Wolters Kluwer’s Finance, Risk & Reporting (FRR) business and Vizor Software have teamed up to work on a partnership for the Singapore market that will integrate the Vizor Reporting API into Wolters Kluwer’s OneSumX platform for regulatory reporting, allowing it to automatically consume published machine-readable regulatory rules and data models directly from Singapore’s regulatory system.
Vizor Software helps regulators to make clear data models and rules publicly available in both machine and human-readable format to all reporting FIs and vendors, and is already used by the Singapore Monetary Authority. The partnership with Wolters Kluwer and the full integration in the OneSumX platform will allow its public services clients to collect, validate and refine data in synchronization with the financial institutions they regulate.
“While much has been written about the need to reduce the burden of regulatory reporting, the global standardization required for full, cross-border automation does not yet exist. We recognise that regulators require a wide variety and increasingly granular level of jurisdiction-specific data to deal with emerging risks. Regulators using our platform are able to dynamically define data requests and rules in an open, standardized format,” says Conor Crowley, CEO of Vizor Software.
“However, this increased volume of data requests from the regulator poses problems when FI systems also require changes to respond. APIs provide machine-to-machine communication so that both FIs and the regulator can layer automation onto their existing processes and technology investments.”
OneSumX for Regulatory Reporting combines bank data into a single source of data, and includes access to Wolters Kluwer’s Regulatory Update Service, actively monitored across 30 countries. The alignment between software used by both regulator and financial institutions should improve the timeliness and quality of regulatory reporting submissions, whilst also reducing cost. By leveraging the same software as the Singapore regulator, the preparation and validation of regulatory data thus becomes more of a machine-to-machine task and both financial institutions and regulators can instead focus on data analysis and risk management.
“This partnership will redefine the regulatory compliance landscape in Singapore,” thinks Claudio Salinardi, Executive Vice President and General Manager of Wolters Kluwer FRR. “Beyond the immediate benefits for financial institutions such as superior time-to-market, this also opens the door to many new value-added services down the road, all directly integrated with regulators. Notably, this partnership will provide a solution in time to help our clients meet the revised MAS610 requirements recently introduced by the Monetary Authority of Singapore.”