Toyota Finance Australia has chosen Wolters Kluwer's OneSumX for Regulatory Reporting as its regulatory reporting software, in order to meet the regulatory reporting requirements of the Australian Prudential Regulation Authority (APRA).
OneSumX for Regulatory Reporting combines bank data into a single source of data to ensure consistency, reconciliation and accuracy and includes Wolters Kluwer's Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries.
"After careful examination of all the options available to us, we opted to use Wolters Kluwer due to its award-winning technology, content rich regulatory offering and the platform's add on features," commented Jehad Hawli, Finance Systems Manager at Toyota Finance Australia. "Meeting APRA requirements is vital and so it's equally important to have the experts in the regulatory reporting field provide the technological know-how," added Pasquale Guerrera, CFO at Toyota Finance Australia.
"We are delighted that Toyota has chosen to implement our OneSumX regulatory software," said Rainer Fuchsluger, Managing Director of Wolters Kluwer's Finance, Risk & Regulatory Reporting (FRR) business in APAC. "We continue to attract a wide range of financial services clients across Australia and beyond and look forward to working with Toyota's team on this important project."
Wolters Kluwer FRR, which is part of Wolters Kluwer'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 board of directors.
Wolters Kluwer FRR receives frequent independent recognition of its excellence and innovation, celebrating a record year for award wins in 2019. Risk magazine recently awarded the company its coveted Regulatory Reporting System of The Year Award for the third year running and Wolters Kluwer FRR is the #1 provider in both Regulatory Reporting and Liquidity Risk according to the RiskTech100, as compiled by Chartis Research.
Wolters Kluwer's GRC division offers a range of expert solutions to help the financial services industry respond to the COVID-19 pandemic. Its Compliance Solutions business, for example, offers Paycheck Protection Program Supported by TSoftPlustm to support stimulus loan applications and loan forgiveness processes under the Coronavirus Aid, Relief, and Economic Security Act or U.S. CARES Act. Wolters Kluwer Lien Solutions, meanwhile, has also recently established a technology solution specifically designed to help U.S. lenders navigate Paycheck Protection Program loan applications, and associated compliance and risk mitigation requirements, resulting from the CARES Act. The Business Entity Search for CARES Act solution conducts bulk/batch corporate identity searches to verify the business status of potential borrowers.
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, stay competitive 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 N.V. (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 an den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.
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