Bank of Beirut has implemented Wolters Kluwer’s OneSumX to manage the International Financial Reporting Standard (IFRS) 9.
The accounting standard replaces the IAS 39 standard and came into effect at the start of the year. It addresses classification and measurement, impairment methodology and hedge accounting.
OneSumX IFRS 9 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, IFRS calculations, accounting generation and processing up to the delivery of the disclosures. OneSumX IFRS 9 includes a “cash-flow characteristic” test to assess eligibility to measurement at amortized cost and pre-defined IFRS 9 classification business rules. It also includes an amortized cost-calculation engine with built-in support for debt restructuring, below-market loans and wide variety of product lifetime events as well as fair value measurement techniques.
The implementation of the software is part of the bank’s drive to achieve IFRS 9 compliance with a broad range of regulatory requirements across many jurisdictions and other financial reporting obligations.
MDSL SAL and its sister company and Wolters Kluwer regional partner Advanced Financial Solutions (AFS), implemented the Wolters Kluwer solution, supported by advisory services firm, True North Partners.
“Bank of Beirut required a solution that could comprehensively manage its IFRS 9 requirements across the Group’s operating jurisdictions (namely Lebanon, Oman, Cyprus and the United Kingdom and, at a later stage, Australia),” stated Antoun Samia, head of group risk management at Bank of Beirut. “Wolters Kluwer, with its strong reputation in the field for IFRS 9 solutions was an evident choice for us. The implementation work with AFS and MDSL has been exemplary and we are now in a position to ensure ongoing compliance with the standard.”
The Finance, Risk & Reporting business is part of Wolters Kluwer’s Governance, Risk & Compliance Division and is a global market leader in the provision of integrated regulatory compliance and reporting solutions, supporting regulated financial institutions in meeting their obligations to external regulators and their own boards of directors. It receives frequent independent recognition of its excellence and innovation. Notably, in July 2018, Risk magazine awarded Wolters Kluwer its coveted Regulatory Reporting System of The Year Award and Central Banking magazine recently named OneSumX for Regulatory Reporting its Best Technology Solution For Regulatory Compliance. Both awards celebrate success in the field globally. Chartis Research, meanwhile, has also named the firm a Category Leader in both its IFRS 9 Technology Solutions Report and CECL Report.
Leading financial services firms from across the world have implemented the company’s award winning OneSumX solution for integrated Regulatory Reporting, Risk and Finance. Major financial services providers that have recently announced their use of Wolters Kluwer solutions include ABN AMRO, SME Development Bank Malaysia Berhad, Bahrain Middle East Bank, China Everbright Bank, China Merchants Bank, LGT and Nordea.
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