Purpose-built solution helps U.S. community banks and credit unions track and manage compliance obligations
MINNEAPOLIS--(BUSINESS WIRE)--Wolters Kluwer Compliance Solutions has launched OneSumX ® Reg Manager to help U.S. community banks and credit unions enhance their regulatory change management efforts. This artificial intelligence (AI)-powered solution represents the latest addition to the Compliance Solutions OneSumX portfolio suite, a trusted product line designed to help financial institutions across the U.S. more effectively navigate regulatory change.
For many years, our multi award-winning OneSumX Regulatory Change Management (RCM) offering has been a market leader in helping larger financial institutions navigate regulatory complexity, explains Vikram Savkar, Executive Vice President and General Manager, Wolters Kluwer Compliance Solutions. OneSumX Reg Manager is designed specifically around the needs of community banks and credit unions, providing a high level of enhanced workflow functionality that helps its users monitor, track, establish and prove compliance with relevant state and federal regulations.
OneSumX Reg Manager leverages the robust capabilities inherent in the broader portfolio suite and delivers a purpose-built workflow that tightly aligns to the unique needs of community banks and credit unions. This new solution seamlessly integrates AI with a deep wealth of compliance expertise, providing a powerful tool for navigating regulatory landscapes with efficiency and precision.
We are excited to bring to these institutions the same level of robust regulatory change management functionality, powered by artificial intelligence and supported by human experts, as is delivered by our market-leading OneSumX RCM solution, Savkar adds.
OneSumX Reg Manager features an automated, structured data feed of regulatory content from all relevant U.S. state and federal regulatory agencies”including AI-enabled authoritative source libraries and updates”to monitor and track regulatory changes, map their applicability, and monitor the implementation of the changes in a manner that documents and helps mitigate overall compliance risk.
Initial responses from financial institutions using this tool reflect its user-friendly functionality.
Having all the regulations impacting our organization on one platform removes the dependency on multiple tools, websites, and emails, creating easier access to compliance-related information, usually with one click, said Tracy Hanlin, Vice President and Director of Compliance and Community Reinvestment at STAR Financial Bank in Fort Wayne, Indiana. That translates into greater efficiencies for me and my team.
Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks, credit unions, insurers and securities firms. The business sits within the Wolters Kluwer Financial & Corporate Compliance (FCC) division and helps these financial institutions efficiently manage risk and regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.
For more information about Wolters Kluwer, please visit: www.wolterskluwer.com.
About Wolters Kluwer
Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software solutions and services for professionals in healthcare; tax and accounting; financial and corporate compliance; legal and regulatory; corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services.
Wolters Kluwer reported 2023 annual revenues of €5.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 21,400 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
For more information, visit www.wolterskluwer.com, follow us on LinkedIn, Facebook (NASDAQ:META), YouTube and Instagram.
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David Feider
Associate Director, External Communications
Financial & Corporate Compliance
Wolters Kluwer
Office +1 612-246-9454
david.feider@wolterskluwer.com
Source: Wolters Kluwer