SME Development Bank Malaysia Berhad (SME Bank) has chosen Wolters Kluwer’s OneSumX to provide its software for managing IFRS 9.
International Financial Reporting Standard 9, which replaces the IAS 39 standard, came into effect at the start of the year to address classification and measurement, impairment methodology and hedge accounting.
OneSumX IFRS 9 provides a 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.
A number of financial services firms from across the world have already implemented the OneSumX solution for Regulatory Reporting, Risk and Finance (including IFRS 9 solutions). Financial services providers that have recently announced their use of Wolters Kluwer include Bahrain Middle East Bank, China Everbright Bank, China Merchants Bank, LGT, Nordea, BBVA and CIBC.
“Due to the 2018 IFRS 9 deadline it was necessary for the bank to select a vendor that could provide us with the best solution and system implementation in the fastest time possible,” commented Shahazana Shaari, head of group information technology, SME Bank. “We required a tried and tested vendor that was able to set up classification and measurement of financial assets and financial liability, host credit impairment models and produce IFRS disclosure reports. Wolters Kluwer’s OneSumX IFRS 9 provides an end-to-end solution, which successfully addresses all of the bank’s requirements.”
Headquartered in Alphen aan den Rijn, the Netherlands, Wolters Kluwer claims to be a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors.
Its Governance, Risk & Compliance (GRC) division provides legal, finance, risk and compliance professionals and small business owners with a broad spectrum of solutions, services and expertise needed to help manage myriad governance, risk and compliance needs in dynamic markets and regulatory environments.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
