BOSTON--(BUSINESS WIRE)--Central Bancompany, headquartered in Jefferson City, Mo., has implemented Wolters Kluwer’s regulatory change management offering along with its risk and controls assessment solution to streamline processes and enhance compliance risk management and controls among Central Bancompany’s 13 affiliate banks.
OneSumX for Regulatory Change Management helps Central Bancompany track regulatory changes, map them to the appropriate lines of business, and monitor the implementation of the changes in one system. The solution features structured regulatory content provided through a data feed and a software platform that supports regulatory change management. Wolters Kluwer content experts review and organize important regulatory content in a way that makes it easy to quickly assess how a change may affect the bank, which sets it apart from other regulatory change management platforms.
Central Bancompany is also using OneSumX Risk and Controls Assessment, which combines a strong regulatory framework with organizational controls to create a comprehensive platform for managing enterprise compliance risk. The solution provides risk and controls content specifically designed for the financial services industry that can be used as both a starting point for assessments and as a benchmark throughout the risk management process.
“As we continue to evolve our compliance management system to fit the size and complexity of our organization, the necessity to enhance our second line of defense and change management to become more streamlined, efficient and structured throughout our organization became apparent,” said Shannon Thomason, Senior Vice President, Chief Compliance Officer at Central Bancompany. “Adding these solutions gives us immediate transparency and connectivity into the array of regulatory rules and developments impacting our business, and allows us to respond in a coordinated, compliant manner.”
“These offerings illustrate our longstanding commitment to providing financial institutions like Central Bancompany with reliable options for managing their risk and regulatory compliance efforts,” said Chuck Ross, Vice President, Compliance Program Management for Wolters Kluwer. “Given the volume, breadth, frequency and depth of regulatory changes facing banks today, access to automated, up-to-date, and comprehensive content is critical for keeping pace in today’s ever-changing regulatory environment.”
Wolters Kluwer Compliance Solutions, part of the company’s Governance, Risk & Compliance division, is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks and credit unions, insurers and securities firms. The business helps these financial institutions efficiently manage compliance obligations tied to loan and deposit origination transactions and workflows, manage risk and regulatory compliance challenges, and gain the insights needed to focus on better serving their customers and growing their business.
About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to 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 information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2018 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.
About Central Bancompany
Central Bancompany is a $13 billion, Missouri-based bank holding company with 13 full-service community banks and more than 230 locations in 66 communities, serving consumers and businesses in Missouri, Kansas, Illinois, Oklahoma, Colorado, and North Carolina.
The Central Bancompany family of banks include Central Trust Bank, Central Bank of Boone County, Central Bank of Lake of the Ozarks, Central Bank of Moberly, Central Bank of the Ozarks, Central Bank of Warrensburg, Central Bank of Audrain County, Central Bank of St. Louis, Jefferson Bank of Missouri, Central Bank of the Midwest, Central Bank of Oklahoma, Central Bank of Branson, and Central Bank of Sedalia. Affiliate companies include Central Trust and Investment Company, Central Technology Services, Central Investment Advisors, HSA Central, Central Mortgage Services, Mortgage Central, and Central Travel.