CGD uses Wolters Kluwer’s OneSumX for Regulatory Reporting

By Gloria Methri

Caixa Geral de Depósitos (CGD), the Portuguese state-owned banking corporation has implemented Wolters Kluwer’s OneSumX Regulatory Reporting software.

The solution combines bank data into a single source of data to ensure consistency, reconciliation, and accuracy and includes Wolters Kluwer’s Regulatory Update Service. It tracks regulatory changes and organizes them to create structured, value-added content through a single data feed.

This service is maintained by Wolters Kluwer experts who monitor regulations in 30 countries. CGD will use the solution to help comply with the Capital Requirements under CRR/CRD Directives.

“Wolters Kluwer provides the know-how and proven expertise to ensure a successful implementation,” said Hugo Verissimo Oliveira, CDO at CGD. “During the project, new processes will enable data flow automation, enabling the bank to integrate a common reporting framework, capital requirements, and financial reporting, including the deployment of data integration.”

“This deal represents a strategic win for FRR’s Portuguese team and showcases our position in the market,” added Kris Van Bavel, Managing Director of Wolters Kluwer FRR for the EMEA region. “We continue to attract a wide range of clients in the country and throughout the region and look forward to working with CGD’s team on the implementation of our market-leading regulatory reporting solution, OneSumX.”

Wolters Kluwer FRR, which is part of the company’s Governance, Risk & Compliance (GRC) 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 boards of directors.

OneSumX for Regulatory Reporting solution was recently awarded Risk.net’s Regulatory Reporting System of the Year, an accolade Wolters Kluwer FRR has won for the fourth time.

In May this year, Wolters Kluwer Compliance Solutions launched its OmniVault for Real Estate Finance solution to support digital home equity lending.