SME Development Bank Malaysia Berhad (SME Bank), the country’s development financial institution, has chosen Wolters Kluwer’s OneSumX to provide its software for managing International Financial Reporting Standard (IFRS) 9. The 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 IFRS 9 is a comprehensive and modular solution which 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.
“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. “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.”
Leading financial services firms from across the world have implemented the company’s OneSumX solution for Regulatory Reporting, Risk and Finance (including IFRS 9 solutions). Major 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.
Wolters Kluwer has received a number of recent awards, providing independent verification of its leading market position in integrated regulatory reporting. Chartis Research, for example, recently named Wolters Kluwer a Category Leader for IFRS 9 solutions, for the second year running, as well as a Category Leader in its Markets in Financial Instruments Directive II (MiFID II) Report. Wolters Kluwer has won a number of other accolades for its dominant position in regulatory reporting from the likes of Wealth & Finance International, FinTech Finance, Data Management Review and Corporate Vision magazine.
About Wolters Kluwer Governance, Risk & Compliance
Wolters Kluwer Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer which 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.
Wolters Kluwer N.V. (AEX: WKL) is a global leader in information, software solutions, and services for professionals in the health, tax and accounting, risk and compliance, finance, and legal sectors. Wolters Kluwer reported 2017 annual revenues of €4.4 billion. 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.