Shanghai Commercial Bank Advances Governance, Risk, and Compliance Capabilities with Wolters Kluwer
HONG KONG--(BUSINESS WIRE)--Wolters Kluwer Financial & Corporate Compliance today announces that Shanghai Commercial Bank (SCB) has implemented a comprehensive regulatory reporting and risk management platform using its OneSumX solution suite. This marks a significant step in SCB's Governance, Risk, and Compliance (GRC) initiative, creating a unified source of truth for Basel compliance, regulatory reporting, risk analysis, and stress testing.
"We are proud of the successful implementation of OneSumX at Shanghai Commercial Bank,' said Jeroen Van Doorsselaere, Vice President, Wolters Kluwer Finance, Risk & Regulatory Reporting.
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SCB is now compliant with the Basel III requirements in Hong Kong, including risk-weighted asset calculations and regulatory reporting. By transitioning from manual processes to an automated system powered by OneSumX, SCB has streamlined operations, strengthened data governance, and enhanced compliance with the Hong Kong Monetary Authority (HKMA) guidelines. A structured transition approach ensured operational continuity and a smooth shift to the new system.
"We are proud of the successful implementation of OneSumX at Shanghai Commercial Bank,' said Jeroen Van Doorsselaere, Vice President of Global Product and Platform Management, Wolters Kluwer Finance, Risk & Regulatory Reporting. 'SCB's vision aligns with our strategy of an integrated regulatory and risk platform. By taking an incremental approach, SCB has effectively prioritized its immediate compliance needs while building a scalable foundation for future regulatory demands. This positions SCB to confidently navigate the complexities of an evolving regulatory landscape."
"We chose Wolters Kluwer for its trusted solutions used by 800-plus banks globally and its local HKMA expertise," said Wendy Li-chien Weng, Executive Vice President & Chief Financial Controller, Shanghai Commercial Bank. 'The OneSumX solution further strengthens our regulatory reporting and risk management capabilities, reinforcing our commitment to excellence.'
Building on this milestone, SCB has introduced credit risk stress-testing scenarios using OneSumX for Risk Management and is set to automate HKMA reports and granular data reporting (GDR) in the next phases. By leveraging Wolters Kluwer's expertise and a phased, modular approach, SCB has established a single, integrated platform for financial risk management and regulatory reporting. The implementation has improved data accuracy, increased operational efficiency, and optimized resource allocation.
OneSumX for Basel is a fully integrated regulatory risk, modular platform that ensures compliance with Basel reforms globally by providing seamless risk and capital management. With full traceability, scenario-based projections, and end-to-end integration, OneSumX stands out by delivering unparalleled accuracy, efficiency, and regulatory confidence within a single, scalable framework.
Shanghai Commercial Bank, incorporated in 1950 in Hong Kong, is a leading local Chinese bank providing comprehensive banking services across multiple regions. Its network spans 50 branches in Hong Kong, mainland China, the United Kingdom, and the United States, ensuring accessibility and convenience for its customers.
Wolters Kluwer Finance, Risk and Regulatory Reporting (FRR) is part of the Wolters Kluwer Financial & Corporate Compliance (FCC) division, which provides a wide range of technology-enabled lending, regulatory, and investment compliance solutions, corporate services, and legal entity compliance solutions. FRR's award-winning OneSumX suite of solutions supports financial institutions through innovative technology that enables and empowers clients to stay compliant with ever-changing regulatory requirements, manage uncertainty through financial risk management offerings, and drive efficiency.
For more information about Wolters Kluwer, please visit www.wolterskluwer.com.
About Wolters Kluwer
Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software solutions, and services for professionals in healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, corporate performance, and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services.
Wolters Kluwer reported 2024 annual revenues of €5.9 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 21,400 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
For more information, visit www.wolterskluwer.com and follow us on LinkedIn, Facebook, YouTube, and Instagram.
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