Wolters Kluwer has added to its growing list of resources designed to aid those in the financial markets as they navigate complexities relating to the COVID-19 pandemic. Its Finance, Risk & Reporting (FRR) business will be holding a webinar this Thursday, in collaboration with Regulation Asia, designed to spark debate around stress testing impacts of the coronavirus crisis.
Topics up for discussion in the event include Credit, Market and Liquidity Risk, Stress Testing Across International Exposures and Activities and Asset Market Effects and Bank Stress-Disclosures. The webinar, titled “Stress-testing the coronavirus: Black Swans and Grey Rhinos”, will also seek to determine the severity of macroeconomic stress scenarios whilst discussing new frontiers in stress testing and regulatory reporting.
“In the aftermath of the global financial crisis, the ensuing recession left many banks and financial institutions severely undercapitalized and revealed their vulnerabilities to market crashes and economic downturns. As a result, financial authorities greatly expanded regulatory reporting and stress testing requirements to ensure a focus on capital adequacy and internal risk management strategies,” Wolters Kluwer says. “In seizing on the term ‘black swan’, many observers are missing the main points of such event: First, some of the most impactful events are unpredictable and beyond our imaginations. Second, decision-makers need to design systems that can stand up to extreme unexpected events.”
The event will include insights from Sam Mukhopadhyay, Director of Risk and Finance APAC for Wolters Kluwer FRR. In this role he owns the Wolters Kluwer’s value proposition in the APAC region, advising customers and partners on both compliance imperatives and performance improvement.
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 FRR receives frequent independent recognition of its excellence and innovation, celebrating a record year for award wins in 2019. Risk magazine awarded the company its coveted Regulatory Reporting System of The Year Award for the second year running and Waters Technology has named the company the Best Market Risk Solution Provider in its annual Technology Rankings. Wolters Kluwer is also the #1 provider in both Regulatory Reporting and Liquidity Risk according to the RiskTech100, as compiled by Chartis Research.
Wolters Kluwer’s GRC division has launched a number of major initiatives in response to the COVID-19 crisis, including the The Business Entity Search for CARES Act solution, offered by Wolters Kluwer’s Lien Solutions business, which conducts bulk/batch corporate identity searches to verify the business status of potential borrowers. COVID-19 Noteworthy Developments Bulletins, meanwhile, aggregates COVID-19 related global regulatory changes, orders, notices and other informational updates for the financial services industry.
The division’s Compliance Solutions business has launched a dedicated banking technology solution, utilizing its market-leading SaaS-based TSoftPlus™ software, in response to the U.S. Congressional passage of the CARES Act (Coronovirus Aid, Relief and Economic Security Act). The solution, branded as Paycheck Protection Program supported by TSoftPlus™, is designed to help all U.S. banks and credit unions support small businesses with payroll funding during the COVID-19 crisis.
Wolters Kluwer’s TSoftPlus software provides a reliable, compliant and user-friendly platform for lenders of all sizes to participate in Small Business Administration (SBA) loan programs, including the limited-time SBA Paycheck Protection Program that is part of the CARES Act. The solution “enables banks and credit unions to process loans for small businesses with greater speed, confidence and compliance”, according to a company statement. A second round of funding for PPP is expected to be agreed soon by U.S. Congress.