Page 144 - Special Topic Session (STS) - Volume 3

STS523 Wan Z. et al.
SSM receives submission of documents (statutory documents) in a paper-
based format via its counters or any channel of submission (i.e. online or kiosk)
throughout Malaysia on a daily basis. Further, SSM faces an influx of
documents twice a year i.e. during the peak period when there is a high
volume of annual returns and financial statements. Due to this fact, SSM is in
the midst of developing a new system to enhance its service delivery under
the SSM Transformation Program (SSMTP) (which is a project under the SSM
Second and Third Direction Plans) which will see the introduction of a new
core system replacing the current legacy system.
With this new core system, expected to be fully implemented in the fourth
quarter of this year, it will allow SSM to better utilize the data stored within
the business registry. Furthermore, under the SSMTP, one (1) of the highly
anticipated projects is the introduction of the eXtensible Business Reporting
Language (XBRL) or as it is referred to in Malaysia as the Malaysian Business
Reporting System (MBRS) which is an open international standard for digital
business reporting. Technological advances in recent years have given a new
digital platform for financial information and XBRL has been identified as an
enabling technology that allows paperless financial reporting.
MBRS in Malaysia will be primarily used for the filing of financial statements.
It is strongly believed that MBRS is the way forward to ensure that accessibility
of information is made easier for investors, regulators and the public at large
is improved and enhanced. The key advantage of this new “language” is that
an identifying tag applies for each individual item of data as opposed to
storing block text of more than one million companies nationwide.

2. Methodology
With the development of the SSM core system, this will improve the sharing
of information and statistical data with other agencies such as Department of
Statistics Malaysia (DOSM), Central Bank of Malaysia (BNM), and Inland
Revenue Board of Malaysia (LHDNM). As the custodian of corporate data, the
data on business, company, and limited liability partnerships (LLPs) reside in
SSM’s Data Warehouse and this includes historical data.
The data warehouse is a system where SSM keeps the data filed with SSM
and this data is to be used for reporting and data analysis. It is considered as
a core component of business intelligence. The data warehouse is a central
repository of integrated data from one or more disparate source. All the
information from business entities can be mined from the data warehouse
which integrates with SSM’s registration systems.
The information can be collected online, where these services are available
24/7 and accessible anywhere. Each information and data can be purchased
with different types of packages according to the requirement by the public.
Where every profile and detail of each business entity reside in the database,

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