Source: Wolters Kluwer
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.
Contributed | what does this mean?