London January 2019
KnowCo Limited announces further users of its purpose-built ‘IFRS 9 Manager’ Technical & Reporting Solution.
Nyoman Suarja, CEO, Bank Mandiri (Europe) Limited (BMEL) said:
“As a wholly-owned subsidiary of the largest commercial bank in Indonesia, our primary mission since our establishment in London twenty years ago is the facilitation of trade, both to and from that country, via a deep and broad range of Trade Finance and Treasury services. KnowCo’s system reduces the cost, management time and operational risk which would be incurred in manual IFRS 9 administration via spreadsheets, and thus helps us to focus on that primary mission.”
Paul Ashton, KnowCo’s Managing Director, said:
“We are delighted to welcome BMEL to our software user group, via our IFRS 9 Manager system. This will further deepen the existing relationship between KnowCo and BMEL, which we value greatly, and confirms the broad appeal of our solutions across diverse financial institutions. The IFRS 9 Manager is purpose-built for optimal IFRS 9 implementation and compliance, but the system benefits from everything the KnowCo team has done over the last eight years in terms of our stress-testing, ALM and funds transfer pricing systems.”
Ajay Joshi, BMEL, Head of Finance & Operations, believes the IFRS 9 Manager has significant advantages over alternatives, especially for banks of small and medium size:
“This system saves a great deal of management time; it is intuitive to use, transparent, and gives us automatic history retention and audit trails, and the ability to drill down to cash-flow level calculations for audit purposes.”
KnowCo is a specialist support resource to financial institutions used by more than 35 UK-incorporated institutions.
For more information, contact Paul Ashton +44 (0)7799 113535 or email paul.ashton@knowco.co.uk
All KnowCo systems are purpose-built to support ICAAP, ILAAP, and RRP, Risk Appetite Statement development and enhancement, CRR-compliant Pillar 3 Statements, Strategic Business Planning and Modelling, and Governance Policies, Processes and Assurance.