The Project Steering Committee of CIMB Niaga gave the green light for the official go-live of another important milestone in the introduction of FERNBACH’s FlexFinance FRC software. On this occasion, CFO Pak Wan Razly Abdullah (CIMB Niaga) congratulated EVP APAC Dr. Denis Diop (FERNBACH) on behalf of FERNBACH’s implementation team for the excellent project work that has been completed so far. CIMB Niaga, which is one of the largest banks in Indonesia, chose FERNBACH in order to be compliant with International Financial Reporting Standards (IFRS) and to update and improve their solution for Indonesian accounting standards (PSAK 50, 55). The project step, which was completed successfully, links the limited impairment solution in the core banking system with the FlexFinance Impairment Workbench. The web interface of the FlexFinance Impairment Workbench will be used to capture and maintain recovery information at individual deal level for non-performing loans in CIMB Niaga’s loan portfolio. For the treatment of non-performing assets, the FlexFinance Impairment Workbench offers workflow-supported processes such as watch lists, task lists and control lists. In this way, it documents responsibility and activities, while making them transparent and comprehensible. As such, it significantly improves the exchange of information between the finance and the risk departments of a bank. With the completion of this project phase, FlexFinance is in place for the treatment of financial instruments in compliance with IAS/IFRS/PSAK, including the entire risk provisioning process. Furthermore, CIMB Niaga is perfectly prepared for the future: FlexFinance Impairment Workbench has already been configured for future IFRS 9 requirements and will support CIMB Niaga in the process of becoming one of the first banks to comply with IFRS 9 requirements. Furthermore, regional banks are currently realigning their businesses ahead of the launch of the ASEAN Economic Community (AEC) by the end of this year and its upcoming Asean Banking Integration Framework. Amending regulations and cross-border tariffs has led to a high increase in regional trade. Therefore the AEC aims at establishing strong and well-managed banks in the ASEAN region that adhere to international best-practice approaches.