Solution combines AI with subject matter experts to help financial institutions manage regulatory change
NEW YORK–(BUSINESS WIRE)–#wolterskluwer—Wolters Kluwer Compliance Solutions has introduced OneSumX® ProViso, an AI-based solution that leverages Wolters Kluwer regulatory expertise, content and technology to help financial institutions develop, maintain and prove compliance with their legal obligations to U.S. federal and state regulators. The offering was developed for larger institutions operating across multiple jurisdictions and thus challenged with managing the massive volume, breadth and scope of ongoing regulatory changes impacting their businesses.
OneSumX ProViso uses Wolters Kluwer’s regulatory change data feed—a comprehensive, legal library of state and federal citations and requirements—and logically analyzes, groups and clusters relevant legal requirements across multiple jurisdictions. This functionality streamlines a financial institution’s process for creating and managing a rationalized set of legal requirements.
The solution clusters citations with similar requirements so users are able to focus on only the relevant citations for their jurisdictions. OneSumX ProViso further filters and isolates those citations that require necessary action, allowing a user to view the entire citation or digestible summaries that capture actionable requirements in a single sentence.
The result is a faster, less costly and more efficient process for comprehensively managing a financial institution ’s regulatory requirements in a compliant manner.
“In the current regulatory environment, there are enormous costs and challenges for larger financial institutions in monitoring and keeping pace with the complexity and volume of thousands of state and federal regulatory obligations, requiring vast resources to ensure compliance with those obligations,” said Steve Meirink, Executive Vice President and General Manager of Wolters Kluwer Compliance Solutions. “OneSumX ProViso is a game changer, merging our deep compliance content and regulatory expertise with AI-based technologies and workflow tools in a way that helps financial institutions more effectively manage their state and federal compliance obligations.”
OneSumX ProViso also offers its users end-to-end traceability and reporting to facilitate internal audits and demonstrate compliance to regulators across multiple jurisdictions.
Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks and credit unions, insurers and securities firms. The business, which sits within Wolters Kluwer’s Governance, Risk & Compliance division, helps these financial institutions efficiently manage compliance obligations tied to loan and deposit origination transactions and workflows, manage risk and other regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.
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 2019 annual revenues of €4.6 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 19,000 people worldwide.
Director of Global Corporate Communications, Banking & Regulatory Compliance
Governance, Risk & Compliance
Office +44 20 3197 6586
Corporate Communications Manager, Banking & Regulatory Compliance
Governance, Risk & Compliance Division
Tel: +1 612-852-7966
On Twitter: @davidafeider