BCI Miami selects Wolters Kluwer's OneSumX CECL
BCI Miami, the U.S branch of Chile's Banco de Credito e Inversiones, has chosen Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR) to provide software for managing its financial reporting obligations for the Current Expected Credit Losses (CECL) accounting standard.
OneSumX CECL includes the ability to develop and build an expected credit loss model that needs to be run in multiple scenarios. It also includes Expected Credit Loss calculators that can work with expert judgment or macroeconomic scenarios and allow for re-usage of methodologies such as vintage or loss-rate methodologies as described by the standard.
Notably, OneSumX CECL allows for a combination of forward-looking term structures and support for calculation and subsequent accounting processing of credit-adjusted effective interest rate (EIR), amortized cost and effective interest for purchased or originated credit-impaired instruments.
"We are delighted to welcome BCI Miami as the latest bank to use our award-winning software for managing CECL reporting obligations," commented Claudio Salinardi, Executive Vice President and General Manager, Wolters Kluwer FRR. "We continue to provide banks throughout the region with access to a truly integrated finance, risk and reporting platform and look forward to working with BCI Miami on the implementation."
Wolters Kluwer FRR, which is part of the company's Governance, Risk & Compliance (GRC) division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. It supports regulated financial institutions in meeting their obligations to external regulators and their own board of directors.
Wolters Kluwer's GRC division provides an array of expert solutions to help financial institutions manage regulatory and risk obligations. Wolters Kluwer Compliance Solutions' OneSumX® for Regulatory Change Management tracks regulatory changes and organizes them to create structured, value-added content through a single data feed that is paired with an easy-to-use software solution. Compliance Solutions' iLien Motor Vehicle provides for the processing and management of motor vehicle titles and liens, helping solve the most unique and complicated challenges in title perfection. The division's legal solutions businesses are Wolters Kluwer CT Corporation and Wolters Kluwer ELM Solutions.
About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer (AEX: WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.