Wolters Kluwer’s Finance Risk & Reporting (FRR) business has successfully deployed its OneSumX for Finance software at Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank), allowing the bank to fully implement the Malaysian Financial Reporting Standards (MFRS) 9. SME Bank, an agency of the Ministry of Entrepreneur Development, has a mandate to nurture and develop the small and medium enterprise sector in Malaysia.
OneSumX for Finance 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, International Financial Reporting Standards and MFRS calculations, accounting generation and processing up to the delivery of the disclosures.
“The bank required a vendor that could provide us with the best solution and system implementation in the fastest time possible,” commented Haizad Rizal Aziz, SME Bank’s Group Chief Financial Officer. “Wolters Kluwer demonstrated that it was able to set up classification and measurement of financial assets and financial liability, host credit impairment models and produce MFRS disclosure reports, with OneSumX for Finance providing an end-to-end solution, which successfully addresses all of the bank’s requirements. Notably, the solution offers full transparency and traceability that fully satisfies internal and external audit needs. The implementation has proven to be a smooth process and we look forward to continuing to work with Wolters Kluwer’s experts.”
Wolters Kluwer FRR, which is part of the company’s Governance, Risk & Compliance division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. It supports regulated financial institutions in meeting their obligations to external regulators and their own board of directors.
Wolters Kluwer FRR receives frequent independent recognition of its excellence and innovation. Risk magazine recently awarded the company its coveted Regulatory Reporting System of The Year Award for the second year running and Central Banking magazine has named OneSumX for Regulatory Reporting its Best Technology Solution For Regulatory Compliance. Wolters Kluwer FRR is also this year’s Category Winner for Regulatory Reporting in Chartis Research’s annual RiskTech100® report, which is a comprehensive study of the world’s leading risk and compliance technology companies. Notably, this is the seventh time in eight years that Wolters Kluwer FRR has achieved this honor. Chartis Research has also named Wolters Kluwer FRR a Category Leader in both its IFRS 9 Technology Solutions Report and CECL Report.
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.
Wolters Kluwer N.V. (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2018 annual revenues of €4.3 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.