Wolters Kluwer Financial Services, a provider of compliance and technology solutions and services, has launched Wiz Compass solution, a new tool to manage compliance and operational risk at the enterprise level for the financial institutions.
The solution is built upon the technology of CCH Sword and combines Wolters Kluwer’s regulatory compliance expertise with CCH Sword’s operational risk management for transparency and control over managing enterprise risk.
The company has claimed that Wiz Compass is a solution that provides institutions with the ability to proactively measure, monitor and manage regulatory compliance and operational risk across all business lines and legal entities. The solution contains the regulatory requirements that helps institutions address, including lending, deposit, privacy, and anti-money laundering regulations, as well as Basel II and Sarbanes Oxley.
The firm has added that its compliance professionals and data management experts will be deployed on-site at financial institutions as part of the Wiz Compass implementation process and will assist in the integration of the solution with institutions’ risk processes and systems.
Christina Nejezchleb Speh, director of new markets and compliance strategy at Wolters Kluwer Financial Services, said: “While financial institutions have reacted to and met legislative changes in recent years, they haven’t necessarily anticipated and controlled risk holistically. It was that inability to fully see and understand the breadth and depth of the risk their firms were taking that is at the heart of the current financial crisis.”
