ABN AMRO has selected Wolters Kluwer and SAS to deliver finance, risk and regulatory reporting software solution.
Deployment of the new technology is part of the bank’s transformation project, called the Finance and Risk Architecture Alignment Initiative (FRAAI), to meet increasing requests for granular or different data internally as well as from regulatory bodies.
Through its FRAAI initiative, the Netherlands-based bank seeks to achieve better management of data and risk analytics to secure control, intelligence and insight on its performance.
The bank also aims to optimise its IT maintenance costs, promote automation and boostthe agility of the finance and risk processes.
ABN AMRO director of finance Kees Visser said: “Following a thorough evaluation of a wide range of available solutions, ABN AMRO opted for a truly integrated approach that will complement the FRAAI objectives.
“The partnership of Wolters Kluwer, with its excellent reputation in regulatory reporting, ALM and finance, along with SAS and its strength in credit risk and stress testing, means we will have a powerful software solution to comply with current and future reporting requirements. We will be well positioned to ensure increased data granularity and transparent data lineage.”
The bank will deploy Wolters Kluwer’s OneSumX for Regulatory Reporting and OneSumX for Finance and OneSumX Asset and Liability Management (ALM). These deployments will enable the bank to have an integrated approach to all finance, risk and reporting processes.
Additionally, the bank will use SAS capabilities for data management and visualisation, finance and risk analytics, and enterprise model risk management and process orchestration.
SAS and Wolters Kluwer will build an exchange layer to link their respective software aspects.