About a-team Marketing Services
The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Bank Bukopin Selects FRSGlobal’s IFRS solution

Subscribe to our newsletter

FRSGlobal today announced that Bank Bukopin has selected FRSGlobal’s International Financial Reporting Standards (IFRS) solution. The deal was signed in collaboration with associate partner PT Nexia Indonesia Advisory Services (PTNIAS) – a partnership that was formed as part of FRSGlobal’s commitment to the Indonesian market.

Tri Joko Prihanto, finance and planning director of Bank Bukopin, said: “As regulation continues to evolve, it is important that we have a process in place to keep up with the latest developments. We needed a trusted technology provider that we could rely on to give us peace of mind and with FRSGlobal’s combination of risk and regulatory solutions, domain expertise and proven track record, the choice was clear.”

IFRS has been widely adopted by countries across the world and in some cases this has been achieved by transposing these standards into local regulations. For example, in Europe IFRS was made compulsory for listed companies in 2005. Indonesia introduced adoption plans for member banks such as Bank Bukopin to comply with international accounting treatments. The standards include information on how to value, categorise and account for financial instruments. In addition, the standard gives details of the accounting treatment for positions that qualify for hedge accounting.

The FRSGlobal IFRS solution is made up of both RiskPro and RegPro elements. FRSGlobal’s RiskPro enables the classification of financial instruments and the calculation of the valuation using either fair value or amortised cost as appropriate. RiskPro also supports several methods for testing and estimating impairment as required by IAS 39 (or PSAK 55 in Indonesia). FRSGlobal’s RegPro uses ReportGenerator to produce standard IFRS report definitions with country adaptations as well as ReportBuilder to build additional standardised reporting applications.

Steve Thurley, vice president of Asia Pacific and Japan of FRSGlobal, commented: “At the beginning of 2009, Bank Indonesia (BI) announced a new set of regulatory reports for all banks in Indonesia and FRSGlobal, being the leading provider of regulatory and risk solutions, naturally received various enquiries into our product range from firms, including Bank Bukopin. We are very pleased to be working with them on this project and also look forward to continuing our partnership with PT Nexia Indonesia Advisory Services to fully utilise their first-rate local expertise.”

PT Nexia Indonesia Advisory Services joins FRSGlobal’s Associate Partner programme which contains firms who are active in the financial services sector that recognise the benefit to their clients of a comprehensive unified risk and regulatory solution. FRSGlobal works with Associate Partners on an informal, even project-based, basis to provide firms with advice and solutions on risk and regulatory issues.

Handoko Komaruddin, director of PT Nexia Indonesia Advisory Services, said: “We are delighted to be partnering with FRSGlobal for its RegPro and RiskPro products. Banks in Indonesia such as Bank Bukopin are looking for a comprehensive solution from a leader in its field and FRSGlobal fits this requirement very nicely. Best of all, RiskPro’s architecture is an ideal solution for Indonesian accounting standards, PSAK 50/55, a challenge faced by most banks in this region.”

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: Embracing cloud in your firm’s regulatory response

Date: 9 June 2022 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Regulatory compliance is a key function for financial institutions. It is also a huge burden in terms of time, data management, systems resources, manual intervention, and reporting. As financial firms progress digital transformation programmes, is it time to move...

BLOG

Operational Resilience Ranks High on Regulators’ List of Concerns

Increased regulatory scrutiny of operational resilience in capital markets is forcing firms to take a more proactive approach to maintaining critical business functions. Continuity planning inevitably comes into focus during major events such as a global pandemic. But regulators’ concerns around the prevalence of other incidents – from ransomware attacks to natural disasters – have...

EVENT

RegTech Summit APAC

Now in its 2nd year, the RegTech Summit APAC will bring together the regtech ecosystem to explore how capital markets in the APAC region can leverage technology to drive innovation, cut costs and support regulatory change. With more opportunities than ever before for RegTech to add value, now is the time to invest for the future. Join us to hear from leading RegTech practitioners and innovators who will share insights into how they are tackling the challenges of adopting and implementing regtech and how to advance your RegTech strategy.

GUIDE

ESG Data Handbook 2022

The ESG landscape is changing faster than anyone could have imagined even five years ago. With tens of trillions of dollars expected to have been committed to sustainable assets by the end of the decade, it’s never been more important for financial institutions of all sizes to stay abreast of changes in the ESG data...