Indonesia-based Bank Bukopin has opted for International Financial Reporting Standards (IFRS) solution from FRSGlobal, a provider of global regulatory reporting and risk management solutions.

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.

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.

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.

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.”

Steve Thurley, VP of Asia Pacific and Japan at FRSGlobal, said: “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.”

Handoko Komaruddin, director of PT Nexia Indonesia Advisory Services, said: “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.”