Thailand’s Bank for Agriculture and Agricultural Cooperatives (BAAC) has selected Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR) to provide software for helping to ensure compliance with International Financial Reporting Standard (IFRS) 9.
The bank will use OneSumX IFRS 9, a module of OneSumX for FRR, for managing its obligations around the accounting standard. BAAC was established in 1966 to provide financial support to farmers, farmer associations and cooperatives – it is majority owned by the Thai Ministry of Finance.
OneSumX IFRS 9 offers a solid framework combining lifecycle information on each individual financial instrument with a comprehensive set of IFRS 9 calculators. The resulting numbers are recorded in a transparent, traceable, and auditable contract level IFRS subledger. The solution supports regulatory disclosures from local supervisors globally and offers powerful reporting tools. These features are supported by a data management framework that can capture and store relevant contractual information, manage events and transactions, store IFRS calculations, generate accounting and process the delivery of the disclosures.
“We are delighted that BAAC has chosen to work with Wolters Kluwer FRR, which has a strong track record in helping financial insitutions in Thailand manage the full range of their finance, risk and reporting obligations,” said Rainer Fuchsluger, Managing Director of Wolters Kluwer FRR, Asia-Pacific. “We very much look forward to working with BAAC on the implemention of OneSumX IFRS 9, a holistic, end-to-end solution which will help it ensure compliance in the long-term.”
YIP IN TSOI Co. Ltd (YIT), will provide professional consulting and services for the BAAC implementation, working collaboratively with Wolters Kluwer. YIT has been a Wolters Kluwer partner since 2009 and aims to accelerate and facilitate customers’ ability to implement a cost effective and reliable financial management platform to comply with IFRS requirements.
“We are delighted to be partnering with Wolters Kluwer FRR, working on the successful BAAC implementation,” said Samrith Trongtranon, Vice President of Financial Services Industry at YIT. “Financial institutions in Thailand are looking for a comprehensive IFRS 9 solution from a leader in its field and Wolters Kluwer fits the requirement effectively. The company’s local domain expertise means that it has a clear understanding of what is required of financial institutions in order to meet Bank of Thailand guidelines.”
Wolters Kluwer FRR, which is part of Wolters Kluwer’s Governance, Risk & Compliance (GRC) 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.
Earlier this month Wolters Kluwer FRR won three major awards for its RegTech, risk management and regulatory reporting solutions in the APAC region. Waters Technology has named the company’s OneSumX for FRR the Best Middle Office Platform in its 2021 Asia Awards and the Hong Kong Monetary Authority (HKMA) has awarded the company accolades in GRC and Risk Management categories its Global RegTech Challenge. The highly competitive award series are both free to enter industry competitions, with both expert panels judging winners based on evidence of excelllence and innovation.
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, 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.