SINGAPORE–(COMMERCIAL THREAD) – The Thai Bank for Agriculture and Agricultural Cooperatives (BAAC) selected Wolters Kluwer Finance, Risks & Regulatory Reporting (FRR) provide software to help ensure compliance with International Financial Reporting Standard (IFRS) 9. The bank will use OneSumX IFRS 9, a OneSumX module for FRR, to manage 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 provides a robust framework combining information on the life cycle of each individual financial instrument with a comprehensive set of IFRS 9 calculators. The resulting figures are recorded in a transparent, traceable and auditable IFRS auxiliary ledger at the contract level. . The solution supports regulatory disclosures from local supervisors around the world and offers powerful reporting tools. These functionalities are supported by a data management framework that can capture and store relevant contract information, manage events and transactions, store IFRS calculations, generate accounting, and process information delivery.
“We are delighted that BAAC has chosen to work with Wolters Kluwer FRR, who has a solid track record of helping financial institutions in Thailand manage all of their funding, risk and reporting obligations,” said said Rainer Fuchsluger, Managing Director of Wolters Kluwer FRR, Asia Pacific. “We look forward to working with BAAC on the implementation of OneSumX IFRS 9, a holistic end-to-end solution that will help them ensure long-term compliance. ”
YIP IN TSOI Co. Ltd (YIT) will provide professional advice and services for the implementation of BAAC, in collaboration with Wolters Kluwer. YIT has been a Wolters Kluwer partner since 2009 and aims to accelerate and facilitate clients’ ability to implement a cost-effective and reliable financial management platform to comply with IFRS requirements.
“We are delighted to partner with Wolters Kluwer FRR to work on the successful implementation of BAAC,” said Samrith Trongtranon, vice president of financial services industry at YIT. “Financial institutions in Thailand are looking for a complete IFRS 9 solution from a leader in their field and Wolters Kluwer is effectively meeting the requirement. The company’s local expertise means it has a clear understanding of what is required of financial institutions in order to meet Bank of Thailand guidelines.
Wolters Kluwer FRR, part of the Governance, Risk and Compliance (GRC) division of Wolters Kluwer, is a global market leader in providing integrated regulatory compliance and reporting solutions. It helps regulated financial institutions meet their obligations to external regulators and their own boards of directors.
Earlier this month Wolters Kluwer FRR won three major awards for his RegTech, risk management and Regulatory reports solutions in the APAC region. Water technology named the company OneSumX for FRR the best middle office platform in its 2021 Asia Awards and the Hong Kong Monetary Authority (HKMA) awarded the company the accolades in the GRC and risk management categories in its Global RegTech Challenge. The highly competitive award series are both free to enter industry competitions, with two expert panels judging winners based on evidence of excellence and innovation.
About Wolters Kluwer Governance, risk and compliance
Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with evolving regulatory and legal obligations, manage risk, increase efficiency and drive better business results. GRC offers a portfolio of technology expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the healthcare, tax and accounting, risk and compliance, finance and legal industries. Wolters Kluwer achieved 2020 annual sales of 4.6 billion euros. The company, headquartered in Alphen aan den Rijn, The Netherlands, serves customers in more than 180 countries, maintains operations in more than 40 countries and employs 19,200 people worldwide.