EMERIO Launches Regla IFRS 9 in Indonesia

JAKARTA, Indonesia - Oct. 4, 2017 - PRLog -- Emerio (an NTT Communications Company) launches Regla IFRS 9, a new module for the Regla RCS suite that helps banks and financial institutions automate regulatory compliance and reporting.

Speaking at the launch, President Director of Emerio Indonesia Michael Tanong said "IFRS 9, or PSAK 71 as it is known in Indonesia, is a new standard that will replace current standards (IAS 39 or PASK 55), which will take effect in 2018 almost worldwide and by 2020 in Indonesia. The implementation of IFRS 9 addresses challenges currently faced by banks and financial institutions; such as the unavailability of complete data and shortfalls in the data quality, the inability to make predictions by using risk management techniques and the lack of access to relevant statistical tools to support these calculations."

The increasing integration between the Indonesian and world economies has prompted Indonesia to require public entities to use financial accounting standards that have converged with IFRS. IFRS 9 represents a paradigm shift in accounting for financial instruments from backward-looking to forward-looking provisioning for losses. The financial crisis in 2008 made it evident that the concept of backup in IAS 39 is very limited and slowly reserved.

"Regla responds to the needs of Emerio Indonesia's clients, primarily banking and financial institutions, which are required to not only calculate, but also to report to regulators such as the Financial Services Authority (OJK) and Bank Indonesia (BI). Additionally, Regla aids in meeting internal bank requirements and business group reporting, which require compliance with some IFRS standards," said Michael Tanong. "Furthermore," Michael Tanong explains, "banks and financial institutions that become Regla users can conduct a thorough analysis of the financial aspects required by regulatory and IFRS standards. Regla facilitates the preparation and processing of data with quick and accurate calculations, regulatory compliance, and presenting information in desired reporting forms. Users can experience significant improvements in effectiveness and efficiency due to having manual processes replaced by automation, an area that has been a challenge for banks and other financial institutions over the years."

Regla IFRS 9 is designed by accountants and built by Emerio's IT team to be a comprehensive solution for IFRS reporting needs, integrating with other Regla modules to form an end-to-end solution for regulatory and compliance requirements.

"Regla is a product of Indonesia, developed by Indonesians to serve financial institutions. Regla has been successfully implemented in over 20 banks and other financial institutions in Indonesia and other countries in South East Asia, such as Malaysia, Singapore, Philippines and Brunei Darussalam. Given the large number of banks and other financial institutions present, Indonesia is a very promising market with great potential," said Michael Tanong.

Regla IFRS 9 was launched by hosting seminars attended by banking companies and other financial institutions. At the event, Emerio Indonesia appreciated CTBC Indonesia, Bank Panin and Bank Permata for commencing automation initiatives to implement IFRS 9 ahead of the Government mandate.

About Emerio Corporation
Emerio, an NTT Communications company, is a global IT services and solutions provider focused on helping clients improve business competitiveness, efficiency and ROI. Emerio serves a vast client base ranging from SMBs to Fortune 500 public and private sector customers. With over 1,850 professionals, Emerio operates in 11 countries across South East Asia with state-of-the-art delivery centres in Singapore (HQ), Malaysia, India, Indonesia, Philippines and Thailand. Emerio has a strong presence in the South East Asia region with extensive industry knowledge, proven methodologies, skilled resources and a successful track record.

Emerio Indonesia's 550 strong in-country and right-shored teams of domain and technology experts provide a suite of solutions and IT services for Banking, Insurance, Telecommunications, Utilities, Education, Government, Hospitality and Social Services verticals.

To learn more, visit http://www.emeriocorp.com