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Company: Wolters Kluwer, Minneapolis, MN
Company Description: Wolters Kluwer Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, providing legal, finance, risk and compliance professionals and small business owners with a broad spectrum of solutions, services and expertise needed to help manage myriad governance, risk and compliance needs in dynamic markets and regulatory environments.
Nomination Category: New Product & Service Categories - Business Technology
Nomination Sub Category: Governance, Risk & Compliance Solution
 Nomination Title: Wolters Kluwer OneSumX
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the nominated new or new-version product or service, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:
This entry includes significant product enhancements commenced in early 2020 in the form of identifying, embedding and building out relevant regulatory agencies into the solution’s platform, with continuous upgrades in process (to date, the number of total regulatory bodies has reached the milestone of 850 agencies).
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 348 words used.
As the centerpiece of its GRC value proposition, Wolters Kluwer Compliance Solutions reconstituted its strategy in early 2020 to combine the power of Artificial Intelligence technologies with the power of in-house regulatory experts to deliver enriched, truly global regulator coverage and highly innovative content capabilities to financial institutions operating anywhere in the world.
Given a regulatory environment marked by ever-changing and increasingly complex rules, many banks, securities firms, and insurers today are challenged to keep pace with the multitude of regulations to which they are beholden. Wolters Kluwer, which offers an array of regulatory compliance and risk management software technology, content and consulting services, recognized the need to help firms more effectively manage the massive pace of regulatory change, where a firm operating across multiple jurisdictions can face hundreds of annual changes; COVID upped the ante with many pandemic-related rules.
Wolters Kluwer initiated its content transformation to help boost organizations’ access to the latest regulatory compliance content, comprising the breadth of regulations enacted by legislative bodies, overseen by various regulatory agencies, that impact financial services firms. This enhanced content has represented a significant enhancement to Wolters Kluwer’s proprietary software, which provides financial institutions a technology platform from which to build a sound foundation for their GRC programs. Essential to sound compliance is arming firms with the most up-to-date regulatory content available, facilitated via Wolters Kluwer’s OneSumX for Regulatory Change Management content enhancements.
In further building out its regulatory content offering, Wolters Kluwer leveraged a key competitive advantage—the analytic capabilities of its own risk and regulatory experts—to help firms better monitor, identify and address regulatory changes impacting their organizations, and thereby more capably navigate an increasingly complex regulatory landscape.
The use of Robotic Process Automation is helping clients access crucial, same-day content. Proprietary Machine Learning modules are further enriching this content. In addition, Wolters Kluwer taps its experts to validate the artificial intelligence results on behalf of clients. The provision of rich, actionable regulatory content has freed up valuable time that was traditionally invested by firms in analyzing regulatory changes, allowing them to instead focus on more value-added activities.
- If you are providing written answers for your submission, you must provide an answer to this third question: Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 340 words used.
Wolters Kluwer has boosted the number of regulators from which to source and build structured content to more than 850 regulators globally by the end of 2021. The principal objective in building out structured content—where regulatory change data is aligned and dynamically linkable to a regulatory library, and optimizable in all jurisdictions in which a customer operates—is demonstrably attracting new clients working to strengthen their GRC capabilities. It is also strengthening Wolters Kluwer’s market position as a leader in generating multi-country, multi-jurisdictional regulatory content, regardless of whether a client operates in Toledo, Toronto, Tokyo, or anywhere around the world.
The revamped OneSumX product has meant rapid expansion of regulator coverage, from a starting point of 170 before 2020 to 850-plus regulators globally today from which it is providing structured regulatory content to clients. Wolters Kluwer achieved regulatory coverage across all 50 U.S. states. It signed an agreement with a major competitor, RSA Archer, that elected to incorporate Wolters Kluwer’s structured regulatory data feeds into a major RSA product offering due to the data feeds’ unparalleled content, quality and scope. A similar arrangement has been executed with IBM OpenPages for its clients’ use of the OneSumX content.
Wolters Kluwer does not divulge sales revenue, but its enhancements have resulted in considerable market uptake by major U.S. financial firms. While Wolters Kluwer continues to incorporate regulatory bodies as appropriate into its coverage, the demonstrated efficacy and value generated by the program is perhaps reflected in the addition of a dozen major, global clients within the past 18 months alone. Most importantly, the program is substantively helping to transform and enhance firms’ ability to manage their risk and regulatory compliance obligations by using the most current and complete regulatory compliance content available in the market.
The significant expansion of structured regulatory content is providing banks, insurers and securities firms with dynamic, actionable regulatory content to help them keep pace with and effectively manage the dizzying scope, breadth and rapidity of regulatory changes impacting these businesses and thereby better serve their customers.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 196 words used.
The supporting documents provided in this award entry aim to further highlight and reinforce key points about OneSumX for Regulatory Change Management distinguishing capabilities, market receptivity and efficacy in addressing lenders’ portfolio management needs. See below links to the product and business unit websites, product overview, video presentation, and press release example highlighting one of the solution’s nine (9) major industry awards received since reaching the 850 global regulatory agency milestone.
Industry Award Recognitions, 2021:
- Chartis Research: 2021 eGRC Report - Enterprise Governance, Risk & Compliance, Wolters Kluwer, Category Leader
- IT World Awards: OneSumX for Regulatory Change Management, Best IT Software
- IT World Awards: OneSumX for Compliance Program Management, Best Governance, Risk and Compliance
- Golden Bridge: OneSumX for Regulatory Change Management, Best Content Analytics Solution
- Golden Bridge: OneSumX for Compliance Program Management, Best Governance, Risk and Compliance Innovation
- Best in Biz International Awards: OneSumX for Compliance Program Management, Best New Version of the Year, Enterprise/SMB
- International Business Awards/Stevie Awards: Best Governance, Risk & Compliance Solution, OneSumX for Compliance Program Management
- International Business Awards/Stevie Awards: Best Big Data Solution — OneSumX for Regulatory Change Management
- Chartis Research RiskTech100 Report 2021: Regulatory Intelligence category leader: Compliance Program Management
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