BBVA Compass has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting to provide regulatory reporting software for its operations in the U.S.
BBVA Compass is the U.S.-based subsidiary of Spanish multinational banking group BBVA, with a major presence throughout the Sunbelt region of the U.S. and total assets of more than $90 billion.
OneSumX Regulatory Reporting uses a single source of data to ensure consistency, reconciliation and accuracy and includes the firm’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in approximately 30 countries.
“As part of our ongoing strategy to build a leading franchise in the U.S. we wanted to take a more strategic approach to compliance. This needed to be supported by an integrated, flexible platform capable of evolving in response to regulatory requirements and supporting broader business goals. Wolters Kluwer provides this capability through OneSumX for Regulatory Reporting,” commented Chris Butler, Senior Vice President and Director of Financial Reporting at BBVA Compass.
“OneSumX for Regulatory Reporting addresses all U.S. regulatory, FR Y-14, FR 2052a, liquidity and other reporting requirements and can be also easily be expanded or customized to account for shifts in the risk and compliance environment,” said Todd Lawrence, General Manager of Wolters Kluwer’s Finance, Risk & Reporting (FRR) business in the Americas. “Like all firms, BBVA Compass was confronted with the challenge to respond to the rapid emergence of new regulatory demands in recent years, from increases in changes to core U.S. regulatory reporting, incorporation of capital changes, Comprehensive Capital Analysis and Review stress testing and additional liquidity reporting. We are excited to be working with BBVA to ensure a strategic approach is in place.”