UCB Takes New Initiative to Implement IFRS 9

Dhaka : United Commercial Bank PLC (UCB) has entered into an agreement with RAPTAS Resolute Ltd and Global Brand PLC to implement an Expected Credit Loss (ECL)-based provisioning system in line with the International Financial Reporting Standard (IFRS) 9.
The agreement was signed at UCB’s Corporate Office recently. The initiative marks an important step towards strengthening UCB’s credit risk management and provisioning framework and bringing its financial reporting practices further in line with international standards.
Under the initiative, UCB will implement GRC Sphere, an application of RAPTAS, to assess credit risks and analyse how current and future economic conditions may affect expected credit losses. The system will support a more forward-looking approach to credit risk assessment by taking into account various macroeconomic and financial factors, potential risks and related developments. This will help the bank make more informed and data-driven decisions in managing credit risks.
The implementation is expected to strengthen UCB’s capacity to identify, measure and manage credit risks through a more forward-looking and data-driven ECL assessment framework. It will also support the bank in further strengthening its provisioning process and aligning its financial reporting practices with international standards.
Representing UCB, Mr. Nabil Mustafizur Rahman, Additional Managing Director & Chief Risk Officer (CRO), along with Deputy Managing Directors, Heads of different divisions, the Project Manager and other senior officials, were present at the signing ceremony.
Representing RAPTAS Resolute Ltd, Mr. Yousup Faruqu, CEO, and representing Global Brand PLC, Mr. Khandaker Khaled Hasan, Senior General Manager, were also present at the event.

-Press Release