Wachovia Enhances Operations with Automated Financial Systems


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Sarbanes Oxley : Technology : Credit Management

Wachovia Enhances Operations with Automated Financial Systems

Credit and Operational Risk Mitigation Capabilities are Upgraded

John Shain
President
Automated Financial Systems

Automated Financial Systems, Inc. announced the successful migration of global lending operations at Charlotte, N.C.-based Wachovia Corporation (NYSE: WB) to the newest release of the AFS Level III Loan Accounting System. Release 8.3 prepares Wachovia for the demands of a more stringent risk management and corporate governance environment, including compliance with the Basel II Capital Accord and Sarbanes-Oxley. Currently, 70% of the top 25 U.S. banks are users of the AFS system.

?Wachovia intends to remain at the very pinnacle of risk awareness and regulatory compliance,? says Robert Sontag, executive vice president of Wholesale Operations Technology at Wachovia. ?Wachovia is taking a pro-active response to the upcoming regulatory changes that will affect financial institutions worldwide. Not only will this upgrade support our compliance with the Advanced Management Approach (AMA) of Basel II, but we will also benefit from an ability to better manage risk, monitor total customer exposure, and improve customer responsiveness.?

Release 8.3 positions financial institutions for the total integration of loan processing, encompassing consumer, business banking, and commercial and capital markets lines of business on a single system. In addition, the new release represents a first response to regulatory changes that AFS expects to become increasingly more rapid and demonstrates the company?s commitment to enhance system capabilities at a pace consistent with market and compliance dynamics.

Said John Shain, president of AFS, ?Together, we accomplished an incredibly smooth conversion to an upgrade that provides an adaptable platform that complies with significant upcoming changes to the financial global market. Release 8.3 uses automation to reduce handling costs, minimize costly error resolution, and provide data integrity throughout the solution. Wachovia now has the ability to support more diverse and complex lending products on an automated basis and we look forward to our role in supporting Wachovia?s continued growth.?

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