BASEL ACCORD COMPLIANCE EXPERTS
AFSS Software Portfolio
AFSS's first wholly owned portfolio, financed by AFSS directors, is a significant achievement without third-party involvement. Vincent Santeng, AFSS's CEO, is highly regarded by banks and peers as an expert on the Basel Accord, leading the implementation of Basel 1, 1.5, and 2 for several banks.
The Basel Accord was introduced in the 1980s to enhance financial stability and banking supervision worldwide. Basel 1, issued in 1988, classified assets into five risk categories and required banks to maintain at least 8% Tier 1 and 2 capital. Basel 1.5 allowed internal Value-At-Risk (VAR) for market risk. Basel 2 proposed three pillars: capital requirements, supervisory review, and disclosure for market discipline. Basel 3, finalised in 2017 for implementation from 2023, mandates minimum common equity and liquidity ratios to address the "too big to fail" problem, replacing Tier 3 capital.
Absolute Accountancy (AA)
AFSS provides the Absolute Accountancy (AA) modules, offering extensive accounting functionality such as bookkeeping, VAT reporting, product registration, stock control, budget setting, management reports, automated bank reconciliation, variance reporting, and financial accounts. AA also offers optional payroll processing and interfaces with multiple regulatory bodies for financial account compliance.
Micro & Community Group Finance
The module allows for identification of clients as individuals or group members using external devices. Each member is assigned a unique customer reference for payment and default tracking. Credit scores can be defined to assess customers and set lending limits. Clients can define competing and market participants to manage risk. Electronic deposits and lending are supported.
Asset Liability Management (ALM)
The AFSS Treasury module includes the AFSS Asset and Liability Management (ALM) solution, a versatile tool that analyses financial product data to forecast assets and liabilities. Users can set customised tracking thresholds for different categories such as groups, entities, currencies, portfolios, products, and transactions. The module generates reports for inflows and outflows, actuals versus budget, and sensitivity analysis for different scenarios.
Basel Accord Compliance
The AFSS Basel Accord Compliance module is designed to meet the evolving requirements of the Basel Accord set by central banks and supervised financial entities. It captures all risk types and offers standard regulatory reports, with the ability to create new ones. It can be used as a standalone module or in combination with other AFSS modules. The module includes comprehensive reconciliation between economic capital and financial models, managed with AFSS - AI.
ERM - Risk and Compliance
The AFSS ERM module measures internal control component performance, including internal audit assessment, and assigns values to identified risk exposures. It assesses the potential impact and likelihood of occurrence for each risk element or group. Users can define response strategies, acceptable risk levels, transfer options, mitigation measures, and actions to avoid risks. The module helps implement strategies by assigning risk ownership to individuals and offers customizable risk management and oversight reports.
ERP - Resource Management
The AFSS ERP solution includes sub-modules like CRM, financial management, manufacturing, HR management, event management, order management, supply chain management, payroll management, and project management. It utilises business intelligence and artificial intelligence to support informed decision-making through analysis. The solution is adaptable to various industries, locations, market types, and business sizes.
Outsource Professional Directors (OPD) is a linked entity to AFSS, specialising in human resource processing, personnel management, and recruitment. OPD offers outsourcing services such as bookkeeping, payroll, training, expatriate services, and recruitment. They also provide specialised services for non-profit organisations like churches and charities. OPD has dedicated resources for managing umbrella and offshore companies. AFSS supports OPD with the necessary software and IT solutions for their operations.
Trade Finance & Money Remittance
The Money Remittance module is a cloud-based system allowing users to easily book and execute money transfers through a mobile app, available 24/7. AFSS, in partnership with PMCT Accountants & Consultants, offers the Trade Finance module, ensuring comprehensive processing and AML compliance for financial organisations. Market participants can securely store documents, track payments, and conduct import-export transactions without the need for travel, as long as appropriate arrangements are in place between the buyer and seller.
Specialised Service and Industry
The AFSS specialised module is designed to efficiently manage various processes across cost centers, operational areas, currencies, geographical locations, market groups, and management levels. It caters to industry-specific or organisation-specific processes. AFSS offers dedicated resources for business requirement drafting, software development, testing, and project implementation. Post-implementation, AFSS provides ongoing support for the implemented solution.