Today: July 19, 2018, 5:37 pm

Kamakura and Risk Management Guard (RMG) Indonesia host Jakarta IFRS 9 Conference

Kamakura and Risk Management Guard (RMG) Indonesia host Jakarta IFRS 9 Conference 2017-11-27 15:13:42
Attended by 170 participants from 56 banks from India, Japan, Malaysia, China and Singapore as well as Indonesia

JAKARTA, Nov 24, 2017 - (ACN Newswire) - Kamakura Corporation, with partner Risk Management Guard Indonesia, successfully conducted a workshop on international financial reporting standards (IFRS) on November 16. The event, attended by more than 170 participants from over 56 banks from Indonesia and overseas, provided a hands-on approach for seamlessly upgrading from IAS39 to IFRS 9.

Implementation challenges, including a detailed approach to computing loan impairment, a comparison between calculating expected credit losses under Basel III and IFRS 9, and practical demonstrations of the Kamakura Risk Manager (KRM) integrated risk product, with special emphasis on IFRS 9, were covered in detail.

A thought-provoking panel discussion on the need for multiple regulations for expected loss, the importance of credit models, the different modelling approaches for various asset classes, and the importance of data in generating default probabilities, also featured.

The event was conducted under the auspices of Bank Indonesia; OJK, the financial services authority of Indonesia; BSMR Indonesia; and LSPP Indonesia. Attendees from India, Japan, Malaysia, China and Singapore as well as Indonesia appreciated the hands-on help, and shared best practices and IFRS insights from around the world. They also benefitted from a demonstration of the Kamakura IFRS 9 module, a part of the KRM Solutions suite.

Suresh Sankaran, Principal Risk Officer of Kamakura Corporation, said, "Complex Standards like IFRS 9 need to be parachuted into developing economies using comprehensive training applications. Only then will concepts like effective interest rates and loan impairment enter management discussions. The seminar was an eye-opener not only to Asset Liability Committee (ALCO) participants, but also to senior functionaries of financial institutions. It clarified the approach banks need to consider for early adoption of the standard.

"The attendee list speaks for itself, and highlights the importance of a practical approach to implementing advanced regulations. The workshop also showcased Kamakura's ability to serve not just as software providers, but providers of subject-matter expertise. Kamakura plans to leverage the momentum generated by this event to conduct similar conferences and workshops focussed on regulatory best practices."

Togi Benjamin, Chief Executive Officer, RMG Indonesia said, "We decided to partner with Kamakura Corporation after a careful evaluation of many other software vendors. We are very impressed with Kamakura's suite of solutions, which are truly unique. Most vendors use spreadsheet-based solutions that are not robust and do not stand the test of time. The Kamakura solutions provide an integrated view of risk and regulation. That means an organisation loads and reconciles the data only once, as opposed to using fragmented solutions. Kamakura's solution cuts down on implementation time and provides a more nuanced approach for day-to-day decision-making, as well as for regulatory compliance.

"This event also showcased RMG's credentials as a system integrator and our appreciation of the needs of the marketplace. We plan to offer many more such workshops to enable a better understanding of regulation and to address the need for localised, scalable solutions. RMG is uniquely positioned to serve the needs of regional banks, offering local language support and local regulatory interpretation to make implementation less challenging."

Dr. Clement Ooi, EVP & Managing Director, Kamakura Corporation, and former Managing Director of Asia Pacific Operations for Fiserv Risk & Compliance, stated, "Kamakura's IFRS 9 solution is fully compliant with every aspect of the standard and can be used for computing fair valuation, amortised costs, effective interest rates, loan impairment, and hedge effectiveness. It also helps banks generate edge accounting journal entries and provides a portal for customising the metrics.

"Our IFRS 9 solution gives users the ability to bucket probabilities of default into any user-defined time frame. It allows users to select their own methodology for current and forecasted creditworthiness computations.Unlike other products, it provides transparent calculations and an easily auditable set of results that is accepted by many regulatory regimes around the world.

"As part Kamakura's integrated risk management framework, the IFRS 9 solution enables incisive insight into transaction-level risk. Profit and value management can then be evaluated independently to optimise returns. Kamakura?s solution also offers the unique ability to incorporate user-defined algorithms for loan impairment, providing a much-needed degree of consistency for organisational tools to measure creditworthiness and calculate loss metrics."

The event was conducted under the auspices of Bank Indonesia ( ); OJK, the financial services authority of Indonesia (; BSMR Indonesia (; and LSPP Indonesia (

Press Information

Published by
ACN Newswire
+65 6304 8926

# 753 Words
Related Articles
More From The Author
Improving the femtosecond ultrashort pulse laser
Korean and American researchers develop a new method for making extremely short pulse lasers that could lead to precision eye [..]
Asian Logistics & Maritime Conference Opens Today
2000+ Industry Elites Explore Opportunities with Heavyweight Speakers HONG KONG, Nov 23, 2017 - (ACN Newswire) - More than 70 [..]
Kingsoft Announces 2017 Third Quarter Results
JX Online III Revamped Version to be Launched in December; Cloud Services Gains Robust Revenue Growth of 80% Y.O.Y HONG [..]
Nets Group launches JCB's J/Speedy NFC mobile [..]
Copenhagen and Tokyo, Nov 21, 2017 - (ACN Newswire) - The Nets Group and JCB International Co. Ltd. (JCBI), the [..]
Lufax ranks Top 10 of 'The Fintech100', [..]
SHANGHAI, Nov 20, 2017 - (ACN Newswire) - From -- KPMG International, the Big Four accounting firm, and H2 [..]
More From Business
Medtronic Clinical Trial to Evaluate ECG Belt [..]
DUBLIN - July 19, 2018 - Medtronic plc (NYSE: MDT) today announced first enrollments in a new clinical trial evaluating the [..]
Banks net position in the Riksbank
Ashland board declares quarterly dividend
COVINGTON, KENTUCKY, July 19, 2018 - The board of directors of Ashland Global Holdings Inc. (NYSE: ASH) has declared a [..]
Prosafe SE :Safe Boreas contract extended by [..]
Equinor UK Limited (formerly Statoil (UK) Limited) has exercised the first of six one-month options to extend the charter of [..]
SeaBird Exploration: Annual General Meeting 2018
19 July 2018, Limassol, Cyprus The directors of SeaBird Exploration Plc convene the Annual General Meeting of the Shareholders for [..]

Disclaimer: If you have any questions regarding information in this press release please contact the company added in the press release. Please do not contact pr-inside. We will not be able to assist you. PR-inside disclaims the content included in this release.