Wolters Kluwer Compliance Solutions earns category leader ranking from Chartis Research

Rhea-AI Summary

Wolters Kluwer Compliance Solutions has been recognized as a Category Leader in Chartis Research's latest report, which evaluates the Model Risk Management vendor landscape. This accolade highlights their leadership in Model Governance Solutions, marking a significant evolution from the previous analysis in 2021. The report indicates a decline in vendor presence within this space, emphasizing the importance of robust models for organizational compliance and solvency. Wolters Kluwer's solutions, including OneSumX® for Compliance Program Management, are essential for effective model risk management. The company has also achieved top rankings in the 2023 Chartis RiskTech100® report, reinforcing its market position.

Positive

• Achieved Category Leader ranking in Chartis Research's report for Model Governance Solutions.
• Solutions like OneSumX® enhance model risk management for financial institutions.
• Ranked #1 in four solution areas in the 2023 Chartis RiskTech100® report.

Negative

• None.

Model Risk Management offering provides a superior user experience and risk mitigation

BOSTON--(BUSINESS WIRE)-- Wolters Kluwer Compliance Solutions has achieved a prestigious Category Leader ranking in Chartis Research’s recently published vendor and market landscape report, “Model Risk Management: Validation Services and Tools, and Governance Solutions, 2023.”

According to Chartis, its recent report represents a progression in its longstanding research around model risk management (MRM), as it analyzes the MRM vendor landscape using quadrants that cover both validation and governance solutions to reflect the different types of vendor functionality in the market, which have evolved from overlapping but distinct user requirements.

In this report, Wolters Kluwer earned a category leader designation in the RiskTech Quadrant® for Model Governance Solutions. The quadrant has changed considerably since its previous MRM analysis in 2021, notes Chartis, with many vendors “having dropped from the space” or chosen not to focus efforts in this space.

“While the expansion of IT infrastructure and digitalization has fueled the broader GRC market, domain expertise has remained a barrier for model risk governance,” writes report co-author Sidhartha Dash. “To stay active in [this] space, GRC firms can continue to offer compliance management and regulatory intelligence, alongside the core set of functionalities that has emerged.”

“Recent events in the banking market have shown the importance of having robust, sound models—from helping demonstrate compliance, to ensuring the solvency of an organization. As part of this effort, managing the models that a financial institution uses in meeting those objectives is absolutely crucial,” said Chuck Ross, VP and Segment Leader, Investment Compliance, Wolters Kluwer Compliance Solutions.

Wolters Kluwer offerings, including its OneSumX® for Compliance Program Management solution, provide financial institutions with a variety of means to establish the functioning of controls and adherence to polices, including, for example, its array of risk controls and self-assessments, attestations and test program functionality, to help foster model risk management.

“There are increasing expectations around firms to ably manage model risks from both a quality and qualitative standpoint. Central to this capability is the ability to demonstrate a good, solid governance model process to an auditor, a regulator, or any other stakeholder, showing that the institution is managing its various risk models with effective policies, procedures and controls,” Ross adds.

This latest honor for Wolters Kluwer follows on it being named #1 in four solution areas—and among the Top 10 firms globally—in the widely followed and highly respected Chartis RiskTech100® ranking for 2023, including a top ranking in Regulatory Intelligence capabilities for a second year running.

About Wolters Kluwer

Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software, and services for professionals in healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, and corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.

Wolters Kluwer reported 2022 annual revenues of €5.5 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 20,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

For more information, visit www.wolterskluwer.com, follow us on LinkedIn, Twitter, Facebook, and YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230426005088/en/

Media Contacts for Wolters Kluwer Financial & Corporate Compliance division:

(Wolters Kluwer Compliance Solutions and Wolters Kluwer CT Corporation)

Paul Lyon

Senior Director, External Communications

Global Branding & Communications

Wolters Kluwer

Office +44 20 3197 6586

Paul.Lyon@wolterskluwer.com

David Feider

Corporate Communications Manager, Banking & Regulatory Compliance

Wolters Kluwer

Tel: +1 612-852-7966

David.Feider@wolterskluwer.com

Source: Wolters Kluwer

FAQ

What recent recognition did WTKWY receive in 2023?

WTKWY was recognized as a Category Leader in Chartis Research's report on Model Risk Management.

What solutions does Wolters Kluwer offer for model risk management?

Wolters Kluwer offers solutions like OneSumX® for Compliance Program Management to manage model risks.

How did WTKWY perform in the 2023 Chartis RiskTech100® rankings?

WTKWY was ranked #1 in four solution areas and listed among the Top 10 firms globally.

What is the significance of the Model Risk Management report by Chartis?

The report reflects the evolving vendor landscape in model risk management and underscored the importance of robust models for compliance.

Who commented on the importance of model governance in the PR?

Chuck Ross, VP at Wolters Kluwer Compliance Solutions, emphasized the critical role of model governance in ensuring organizational compliance.