwer Financial Services OneSumX solution to provide solutions for regulatory reporting and operational risk management.
The OneSumX solution provides various complementary services for managing governance, finance, risk and compliance, and will be implemented by Wolters Kluwer and its local partner Winter Partners Egypt (WPE).
For HDB, the solution is tailored to allow balance sheet modelling, risk measurement, risk management and regulatory compliance.
The liquidity risk management solution combines a risk management and stress-testing engine with a regulatory reporting platform, in order to help firms manage and monitor liquidity risk.
The credit risk solutions offers portfolio credit risk analysis, while the market risk tool allows an integrated view of balance sheets and profit-and-loss, taking both risk and business units in to account.
HDB will also use the regulatory reporting solution, which uses a single source of data to ensure consistency and accuracy in reconciliations, to help address local statutory, transactional, and statistical obligations.
Finally, OneSumX for operational risk will help HDB to adjust its internal operational risk practices by automating the process of collecting, analysing, tracking and reporting information on any operational losses and risk assessments.
Fathy El Sebaei, managing director and CEO of HDB, said: “As a leading bank keen to demonstrate our commitment to upholding the highest standards in risk, regulatory reporting and operational risk, we needed a suite of solutions that matched our exacting requirements.”
He added: “Wolters Kluwer Financial Services, through its OneSumX suite, working together with WPE, was an appealing choice for us due to its strong reputation and track record in delivering superior software solutions. Our shareholders and clients demand the highest standards and so it was vital to ensure we have the best systems in place to manage risk, regulatory reporting and operational risk.”
Kris Van Bavel, vice president of sales in Europe, the Middle East and Africa EMEA at Wolters Kluwer Financial Services, said: “Banks need vendors who understand their entire business and are able to offer suitable solutions to manage increasingly complex requirements. We look forward to working with HDB on the implementation.”
