Wolters Kluwer Launches OneSumX® Reg Manager to Help U.S. Community Banks and Credit Unions Manage Compliance Obligations

Author:

Wolters Kluwer Compliance Solutions has introduced OneSumX® Reg Manager, an AI-powered solution designed to assist U.S. community banks and credit unions in enhancing their regulatory change management efforts. The new solution is part of the Compliance Solutions OneSumX portfolio suite, which offers a range of products to help financial institutions effectively navigate regulatory changes.

OneSumX Reg Manager is specifically tailored to meet the unique needs of community banks and credit unions, providing enhanced workflow functionality that enables users to monitor and establish compliance with state and federal regulations. The solution leverages AI technology and expertise in compliance to create a powerful tool for navigating regulatory landscapes with efficiency and precision.

The software features an automated data feed of regulatory content from relevant U.S. state and federal agencies, incorporating AI-enabled authoritative source libraries and updates. This enables users to monitor regulatory changes, track their applicability, and document the implementation of these changes, reducing overall compliance risk.

Feedback from financial institutions utilizing OneSumX Reg Manager has been positive, with users highlighting its user-friendly functionality. Tracy Hanlin, Vice President and Director of Compliance and Community Reinvestment at STAR Financial Bank, praised the platform for streamlining access to compliance-related information and improving efficiencies for her team.

Wolters Kluwer Compliance Solutions is a leading provider of risk management and regulatory compliance solutions to U.S. banks, credit unions, insurers, and securities firms. The company’s offerings support financial institutions in effectively managing risk and regulatory compliance obligations, allowing them to focus on serving their customers and growing their business.

Wolters Kluwer Compliance Solutions operates in the financial technology (fintech) industry, specifically providing risk management and regulatory compliance solutions to various financial institutions in the United States. These institutions include banks, credit unions, insurers, and securities firms.

The industry in which Wolters Kluwer Compliance Solutions operates is characterized by the need for financial institutions to adhere to complex regulatory requirements. Regulatory changes are frequent, and financial institutions must stay up to date with these changes to ensure compliance and manage risk effectively. Failure to comply with regulatory obligations can result in significant financial penalties and reputational damage.

The market for regulatory compliance solutions in the financial industry is expected to grow significantly in the coming years. As regulatory requirements become more stringent and complex, financial institutions are increasingly turning to technology-driven solutions to help streamline their compliance activities. Market forecasts indicate that the demand for regulatory compliance solutions will continue to rise as financial institutions seek efficient ways to navigate the evolving regulatory landscape.

One of the key issues faced by financial institutions is the challenge of monitoring and implementing regulatory changes effectively. With numerous state and federal regulations to track, it can be time-consuming and arduous for institutions to manually keep up with these changes. This is where the AI-powered solution, OneSumX Reg Manager, comes in. By automating the data feed of regulatory content and leveraging AI technology, the software enables financial institutions to monitor regulatory changes, track their applicability, and document the implementation of these changes more efficiently. This not only reduces compliance risk but also improves overall efficiency for institutions.

Financial institutions that have utilized OneSumX Reg Manager have provided positive feedback. Users appreciate the user-friendly functionality of the platform, which simplifies access to compliance-related information and streamlines workflows. Tracy Hanlin, Vice President and Director of Compliance and Community Reinvestment at STAR Financial Bank, specifically praised the platform’s ability to improve efficiencies for her team.

Overall, Wolters Kluwer Compliance Solutions plays a vital role in helping financial institutions effectively manage risk and regulatory compliance obligations. Their range of products, including OneSumX Reg Manager, helps institutions stay compliant with regulatory requirements while allowing them to focus on serving their customers and growing their business.