OneSumX Wolters Kluwer Financial Services
Overview
Wolters Kluwer Financial Services’ OneSumX (previously Summix) is a ‘best of breed’ platform that incorporates the vendor’s two main acquisitions in the risk space: FRSGlobal and Finanical Architects
(FinArch). Both were Belgium-
based companies (and competed in some areas) focused on risk management and compliance for the financial industry. FRSGlobal was known for its RegPro and RiskPro solutions, and FinArch’s offering was the FinStudio suite. Following the acquisitions of FRSGlobal and FinArch, in 2010 and 2012 respectively, these two businesses plus Wolters Kluwer’s own product line (which was US-centric) were gradually brought under one umbrella brand – Wolters Kluwer Financial Services – with a global reach and broad delivery capabilities. The business covers 45 countries and employs around 2300 people.
The vendor stated that all the incumbent products would be developed and supported, and that the overlap between the FRSGlobal and FinArch offerings was not extensive. The company’s CEO, Brian Longe, explained that FRSGlobal was more focused on regulatory reporting, while FinArch had expertise in operational and compliance risk management. With the combined OneSumX, Wolters Kluwer has sought to present this as a modular end-to-end finance, risk, compliance and performance solution. It is designed on an integrated data layer, and enables multiple use-cases. ‘This enables a client to establish a standardised approach to regulatory and client reporting across multiple regimes,’ stated Wolfgang Prinz, VP of product management at Wolters Kluwer Financial Services. Modules of OneSumX can be taken individually, on a standalone basis, or a customer can opt for an integrated approach. OneSumX for Finance provides integrated granular business data, multi-entity, multi-GAAP consolidation, IFRS support, product control and budgeting control. OneSumX for Risk Management allows firms to assess, identify and dissect risk accurately, comply with Basel II/III requirements and monitor figures daily. OneSumX for Performance
supports industry-specific calculations and processes, and the data architecture manages business data specific to the industry. OneSumX for Regulatory Reporting enables firms to address statutory, prudential, transactional and statistical requirements on a local and global scale. A regulatory update service (RUS) is also incorporated into the regulatory reporting arm of OneSumX to update the regulations and requirements on a continuous basis.
The vendor expected to take on the likes of Sungard on the risk side, and Oracle FSS or Temenos on the finance side. No other vendor offers such a breadth of solution brought together onto one platform and this gave OneSumX a competitive advantage, claimed Prinz. In November 2013, Wouters Kluwer picked up the old UK
regulatory reporting rFrame product from CGI, adding this to the OneSumX suite. That solution had started within CMG, had been bought by Logica in 2002, then passed to CGI when the Canadian company bought Logica in May 2012. In April 2015, Wolters Kluwer and Global Advisory Solutions announced that they have formed an alliance that will enable the advisory firm to provide TeamMate audit management solutions and services to an even larger number of organizations in the Latin American countries of Panama, Colombia and Mexico. Previously, the founders of Global Advisory Solutions worked closely with Wolters Kluwer Audit, Risk & Compliance to refer their Latin American organizations to the TeamMate solution. As a result of this newly expanded relationship, Global Advisory Solutions will help provide TeamMate installation, implementation and consulting services to other organizations in the region. Wolters Kluwer has opened up its OneSumX anti-money laundering (AML) solution to the Taiwanese market in October, 2015. OneSumX is not currently used by any institutions in Taiwan, though Wolters Kluwer has an established client base across the APAC countries – including China Construction Bank in Hong Kong, the regional operations of JP Morgan Chase, ABN Amro and ANZ, Bank Tabungan Negara (Bank BTN) in Indonesia, and a Singaporean subsidiary of Taiwan- based First Commercial Bank.
Origins and evolution of OneSumX components RiskPro, RegPro
Brussels-based FRSGlobal was well-established in the regulatory compliance and risk management space, and experienced considerable success providing risk and regulatory reporting solutions on a unified platform. It was founded in 1989 and at the time of the takeover by Wolters Kluwer it had 400 employees located in offices in
North America, Europe, Middle East (Dubai) and Asia/Asia Pacific.
It had made a number of acquisitions of its own over the years and had also changed hands a few times. In 1999, it was acquired by S1 (now part of ACI Worldwide), and seven years later sold to private equity firm, the Carlyle Group, and technology investor, Kennet Partners. In terms of the acquired businesses, FRSGlobal added
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