UK brokerage Peel Hunt has deployed Wolters Kluwer Financial Services’ recently released Summix risk, compliance and finance platform. The system integrates technologies from acquired software providers FRS Global and FinArch, providing an upgrade path for users of these systems as well as a platform for new clients like Peel Hunt.
Peel Hunt selected Summix for regulatory reporting and liquidity risk management. It plans to use the platform to automate common reporting (Corep), financial reporting (Finrep) and liquidity reporting returns, and to stress test liquidity as required by the Capital Requirements Directive IV. The broking house will also use the platform for internal business planning.
Sunil Dhall, chief financial and operating officer at Peel Hunt, says: “With new reporting requirements such as Corep representing a more than significant increase in the scale, volume and frequency of reporting, we decided to select Wolters Kluwer Financial Services’ automated regulatory reporting solution. Using the integrated solution for regulatory reporting and liquidity risk management, we can not only comply with immediate compliance concerns, but also enhance our business planning by using the stress testing module to identify future requirements or potential risks.”
The firm will also be able to take advantage of Wolters Kluwer Financial Services’ Regulatory Update Service, which is underpinned by domain experts who monitor changes to regulations and provide updates to the regulatory reporting element of Summix.
Wolters Kluwer Financial Services has been working to integrate the FRSGlobal and FinArch product lines since it acquired FinArch in 2012. FRSGlobal was acquired in 2010. The result is a modular platform using business oriented data management architecture and an integrated data management framework to deliver a standardised approach to regulatory and client reporting across multiple regimes.
Wolfgang Prinz, vice president of product management at Wolters Kluwer Financial Services, Finance, Risk and Compliance, explains: “Summix dates back to the acquisition of FRSGlobal and its platform for risk management and performance. With this platform in place, we needed a view of finance, so we acquired FinArch. Earlier this year, we brought the products together, retired their names and developed Summix to fulfil Wolters Kluwer Financial Services’ strategy of building an end-to-end solution for finance, risk management, performance and regulatory reporting. A single data management layer supports all four functions and can output data to other business solutions.”
Former FRSGlobal and FinArch solutions can be connected into the data layer, although the company’s roadmap to 2015 suggests further integration between some of the products, while retaining user upgrade paths for all existing clients. Meantime, risk management and regulatory reporting solutions from both acquisitions have been integrated into the platform, as well as finance capability from FinArch and performance measurement that is a mix of FRSGlobal and FinArch technologies.
Prinz comments: “We can offer a smooth upgrade path for the original client bases of FRSGlobal and FinArch, and add value for existing and new clients. We will build out more integrated solutions on the platform over time and also plug in additional solutions in the areas of finance, risk, compliance and performance. These could be built by us, acquired or sourced through partners.”
He notes point solutions as competition to the Summix platform, but also a handful of former FRSGlobal and FinArch clients upgrading to Summix and interest in the solution across the client base and among prospects.