Rosbank is ready for IFRS 9 with “Diasoft” support
Rosbank is ready for IFRS 9 and demonstrated successful results after the first reporting periods after IFRS 9 became effective from January 1, 2019.
The partner of the project is Diasoft company.
Diasoft team had to support Rosbank in the adoption of IFRS 9 in the stock market direction. The partners started the realization of the project in August 2018.
“Diasoft company prepared for the adoption of the new standard throughout the year of 2018. Rosbank acted as one of the technological and methodological partners of the project of the development of our solution for IFRS 9. The bank was the first of our clients that formulated its view on methodology. It was a great help for us as well to determine the approaches to the realization of the future projects and to make necessary adjustments in a specialized solution in time. We thank the colleagues for their active participation in the realization of preparation program to IFRS 9 and congratulations to the whole team with the successful result!” Kirill Zolotykh, Director of FA# Financial Markets division of Diasoft company.
To support the method of rate calculation for IFRS 9, FA# Beans – “Financial assets and obligations” product by Diasoft was used in the course of the project. The tool is used to interact with other Diasoft products. It gives the opportunity to adjust the solution for the support of a new reporting standard thanks to its agile functionality, taking into account the specific features of different banks and it allows switching the rate calculation for IFRS 9 in an automatic mode.
“At the early January, after the results of the successful closing of the first trade days with a new reporting system, it was clear that the bank is ready to comply with the requirements of the legislation. It was made possible thanks to the engagement and devotion of the teams of the bank and Diasoft. a great amount of work was made and we are completely satisfied with the results”, Galina Sukhareva, Deputy Chief Operation Officer of Rosbank. It is noteworthy that in March Diasoft announced the closure of the IFRS 9 preparation program for clients. Overall, 51 banks were supported by the company after IFRS 9 became effective.