Bank of Beirut has tapped Wolters Kluwer to manage International Financial Reporting Standard (IFRS) 9.
The bank said it has implemented the RegTech’s OneSumX to comply with the regulation, which accounting standard replaces the IAS 39 standard and came into effect at the start of the year. It addresses classification and measurement, impairment methodology and hedge accounting.
OneSumX provides the financial industry with a solid framework to capture and store all relevant contractual information, manage events and transactions, IFRS calculations, accounting generation and processing up to the delivery of the disclosures.
It includes a ‘cash-flow characteristic’ test to assess eligibility to measurement at amortized cost and pre-defined IFRS 9 classification business rules. It also includes an amortized cost-calculation engine with built-in support for debt restructuring, below-market loans and wide variety of product lifetime events as well as fair value measurement techniques.
“Bank of Beirut required a solution that could comprehensively manage its IFRS 9 requirements across the Group’s operating jurisdictions (namely Lebanon, Oman, Cyprus and the United Kingdom and, at a later stage, Australia),” said Antoun Samia, Head of Group Risk Management, at Bank of Beirut. “Wolters Kluwer, with its strong reputation in the field for IFRS 9 solutions was an evident choice for us. The implementation work with AFS and MDSL has been exemplary and we are now in a position to ensure ongoing compliance with the standard.”
A number of other financial services firms from across the world have implemented the company’s OneSumX solution for integrated Regulatory Reporting, Risk and Finance. Major financial services providers that have recently announced their use of Wolters Kluwer solutions include ABN AMRO, SME Development Bank Malaysia Berhad, Bahrain Middle East Bank, China Everbright Bank, China Merchants Bank, LGT and Nordea.
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, stay competitive 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.
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.
Belgium-based bpost bank recently picked Wolters Kluwer to provide AnaCredit and regulatory reporting software. The bank said it has selected the RegTech’s Finance, Risk & Reporting business to provide its regulatory reporting and AnaCredit software.
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