FICO has been named a Category Leader in IFRS 9 solutions by Chartis Research in its report IFRS 9 Technology Solutions: Market Update 2017.
“Like other regulatory mandates of the past decade, IFRS 9 is another transformational event for all financial institutions (FIs),” the report states. “In all likelihood, it will reduce FIs’ profits and retained earnings, increase their loan loss provisions, and have a negative impact on their regulatory and economic capital. To mitigate these impacts, FIs will have to rely heavily on the rigor of their data management and the quality of their data, and on the application of Expected Credit Loss (ECL) modeling and overall governance.”
The FICO® IFRS 9 Impairment Management Solution includes industry-leading predictive modeling for loss forecasting; software for high-speed model execution, loss reporting, process governance and “what-if” scenario analysis; and strategy consulting from advisors with extensive domain and analytics expertise.
“Effectively addressing the challenges of this new standard will enable senior management to make better-informed, forward-looking strategic risk management decisions,” said David Binder, senior director and global IFRS 9 program lead at FICO, who formerly led Barclaycard’s global impairment, capital demand and stress testing team. “Getting there, though, won’t be easy. In our work with customers, we’re bringing an unmatched amount of expertise in risk modeling and forecasting, along with a focus on governance and control.”
Read more in our news release.