Latvia-based private bank ABLV Bank has selected the Wolters Kluwer OneSumX regulatory reporting solution both for its headquarters and its Luxembourg subsidiary.
The OneSumX solution offers a range of solutions and services for managing governance, finance risk and compliance obligations, and is intended to improve operational efficiency and to help firms to remain adaptable and prepared for growth.
ABLV Bank has signed up to use OneSumX Regulatory Reporting, including the Regulatory Update Service, which monitors the regulatory landscape to keep institutions up to date with regulatory reports.
This will include reporting for the European Banking Authority reporting obligations.
Kris Van Bavel, managing director for finance, risk and reporting for Europe, the Middle East and Africa at Wolters Kluwer, said: “Private banks, more than ever before, are under pressure to submit an ever increasing range of information to regulators.”
He added: “Our deep understanding of the markets, through our large installed base in Luxembourg and the rest of Europe, not to mention our content rich offering, allows us to provide clients such as ABLV Bank with a comprehensive regulatory reporting solution.”
Benoît Wtterwulghe, CEO of ABLV Bank in Luxembourg, said: “[ABLV Bank Luxembourg] works hard to satisfy its clients’ needs while ensuring all our regulatory obligations are managed comprehensively and in a timely way in a period of frenetic increase of the regulatory burden.”
“As a result it’s clear that we require a market leading technology provider to aid us in these ongoing efforts.”
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