Shanghai Commercial Bank (SCB) has implemented Wolters Kluwer’s OneSumX solution suite to advance its Governance, Risk, and Compliance (GRC) capabilities.
The move represents a significant step in SCB’s digital transformation, providing a unified platform for Basel compliance, regulatory reporting, risk analysis, and stress testing.
The bank has introduced credit risk stress-testing scenarios using OneSumX for Risk Management.
Future phases will see the automation of Hong Kong Monetary Authority (HKMA) reports and granular data reporting.
By adopting Wolters Kluwer’s phased, modular approach, SCB has enhanced data accuracy, operational efficiency, and optimised resource allocation.
OneSumX for Basel offers a fully integrated regulatory risk platform that ensures compliance with global Basel reforms.
It features scenario-based projections, full traceability, and end-to-end integration, delivering accuracy and efficiency within a scalable framework.
Shanghai Commercial Bank executive vice president and chief financial controller Wendy Li-chien Weng said: “We chose Wolters Kluwer for its trusted solutions used by 800-plus banks globally and its local HKMA expertise.
“The OneSumX solution further strengthens our regulatory reporting and risk management capabilities, reinforcing our commitment to excellence.”
Founded in 1950, SCB has a network of 50 branches across Hong Kong, mainland China, the UK, and the US, providing comprehensive banking services.
Wolters Kluwer’s Finance, Risk and Regulatory Reporting (FRR) is part of its Financial & Corporate Compliance division.
The division offers technology-enabled lending, regulatory, and investment compliance solutions, empowering financial institutions to remain compliant with evolving regulations.
Wolters Kluwer Finance risk and regulatory reporting global product and platform management vice president Jeroen Van Doorsselaere said: “We are proud of the successful implementation of OneSumX at Shanghai Commercial Bank.
“SCB’s vision aligns with our strategy of an integrated regulatory and risk platform.
“By taking an incremental approach, SCB has effectively prioritised its immediate compliance needs while building a scalable foundation for future regulatory demands. This positions SCB to confidently navigate the complexities of an evolving regulatory landscape.”
