Wolters Kluwer FRR Expert to Highlight Regulatory Reporting Approaches for Banks at May 18 Webinar

Rhea-AI Summary

Wolters Kluwer Finance, Risk & Regulatory Reporting participated in a panel discussion on May 18, focusing on regulatory reporting best practices for Southeast Asian banks. Led by Subbaiyan Vaithinathan, the discussion aimed to address the challenges banks face from digital competition and evolving regulations. The webinar highlighted the need for efficient compliance practices amidst tighter regulatory frameworks, emphasizing the importance of advanced data management solutions like OneSumX for Regulatory Reporting, which streamlines data accuracy and compliance.

Positive

• Panel discussion led by industry experts, showcasing leadership in regulatory compliance solutions.
• Focus on the growing need for efficiency in banking regulatory practices highlights market relevance.

Negative

• Traditional banks in Southeast Asia are perceived as slow to adapt to digital banking demands.
• Tightening regulations may increase operational complexities for banks, posing compliance challenges.

Subbaiyan Vaithinathan to discuss risk management, regulatory reporting best practices for Southeast Asian banks

SINGAPORE--(BUSINESS WIRE)-- Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR) is participating in a virtual panel discussion, “How Can Banks Stay Competitive Despite Tightening Regulations?” to look at ways that banks in Southeast Asia can more quickly adapt to increasing challenges they face from new age competitors such as digital banks and a rapidly evolving technology ecosystem. The webinar will feature Wolters Kluwer FRR’s Subbaiyan Vaithinathan, Director, Regulatory Reporting & AML, APAC, and takes place Wednesday, May 18 from 11 am - 12 pm SGT.

Vaithinathan will be joined by Irene Liu, Chief Governance and Reporting Officer, Union Digital Bank; and Suen Sim, Lead for Regulatory Compliance, Mox Bank, in a session that will be moderated by Vincent Fong, Chief Editor, Fintech News in Asia.

Traditional banks in Southeast Asia have arguably been relatively slow in meeting newer customer demands in an environment of stiffening competition from the emergence of non-traditional banks, along with the challenges that the COVID-19 pandemic have brought, which has further accelerated market demand for digital banking services. At the same time, regulators in Southeast Asia are tightening their compliance frameworks due to the growth of financial services, making the regulatory system more complex than ever.

All these factors are requiring all banks—established or digital—to be more efficient in their regulatory compliance practices, while ensuring that their core and new businesses can withstand financial and operational risk exposures. The panel will explore approaches for more efficient regulatory reporting and risk management capabilities, providing a blueprint for transforming banks’ data architecture and automated systems.

Wolters Kluwer FRR, which is part of the company’s Governance, Risk & Compliance (GRC) division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. These solutions support regulated financial institutions in meeting their obligations to external regulators and their own boards of directors.

Wolters Kluwer’s GRC division provides an array of expert solutions to help financial institutions manage regulatory and risk obligations. Wolters Kluwer FRR’s OneSumX for Regulatory Reporting combines bank data into a single source of data to ensure consistency, reconciliation and accuracy and includes Wolters Kluwer’s Regulatory Update Service. Wolters Kluwer Compliance Solutions’ OneSumX® for Regulatory Change Management solution, meanwhile, tracks regulatory changes and organizes them to create structured, value-added content through a single data feed that is paired with an easy-to-use software solution. The division’s legal solutions businesses are Wolters Kluwer CT Corporation and Wolters Kluwer ELM Solutions.

About Wolters Kluwer Governance, Risk & Compliance

Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. 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 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220505005599/en/

Media Contacts for Wolters Kluwer GRC

(Including Wolters Kluwer Finance, Risk & Regulatory Reporting; Wolters Kluwer Compliance Solutions; Wolters Kluwer ELM Solutions, and Wolters Kluwer CT Corporation)



Paul Lyon

Senior Director, Global Corporate Communications: Global Marketing, Communications & Planning

Governance, Risk & Compliance Division

Wolters Kluwer

Office +44 20 3197 6586

Paul.Lyon@wolterskluwer.com



David Feider

Corporate Communications Manager, Banking & Regulatory Compliance

Governance, Risk & Compliance Division

Wolters Kluwer

Tel: +1 612-852-7966

David.Feider@wolterskluwer.com

Source: Wolters Kluwer

FAQ

What is the purpose of Wolters Kluwer's panel discussion on May 18?

The panel discussion aims to address regulatory reporting best practices for Southeast Asian banks in light of digital competition and evolving regulations.

Who is Subbaiyan Vaithinathan and what role does he play in the discussion?

Subbaiyan Vaithinathan is the Director of Regulatory Reporting & AML at Wolters Kluwer and leads the panel discussion.

What are the challenges faced by traditional banks in Southeast Asia?

Traditional banks face challenges from digital banks and the rapid evolution of technology, which demands more efficient regulatory compliance.

How does Wolters Kluwer support banks in meeting regulatory requirements?

Wolters Kluwer provides solutions like OneSumX for Regulatory Reporting, which enhances data management and compliance efficiency.

What is the significance of the tightening regulatory frameworks in Southeast Asia?

Tightening regulatory frameworks increase compliance complexities, requiring banks to enhance their risk management and reporting capabilities.