October 10, 2013 - Wolters Kluwer Financial Services announced today that it can help financial institutions meet the Comprehensive Capital Analysis and Review and Dodd-Frank Act Stress Testing reporting requirements that are effective Jan. 5, 2014. In preparation for the CCAR and DFAST requirements, many bank executives find their time dominated by difficult data compilation, disparate calculation processes, and manual report generation and submissions.
In addition, although many banks have proven that they can provide compliant CCAR and DFAST reports, regulators are dissatisfied with how the data is submitted. Banks must prove to regulators that they can provide a secure submission along with the required supporting information.
Wolters Kluwer Financial Services, through its Summix suite of finance, risk, compliance and performance solutions, can help financial institutions easily and automatically create and submit FR Y-14, FR Y-16 and DFAST reports to their regulatory agency. The Summix solution suite also enables institutions to demonstrate compliance to regulators by providing them with access to a transparent audit trail of the entire report creation and submission process.
Wolters Kluwer Financial Services assessment framework contains the necessary post-stress capital analysis calculations required to assess planned capital actions and to meet supervisory expectations for minimum capital ratios under stressful conditions as required for CCAR compliance. The framework also includes the standard set of capital action assumptions that must be used to project post-stress capital ratios as outlined in the Dodd-Frank Act.
"Forward-thinking banks see these new regulatory requirements as not just an end in themselves, but as creating the framework for better bank management," said Will Newcomer, vice president of U.S. Financial Risk Solutions, Wolters Kluwer Financial Services. "Our solution fully integrates regulatory reporting and submission with financial risk management, making compliance a seamless part of business practices and letting bank executives get back to the business of managing their banks."
