BBVA Compass, the US-based subsidiary of Spanish multinational banking group BBVA, in January announced its plans to implement the OneSumX solution from Wolters Kluwer to provide regulatory reporting software for its US operations.
BBVA Compass is headquartered in Birmingham, Alabama and has a major presence throughout the ‘Sunbelt’ region of the US, with total assets of more than $90bn.
OneSumX Regulatory Reporting uses a single source of data to ensure consistency, reconciliation and accuracy. The solution includes the firm’s Regulatory Update Service and provides active monitoring of regulation in around 30 countries worldwide. It addresses all US regulatory, FR Y-14, FR 2052a, liquidity and other reporting requirements and can be expanded or customized to account for shifts in the risk and compliance environment.
“As part of our ongoing strategy to build a leading franchise in the US we wanted to take a more strategic approach to compliance. This needed to be supported by an integrated, flexible platform capable of evolving in response to regulatory requirements and supporting broader business goals,” explains Chris Butler, Senior Vice President and Director of Financial Reporting at BBVA Compass.
A few days earlier on 23 January, Wolters Kluwer confirmed that Austrian bank Sparkassen- Prüfungsverband has also selected the OneSumX service for its mandatory audit reports and appendix to the reports (the so-called ‘Anlage zum Prüfbericht’). These yearly bank audits must be performed by the auditors for all banks in Austria.