Purpose-built solution helps U.S. community banks and credit unions track and manage compliance obligations.
Wolters Kluwer Compliance Solutions has launched OneSumX Reg Manager to help U.S. community banks and credit unions enhance their regulatory change management efforts. This artificial intelligence (AI)-powered solution represents the latest addition to the Compliance Solutions OneSumX portfolio suite, a trusted product line designed to help financial institutions across the U.S. more effectively navigate regulatory change.
'For many years, our multi award-winning OneSumX Regulatory Change Management (RCM) offering has been a market leader in helping larger financial institutions navigate regulatory complexity,' explains Vikram Savkar, Executive Vice President and General Manager, Wolters Kluwer Compliance Solutions. 'OneSumX Reg Manager is designed specifically around the needs of community banks and credit unions, providing a high level of enhanced workflow functionality that helps its users monitor, track, establish and prove compliance with relevant state and federal regulations.'
OneSumX Reg Manager leverages the robust capabilities inherent in the broader portfolio suite and delivers a purpose-built workflow that tightly aligns to the unique needs of community banks and credit unions. This new solution seamlessly integrates AI with a deep wealth of compliance expertise, providing a powerful tool for navigating regulatory landscapes with efficiency and precision.
'We are excited to bring to these institutions the same level of robust regulatory change management functionality, powered by artificial intelligence and supported by human experts, as is delivered by our market-leading OneSumX RCM solution,' Savkar adds.
OneSumX Reg Manager features an automated, structured data feed of regulatory content from all relevant U.S. state and federal regulatory agencies-including AI-enabled authoritative source libraries and updates-to monitor and track regulatory changes, map their applicability, and monitor the implementation of the changes in a manner that documents and helps mitigate overall compliance risk.
Initial responses from financial institutions using this tool reflect its user-friendly functionality.
'Having all the regulations impacting our organization on one platform removes the dependency on multiple tools, websites, and emails, creating easier access to compliance-related information, usually with one click,' said Tracy Hanlin, Vice President and Director of Compliance and Community Reinvestment at STAR Financial Bank in Fort Wayne, Indiana. 'That translates into greater efficiencies for me and my team.'
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.
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