Wolters Kluwer Financial Services provides audit, risk and compliance solutions that help financial organizations improve efficiency and effectiveness across their enterprise
Wolters Kluwer Financial Services, a leading worldwide provider of risk management, compliance, finance and audit solutions, announced today that one of the largest banks in Indonesia, Bank Rakyat Indonesia (BRI), has successfully implemented its financial risk management solution to adhere to International Financial Reporting Standards (IFRS) and Indonesian accounting standards (PSAK 50, 55).
BRI conducted a thorough evaluation of IFRS solutions on the market in order to adhere to IFRS and PSAK 50, 55. The bank selected Wolters Kluwer Financial Services’ solution following the system’s strong benchmarking results.
“As one of the largest banks in Indonesia we naturally have considerable volumes to process so finding a solution that is technically sound and could process these volumes quickly and efficiently was a key requirement for us,” said Achmad Baiquni, Director of Bank Rakyat Indonesia. “With the Wolters Kluwer Financial Services’ IFRS solution we can now successfully process more than seven million accounts in seven hours. We are very pleased with our decision to work with Wolters Kluwer Financial Services.”
With the Wolters Kluwer Financial Services’ IFRS solution, the bank can also benefit from calculation and reporting functionalities to cover the amortized cost and fair value accounting, effective interest rate, impairment assessments (collective and individual), hedge accounting (cash flow, fair value and net investment in foreign currency) as well as hedge effectiveness testing models encompassing both the balance sheet and off-balance sheet positions.
“At the beginning of 2012, the Central Bank of Republic of Indonesia, Bank Indonesia, announced a new set of eXtensible Business Reporting Language (XBRL) regulatory reports for all banks in Indonesia which will see the culmination of financial, operational and risk reporting into one platform. With our expertise and knowledge in regulatory and risk solutions, we are well placed to provide support to firms such as BRI around this new requirement,” said Steve Thurley, VP Asia Pacific and Japan at Wolters Kluwer Financial Services. “We view Indonesia as a key country for
Wolters Kluwer Financial Services’ Asia Pacific expansion and business development plan and so we are very pleased to be working with one of the largest banks in this region.”
By combining both the economic view (IFRS standards) and statutory view (local generally accepted accounting principles - GAAP); Wolters Kluwer Financial Services’ IFRS solution means financial institutions can review and report the same balance sheet positions captured from its data. It will also allow for combined accounting calculations in line with Indonesian accounting standards PSAK (50 & 55).
“We are delighted to be partnering with Wolters Kluwer Financial Services on providing risk management services including IFRS solution to banks in Indonesia. Banks in Indonesia such as BRI are looking for a comprehensive solution from a leader in its field and Wolters Kluwer Financial Services fits this requirement effectively. Best of all, their solution architecture is an ideal solution for Indonesian accounting standards (PSAK 50, 55), a challenge faced by most large banks in this region,” said Handoko Komaruddin, Director of PT Nexia Indonesia Advisory Services, which specializes in IFRS and risk management services in Indonesia and is working with Wolters Kluwer Financial Services in this market.
About Wolters Kluwer Financial Services
Whether complying with regulatory requirements, addressing a single key risk, or working toward a holistic risk management strategy, more than 15,000 customers worldwide count on Wolters Kluwer Financial Services for a comprehensive and dynamic view of risk management and compliance. Wolters Kluwer Financial Services provides audit, risk and compliance solutions that help financial organizations improve efficiency and effectiveness across their enterprise. With more than 30 offices in 20 countries, the company’s prominent brands include: FRSGlobal, FinArch, ARC Logics for Financial Services, Bankers Systems, VMP® Mortgage Solutions, AppOne®, GainsKeeper®, Capital Changes, NILS, AuthenticWeb™ and Uniform Forms™. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global information services and solutions provider with annual revenues of (2011) €3.4 billion ($4.7 billion) and approximately 19,000 employees worldwide. Please visit our website for more information.
About Bank Rakyat Indonesia
Bank Rakyat Indonesia (BRI) is one of the larger banks in Indonesia. It specializes in small scale and microfinance style borrowing from and lending to its approximately 40 million retail clients through its over 8,000 branches, units and rural service posts. As of 2012 it is the second largest bank in Indonesia by asset.
About PT Nexia Indonesia Advisory
PT Nexia Indonesia Advisory Services was founded by experienced Indonesian professionals with skills across a broad range of business practice areas, in the midst of rapid growth in demand for consulting and advisory services. They have the skills and experience to provide the best advice on how to identify and access the opportunities, minimise the risks and succeed in Indonesia’s complex business environment. Over the years Nexia Indonesia has fostered extensive contacts with both key members of the business community, regulators and the Indonesian government. Strong local knowledge and insights backed by an extensive international support network means its professionals are well positioned to develop strategies that give the organisation a competitive edge.
The firm’s aim is simple, to be A Reliable Partner to Achieve Your Business Goals. Our high-tech infrastructure gives clients ready access to our global communications network.