Financial Industry ERP Solution
Compliance-driven Financial Management,
Empowering Digital Upgrades for Insurance/Banking/Tax Services
TAKAI's Financial Industry ERP Solution focuses on core financial sectors such as banking, insurance, and taxation, precisely addressing key requirements including stricter regulatory oversight, complex data coordination, and operational efficiency improvements. With the philosophy of "Compliance as Foundation, Data as Core, Efficiency as Standard," we deeply integrate International Financial Reporting Standards No. 17 (IFRS 17) insurance contract accounting standards with SAP DRC (Document Reporting Compliance) compliance reporting suites to build an end-to-end digital management system covering financial accounting, risk control, and compliance reporting, providing financial enterprises with intelligent solutions from start to finish.
IFRS 17 Compliance Rate 100%
Report Generation Efficiency Increased by 65%
Compliance Risk Reduced by 78%
Common Pain Points in Financial Industry & ERP Solutions
Providing comprehensive digital solutions for key pain points in compliance management, financial accounting, and report filing faced by financial enterprises in insurance, banking, taxation, and other sectors
High Difficulty in Implementing IFRS 17 Standards
The accounting logic for insurance contracts under IFRS 17 is complex, manual data processing is prone to errors, making it difficult to meet the strict requirements of the standard for measurement, presentation, and disclosure of insurance contracts.
ERP Solution
Build an IFRS 17-specific module based on SAP ERP to automate core processes such as insurance contract grouping, measurement, discount rate calculation, and CSM amortization, ensuring precise implementation of the standard.
Low Efficiency in Multi-dimensional Compliance Report Compilation
Financial enterprises need to respond to reporting requirements from multiple regions and regulatory agencies, manual data integration and report compilation are time-consuming and labor-intensive, and data inconsistency issues are likely to occur.
ERP Solution
Integrate SAP DRC digital compliance reporting suite, unify data sources, automatically generate statutory reports meeting various regional regulatory requirements, supporting one-click filing and traceability.
Weak Tax Management and Risk Control
Financial industry tax policies are complex and change frequently, tax accounting and filing processes are not standardized, lacking effective risk warning mechanisms, easily causing tax compliance risks.
ERP Solution
Build a full-process tax management module, synchronizing latest tax policies in real-time, automatically completing tax accounting, filing and risk scanning, combined with SAP DRC to achieve unified management of tax and financial data.
Disconnection between Financial and Business Data
Financial systems and core business systems in financial enterprises like insurance and banking have disconnected data, making it difficult to achieve linkage analysis between financial and business data, affecting decision-making efficiency.
ERP Solution
Connect financial and business system data links, achieve integrated business-finance management based on unified data models, combined with IFRS 17 accounting requirements, reflecting in real-time how business changes affect financial statements.
Financial Industry ERP Core Function Modules
Integrated management functions covering financial compliance, insurance management, and tax filing throughout the entire process for financial enterprises, helping companies meet global regulatory requirements
IFRS 17 Insurance Contract Management
- Insurance Contract Grouping & Measurement
- Contract Service Margin (CSM) Amortization
- Dynamic Discount Rate Adjustment
- Automatic IFRS 17 Report Generation
- Meeting Disclosure Requirements of Standards
SAP DRC Compliance Report Management
- Standardized Electronic Document Management
- Statutory Report Template Configuration
- Multi-regional Compliance Report Generation
- Report Verification & One-click Filing
- Report Data Traceability & Audit
Tax Management
- Multi-tax Type Automated Accounting
- Real-time Tax Policy Updates
- Intelligent Tax Risk Scanning
- Tax Filing & Payment Management
- Tax Audit & Document Management
Financial Accounting Management
- Multi-standard Financial Accounting
- Automatic Consolidated Report Generation
- Fund Management & Cash Flow Analysis
- Cost Allocation & Profit Analysis
- Financial Analysis & Decision Support
Risk & Compliance Management
- Compliance Risk Warning
- Internal Control & Audit Tracking
- Anti-Money Laundering (AML) Monitoring
- Data Privacy Protection (GDPR)
- Compliance Reports & Disclosures
Integration & Extension Functions
- Core Business System Integration
- Third-party Data Interface Integration
- AI Intelligent Data Analysis
- Mobile Approval & Query
- Cloud Deployment & Elastic Scaling
Core Effectiveness Data of Financial Industry ERP Implementation
Based on statistics from 150+ financial industry client implementations by TAKAI, quantitatively presenting core value improvements after ERP system deployment. All data is authentic and traceable
Financial Accounting Efficiency Improvement
Automated accounting replacing manual ledgers, reducing repetitive entry work
Compliance Filing Accuracy Rate
Dual compliance with IFRS17/SAP DRC, zero errors zero omissions
Reduction in Report Compilation Cycle
Multi-dimensional regulatory reports generated with one click, no cross-departmental verification needed
Reduction in Tax Risk Incidence Rate
Real-time policy synchronization + intelligent risk control, avoiding tax compliance risks
Reduction in Time Spent on Business-Finance Data Reconciliation
Integrated business-finance connecting data links, single source of truth eliminating reconciliation needs
Reduction in Financial Human Resource Costs
Free up financial staff to focus on high-value analysis and decision-making work
Management Decision-making Efficiency Improvement
Real-time business data dashboard, precisely supporting management decisions
Regulatory Inspection Pass Rate
Full-process traceability + audit trails, easily handling all types of regulatory inspections
Financial Industry Exclusive ERP Standardized Implementation Process
TAKAI's 10 years of experience in financial industry ERP implementation has been distilled into 6 standardized implementation phases, strictly controlling project quality and delivery cycles to ensure smooth system deployment
Requirements Research & Compliance Diagnosis
Deeply research enterprise business model, financial processes, tax compliance requirements, combine with IFRS17/SAP DRC compliance standards, issue enterprise compliance diagnosis report and requirements analysis document, clarify system construction scope and core objectives.
- Enterprise status and business process review
- Compliance gap analysis and risk assessment
- Output requirements specification and implementation plan
Solution Design & Blueprint Planning
Based on requirements research results, conduct system architecture design, function module configuration, business-finance process reengineering, output system blueprint design plan, focusing on specialized design of IFRS17 accounting rules, tax accounting system, and compliance report templates.
- Business-finance integration process blueprint design
- IFRS17 exclusive accounting rule configuration
- SAP DRC report template custom development
System Deployment & Custom Development
Complete SAP ERP system deployment, basic data initialization, function module configuration and customization development, connect with core business system data interfaces, achieve seamless data connection, simultaneously complete system permission configuration and security strategy deployment.
- System environment setup and basic configuration
- Custom function development and interface integration
- Permission system building and data security configuration
Data Migration & User Training
Develop standardized data migration plan, complete cleaning, conversion and import of historical financial data, business data, customer data, ensuring data accuracy; conduct multi-level specialized training for finance, business, and management, output operation manuals and training materials.
- Historical data cleaning and migration launch
- Multi-role tiered system operation training
- Assessment acceptance and operation manual delivery
Pilot Operation & Optimization Adjustments
Start system pilot operation, run original business processes in parallel, monitor system operation status and data accuracy in real-time, collect user feedback and optimization suggestions, respond quickly to and solve problems, complete iterative optimization of system functions, processes, and reports, ensuring stable system operation.
- Pilot business full-process validation
- Problem collection and quick iterative optimization
- Compliance verification and data consistency checking
Official Launch & Continuous Maintenance
Complete system official switch launch, terminate original business processes; provide 7*24 hour technical maintenance support, regularly conduct system inspection and health assessment, continuously iterate and optimize system functions, synchronize updates of compliance policies and accounting rules, ensuring long-term stable and compliant system operation.
- System official switch and full business launch
- 7*24 hour maintenance guarantee and problem response
- Compliance policy updates and continuous system optimization
Financial Industry ERP Customer Success Stories
Serving domestic leading insurance, banking, securities, and tax institutions among financial clients, cumulatively deploying 150+ successful cases, customer satisfaction rate above 98%
A National Life Insurance Company
The client project focused on IFRS17 compliance implementation as the core objective, upgrading the existing SAP ECC system to S/4HANA and equipping it with dedicated modules to adapt to new standard measurement requirements. The project emphasized actuarial model construction, policy-level data sorting and verification, using professional tools to complete cash flow forecasting, risk adjustment and contract service margin amortization modeling, achieving seamless connection between actuarial and financial data. At the same time, the accounting process was reshaped, automatic journal entries were generated, and transition period data connection and report adjustments were completed. Through cross-departmental collaboration between finance, actuarial, and IT, the shortcomings of SAP ECC system adaptation were resolved, improving report transparency and data compliance.
Implementation Results:
- IFRS17 compliance rate 100%, successfully passed regulatory inspection
- Report compilation cycle shortened to 3 days, efficiency increased by 80%
- Accounting error rate reduced to 0, financial human resource costs saved by 45%
A Foreign Commercial Insurance Company
The client system upgrade from IFRS 4 to IFRS 17 project was completed successfully, achieving dual goals of compliance and value. Through comprehensive analysis, a unified accounting framework was built, contract-level data was sorted and the system upgraded, precisely implementing new standard requirements such as current value measurement of liabilities. At the same time, automated processes were optimized, manual operations were significantly reduced, and internal control prevention mechanisms were strengthened. During the project period, efficient collaboration across finance, actuarial, and IT departments resulted in transparent financial statements and improved cross-border comparability, meeting both regulatory compliance requirements and providing scalable support for business growth.
Implementation Results:
- Fund reconciliation efficiency increased by 90%, with no discrepancies between books and reality
- Tax filing accuracy rate 100%, avoiding tax risks
- Regulatory report generation efficiency increased by 70%, meeting multi-dimensional filing requirements
A Multinational Food Industry
The SAP DRC project mainly addresses global compliance fragmentation, frequent regulatory updates, and complex electronic document and statutory report management faced by enterprises. In response to mandatory regulatory requirements for multi-country digitization and real-time reporting, it integrates electronic invoicing, tax filing and other compliance processes through a unified platform, automatically adapts to different regional regulatory standards, reducing manual operations and errors. At the same time, it resolves issues of poor cross-system data synchronization and difficult compliance status monitoring, reduces non-compliance penalty risks, improves compliance process efficiency and transparency, and supports cross-border business compliance operations.
Implementation Results:
- Report compilation efficiency increased by 85%, customer volume increased by 50%
- Filing error rate reduced to 0, customer satisfaction increased to 99%
- Real-time tax policy synchronization, comprehensive compliance assurance
Customize Your Financial Industry ERP Solution
Our expert team will tailor an IFRS 17 and SAP DRC compliant financial ERP solution based on your enterprise scale, business characteristics, and compliance requirements
Consultation Hotline
+60 3-2181 5802
info@takai-malaysia.my
Headquarters Address
Suite 34.05 Level 34, Menara Citibank, 165 Jalan Ampang, 50450 Kuala Lumpur, Malaysia