Dec. 8, 2016
Image (CIO) - DIgital transformstion race
To transform its role as a regulatory authority, Suruhanjaya Syarikat Malaysia [SSM] - the Companies Commission of Malaysia - is embarking on a journey to re-engineer its infrastructure with a new XBRL Financial Reporting platform.
The new platform will allow all companies to file annual returns and audited accounts electronically and will enable data to be captured and shared among financial institutions, governments and regulatory bodies across the region.
This move is expected provide an invaluable source of data on the Malaysian corporate landscape and transform the role of the SSM as a regulatory authority, said Ms Mah Xian-Zhen, executive director of local listed IT group Omesti, which has won a key project in SSM's digital transformation strategy.
"The new XBRL [eXtensible Business Reporting Language) enabled submitted documents to be XBRL-compliant] SSM platform will automate the process of data collection, transform the submission of statutory reports by registered entities and help data consumers to analyse company information," said Mah.
She said the project will cover the development and deployment of the new XRBL online document submission platform. Valued in the order of RM17 million [seventeen million ringgit], the project was awarded to Omesti Group company Formis Network Services and forms part of a comprehensive re-engineering of the SSM online infrastructure to an XBRL domain.
Mah Xian-Zhen, Executive Director, Omesti Berhad
Mah added that the initiative will allow SSM to capture critical financial information and other key data from registered companies, to provide powerful analytical insights into the Malaysian business landscape.
As the platform will run on XBRL, business information will be exchangeable among regulators, including tax and financial authorities, central banks and governments.
XBRL is a global standard used to electronically exchange business information.
"This will change the way data can be captured and shared by SSM and will significantly enhance its standing as a resource for vital corporate insights," she said.
This move will also drive transparency and improve the efficiency of capital markets by allowing analysts and other users to search and find relevant facts easily, said Mah.
"We are proud to be playing our part in this important project as SSM embarks on its transformation journey to become a top tier registry and regulatory authority in the region," she added.
Commenting on the project scope, Mah said it included the supply, implementation, training, support and maintenance of the SSM online submission system. In addition to the development, design, deployment and operation of a robust XBRL taxonomy, the workscope includes the sourcing and management of suitable infrastructure to ensure high availability and instant disaster recovery.
She said a key component of the project will be change management to ensure full promotion of the system and training for all parties concerned. Technical and call centres operated by professional engineers, technicians and call service executives will provide ongoing support for users.
The project begins immediately and is due for completion by December 2017.