EastWest Banking Corporation Expands Use of Wolters Kluwer’s OneSumX Software to Manage Market Risk and ALM
SINGAPORE--(BUSINESS WIRE)--Dec 17, 2019--
EastWest Banking Corporation (EastWest) has selected Wolters Kluwer’s OneSumX for Risk Management to manage its Market Risk and Asset and Liability Management (ALM) requirements. The Phillippines-based bank will implement the solutions to work alongside other Wolters Kluwer software modules, including OneSumX for Finance, which it has used for many years.
EastWest is a universal bank in the Philippines that provides a wide array of products and services to retail and mid-market corporate customers.
Wolters Kluwer FRR’s OneSumX Market Risk solution provides an integrated view of profit and loss and risks on balance sheet. Based on a centralized data structure specifically designed for financial institutions, the OneSumX Market Risk solution offers all modern risk analytics and techniques, from basic sensitivity and gap analysis, through more advanced Value at Risk (VaR) techniques and into simultaneous dynamic simulation of credit and market risk, based on Monte Carlo modeling.
The ALM component of OneSumX for Risk Management is based on Wolters Kluwer’s integrated platform, enabling balance sheet modeling, stress testing and dynamic planning.
“Wolters Kluwer is a trusted technology partner of ours, having provided software that helps us manage our financial reporting obligations for many years now,” commented Grace Ang, Chief Risk Officer, at EastWest. “We look forward to working with Wolters Kluwer’s experts on what is an important implementation for us in the risk area.”
“We are delighted to be expanding our relationship with EastWest to ensure it has a robust platform for managing its risk profile,” said Rainer Fuchsluger, Managing Director, APAC, for Wolters Kluwer’s Finance, Risk & Reporting (FRR) business. “Our business continues to attract clients for its leading risk solutions across the APAC region and we very much look forward to working with EastWest on the implementation.”
Wolters Kluwer FRR, which is part of the company’s Governance, Risk & Compliance division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. It supports regulated financial institutions in meeting their obligations to external regulators and their own board of directors.
Wolters Kluwer FRR receives frequent independent recognition of its excellence and innovation, celebrating a record year for award wins. Risk magazine recently awarded the company its coveted Regulatory Reporting System of The Year Award for the second year running and Waters Technology has named the company the Best Market Risk Solution Provider in its annual Technology Rankings. Wolters Kluwer is also the #1 provider in both Regulatory Reporting and Liquidity Risk according to the RiskTech100, as compiled by Chartis Research.
About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2018 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 18,600 people worldwide.
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CONTACT: Paul Lyon
Director of Global Corporate Communications, Banking & Regulatory Compliance
Governance, Risk & Compliance
Office +44 20 3197 6586
KEYWORD: ASIA PACIFIC SINGAPORE
INDUSTRY KEYWORD: PROFESSIONAL SERVICES TECHNOLOGY LEGAL FINANCE SOFTWARE BANKING
SOURCE: Wolters Kluwer
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PUB: 12/17/2019 08:00 PM/DISC: 12/17/2019 08:01 PM