Missouri-based Central Bancompany has implemented Wolters Kluwer technology to help manage regulatory changes and strengthen risk assessment processes across its 13 affiliate Midwestern banks. The bank holding company has implemented a regulatory change offering along with Wolters Kluwer's risk and controls assessment solution to streamline processes and enhance compliance risk management and controls among its affiliate banks.
Wolters Kluwer said that its regulatory change management platform, OneSumX will help Central Bancompany track regulatory changes, map them to the appropriate lines of business, and monitor the implementation of the changes in one system. The solution features structured regulatory content provided through a data feed and a software platform that supports regulatory change management. Wolters Kluwer said that its content experts review and organize important regulatory content in a way that makes it easy to quickly assess how a change may affect the bank, which sets it apart from other regulatory change management platforms.
“As we continue to evolve our compliance management system to fit the size and complexity of our organization, the necessity to enhance our second line of defense and change management to become more streamlined, efficient and structured throughout our organization became apparent,” said Shannon Thomason, SVP, Chief Compliance Officer at Central Bancompany. “Adding these solutions gives us immediate transparency and connectivity into the array of regulatory rules and developments impacting our business, and allows us to respond in a coordinated, compliant manner.”
Central Bancompany is also using OneSumX Risk and Controls Assessment, which combines a strong regulatory framework with organizational controls to create a comprehensive platform for managing enterprise compliance risk. The solution provides risk and controls content specifically designed for the financial services industry that can be used as both a starting point for assessments and as a benchmark throughout the risk management process.
“These offerings illustrate our longstanding commitment to providing financial institutions like Central Bancompany with reliable options for managing their risk and regulatory compliance efforts,” said Chuck Ross, VP, Compliance Program Management for Wolters Kluwer. “Given the volume, breadth, frequency, and depth of regulatory changes facing banks today, access to automated, up-to-date, and comprehensive content is critical for keeping pace in today’s ever-changing regulatory environment.”