Taiwan Business Bank Picks Wolters Kluwer Solution

The Wuhan, China, branch of Taiwan Business Bank has chosen Wolters Kluwer's OneSumX regulatory reporting solution to help it meet increasingly stringent regulatory standards.

"Under the China Banking Regulatory Commission (CBRC)'s Basel III-related regulatory requirements, banks in China need to report capital and risk-weighted assets of credit risk, market risk, operational risk and liquidity risk," says Spark Wang, Shanghai-based senior banking regulatory intelligence expert at Wolters Kluwer.

"As for the foreign asset liability regulatory reporting to CRBC, Taiwan Business Bank, and banks like it, will need to monitor that their overseas assets deployed (loan, interbank assets and investments) should be less than the foreign funds (offshore deposits, interbank liabilities) raised. All foreign banks should do the same."

The Wuhan branch of the bank will pilot OneSumX, along with Wolters' Regulatory Update Service, which is maintained by researchers who monitor regulation in around 50 countries.

Says Wang: "Besides reporting to the CBRC, the bank will also use the software to further improve their management accounting and risk management functions. This is particularly important given the increasing convergence of governance, risk and compliance on a global basis. Long gone are the siloed approaches of old. Instead, banks should be urged to examine their businesses in a more holistic way."

By taking disparate data sources into an integrated, centralized data architecture, OneSumX aims to provide data transparency for financial risk, regulatory reporting, finance and performance management, he concludes.