The Netherlands subsidiary of Mizuho Bank has selected the Wolters Kluwer OneSumX risk and regulatory reporting solution for its risk calculations and multi-country reporting.
The Japanese bank already uses Wolters Kluwer to provide services for some of its other European operations.
OneSumX offers a comprehensive suite of solutions and services for managing governance, finance risk and compliance, and is intended to improve organisational profitability and efficiency, and to allow for growth.
According to Wolters Kluwer, the mandate comes partly as a response to new rules from the Dutch National Bank (DNB), which require institutions to produce financial reports in Extensible Business Reporting Language (XBRL), a global standard for business information.
Jens Pöhland, managing director and chief risk officer at ?Mizuho Bank Nederland, said: “Mizuho Bank needed a leading solution to ensure its regulatory obligations for the Netherlands, Belgium and Austria are managed comprehensively—Wolters Kluwer provides this. Especially now that the DNB is changing its delivery protocol, we rely on the firm’s expertise for our XBRL requirements.”
This development follows a spate of mandates for the OneSumX solution. In October, Latvia-based private bank ABLV Bank adopted the solution for its Riga headquarters and Luxembourg subsidiary, while July saw Lebanese Blom Bank go live on the software.
Kris Van Bavel, managing director for finance, risk and reporting in Europe, the Middle East and Africa at Wolters Kluwer, said: “Mizuho Bank’s adoption of our risk and regulatory reporting software in the Netherlands is another important validation of our leading position in the field.”
He added: “Our deep understanding of the markets enables us to provide clients like Mizuho with a comprehensive regulatory reporting solution and we look forward to continuing our work with the bank.”
