Bendigo and Adelaide Bank has completed its implementation of phase 1 of Modernized Economic and Financial Statistical Reporting (EFS) using Wolters Kluwer’s OneSumX for Regulatory Reporting.
EFS is an ambitious regulatory change program, managed by the Australian Prudential Regulation Authority (APRA).
OneSumX Regulatory Reporting uses a single source of data to ensure consistency, reconciliation and accuracy and includes the firm’s Regulatory Update Service.
This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in approximately 30 countries, helping to ensure the solution is current at all times. Bendigo and Adelaide Bank specifically use the Regulatory Reporting functionality for its Authorised Deposit-Taking Institution in Australia.
Bendigo and Adelaide Bank consumer banking divisional CFO Patricia Zeitz said: “During our program Wolters Kluwer’s experts have assisted the Bendigo and Adelaide Bank implementation team, keeping within budget and delivering on schedule.”
“We look forward to delivering the APRA reporting automation in full and keeping ahead of future regulatory changes with assistance from this expert team. Using a number of Wolters Kluwer solutions to benchmark our submissions to regulators, the bank will continue to assist regulators by producing their required information in the most unified and expedient way possible.”
Wolters Kluwer’s Finance, Risk & Reporting (FRR) business Australia and New Zealand account manager David Rule said: “Working with the Bendigo and Adelaide Bank finance team has been a mutually rewarding experience for us all. Their professional and dedicated approach meant the first deliverables of the project were signed off and ready for production well ahead of time.
“Wolters Kluwer is now positioned to benchmark the bank’s reporting to our other clients across a wide range of regulators.”
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.
Source: Company Press Release