The OMESTI Group has been awarded a key project by Suruhanjaya Syarikat Malaysia [SSM] – the Companies Commission of Malaysia – that is set to provide an invaluable source of data on the Malaysian corporate landscape and transform the role of the SSM as a regulatory authority.
Valued in the order of RM17 million [seventeen million ringgit], the project was awarded to Omesti Group company Formis Network Services Sdn Bhd and forms part of a comprehensive re-engineering of the SSM online infrastructure to an XBRL domain.
The project will see the development and deployment of a new XRBL online document submission platform to enable companies to file annual returns and audited accounts electronically. The initiative will enable SSM to capture critical financial information and other key data from registered companies, to provide powerful analytical insights into the Malaysian business landscape.
OMESTI Group Executive Director Ms Mah Xian-Zhen said, “The new XBRL SSM platform will automate the process of data collection, transform the submission of statutory reports by registered entities and enable data consumers to analyse company 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.”
The initiative will also drive transparency and improve the efficiency of capital markets by enabling analysts and other users to search and find relevant facts easily. “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.
The platform will run on XBRL (eXtensible Business Reporting Language) enabling submitted documents to be XBRL-compliant, allowing business information to be exchangeable among regulators, including tax and financial authorities, central banks and governments. XBRL is a global standard used to electronically exchange business information.
The project scope includes 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.
A key component of the project scope 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.