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Compliance and Regulatory Technology
Business Honor
20 May, 2025
Shanghai Commercial Bank adopts OneSumX to enhance regulatory compliance, risk management, and reporting capabilities.
An important milestone in Shanghai Commercial Bank's (SCB) Governance Risk and Compliance (GRC) plan has been reached with the effective application of Wolters Kluwer's OneSumX regulatory reporting and risk management platform. The action proves SCB's commitment to updating compliance procedures and conforming to changing regulatory requirements, including those established by the Hong Kong Monetary Authority (HKMA).
Wolters Kluwer Financial & Corporate Compliance created OneSumX, a fully united and flexible technology package that SCB can use to assist regulatory reporting, stress testing, credit risk analysis and Basel III compliance. This solution makes sure accuracy, transparency and complete regulatory traceability by replacing SCB's manual reporting procedures with automatic, data-driven workflows.
SCB now satisfies Basel III regulations in Hong Kong, which include granular data reporting and risk-weighted asset computations, thanks to OneSumX. The platform validates smooth interaction between compliance and risk functions and improves data governance. In addition to safeguarding operational continuity, SCB's phased employment plan set the stage for upcoming improvements including automated HKMA reporting and increased risk management capabilities.
Shanghai Commercial Bank's Executive Vice President and Chief Financial Controller, Wendy Li-chien Weng, said the company's global reach and established regulatory experience were the main factors in the choice to join forces with Wolters Kluwer. She pointed out that the OneSumX solution improves the bank's financial risk management capabilities and substantially strengthens its regulatory compliance framework.
Vice President Jeroen Van Doorsselaere of Wolters Kluwer painted the planned significance of integrating risk management and regulatory systems. He pointed out that Shanghai Commercial Bank is now well-positioned to handle upcoming regulatory developments with a strong technology platform because of the application of OneSumX.
By using OneSumX's unified architecture, SCB obtains a complete compliance solution that allows long-term digital transformation in addition to meeting present regulatory requirements. This partnership is a reflection of the financial industry's increasing adoption of new RegTech solutions to effectively handle compliance complexities.