Determination of the Statement of Financial Accounting Standards (PSAK) 71 which took effect on January 1, 2020 in Indonesia needs to be prepared optimally by the banking industry from all aspects ranging from resources, business, to reliable technology infrastructure in line with the latest regulations effectively without reducing costs benefit
In order to reinforce support for the banking sector in entering a new round of PSAK71-based financial reporting standards established by the Financial Services Authority (OJK) as of January 1, 2020, TelkomGroup took the initiative to organize an Banking Executive Summit event “Digitize Your Bank Compliance through PSAK71” in Jakarta (20/3).
The event was a sharing session for executives and IT practitioners in the banking industry, to get together with expert staff and regulators to discuss the strategies and concrete steps of the Banking in implementing PSAK 71 standards. In his remarks, Executive Vice President of the Enterprise Service Division of PT Telkom Indonesia, Tbk (Telkom) Judi Achmadi said that TelkomGroup fully supports the adoption of PSAK71 standards in banking entities that have been approved by the IAI Financial Accounting Standards Board (DSAK IAI) and overseen by BI and OJK as commitments from regulators towards DSAK IAI decisions.
“In addition to discussing the aspects of resource readiness, efforts in the transition period, to the readiness of technological infrastructure that is important for banks in increasing business value, through the Banking Executive Summit, TelkomGroup wants to address public concerns related to the increase in reserves in PSAK71 through the expected loss scheme, to discuss projected costs investment to adopt application support and qualified hybrid cloud infrastructure to operate PSAK71-standard services and support compliance with PP 82/2012 on the Implementation of Electronic Transactions and Systems intended to safeguard the sovereignty, security, and protection aspects of bank consumer data so as not to spread to parties at outside the territory of Indonesia “, continued Judi.
ARIUM PSAK71 application
One of Telkom’s subsidiaries engaged in core banking applications and System Integration for more than 80 clients from the Banking and Financial sector, Telkomsigma, presents an application solution called ARIUM PSAK71. The ARIUM PSAK71 application has been tested to meet the requirements of PSAK71 with innovation solutions based on the principle of cost leadership who can be affordable by banks in Indonesia.
Through ARIUM PSAK71, Telkomsigma provides a package of solutions that is ready to be applied in a measurable and available manner complete with all the modeling required by banks and disclosure, starting from the consultation stage to standard modeling, training, infrastructure systems and data integration in the form of managing services and implementing implementation services which only takes 4 months.
“It is expected that PSAK 71 application solutions from Telkomsigma can provide superior cost benefits with the best operational services and can make a real contribution to the implementation of banking transparency in Indonesia, and the banks are able to immediately design schedules and start implementing PSAK71 without worrying about various issues related to the implementation and also operational application of PSAK 71, “said Iskriono Windiarjanto, CEO of Telkomsigma.
PSAK71 standard has a much higher process complexity than PSAK 50/55. Therefore, PSAK 71 is demanded to be able to carry out complex statistical simulations with a short processing time without time limit, and without disturbing the smooth running of the processes that are running in the system.
This is certainly able to be realized through the support of cloud-based infrastructure from TelkomGroup which has proven its security and reliability, and has been supported by various international certifications.
“Telkomsigma together with TelkomGroup is ready to support the banking in OJK provisions regarding PSAK71 standards that apply as of January 1, 2020, as well as optimizing banking investment costs efficiently and on target to increase the accuracy and effectiveness of their performance efficiently,” said Iskriono.