Wolters Kluwer Compliance Solutions shares insights in response to Silicon Valley Bank and Signature Bank collapse
“Identifying the root causes leading to the collapse of
Federal regulators moved promptly following the failures of SVB and Signature to ensure that customers were able to access all of their deposits, beyond the
“This past weekend, we saw further mitigation efforts by the
Burniston cites economic factors that may have played a role in these collapses, reinforced by Wolters Kluwers’ most recent Regulatory & Risk Management Indicator survey, the results of which indicated that 73% of respondents were highly concerned about interest rate increases.
He emphasized that for each failed institution, resolution and review processes should be allowed to play out and that close attention should be paid to the lessons learned to help others avoid the same fate.
“Although there are many open questions that will be answered in the coming weeks, we should be encouraged by the regulators and industry leaders that stepped forward assertively and decisively to help prevent far greater detrimental effects to the banking industry,” said Burniston.
About Wolters Kluwer
Wolters Kluwer (EURONEXT: WKL) is a global leader in professional information, software solutions, and services for the healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, and corporate performance and ESG sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.
Wolters Kluwer reported 2022 annual revenues of €5.5 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 20,000 people worldwide. The company is headquartered in Alphen aan den Rijn,
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Source: Wolters Kluwer