AxiomSL partners with Genpact for IFRS 9 03 April 2018London Reporter: Madeleine Saghir
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AxiomSL has partnered with Genpact for bespoke International Financial Reporting Standard (IFRS) 9 solution for risk modelling.
The partnership will offer a solution to AxiomSL clients, which includes bespoke adaptability to each firm’s business requirements, reduced total cost of ownership (TCO), quick time to market, and governance with user rights.
IFRS 9, which addresses the accounting for financial instruments, is circulated by the International Accounting Standards Board.
The solution will ensure that data, models, calculations, documentation, and reporting are all stored in one place and are able to incorporate or adjust for future regulatory or internal changes. This will enable transparency and allow for smoother internal and external audits, and regulatory reviews.
With Genpact’s model, the process of generating through the cycle probability of defaults (PDs)/point in time PDs is automated at a click regardless of the number of counterparties.
This approach will allow clients to monitor the stages of their assets automatically and account for the expected credit losses in their book of accounts accordingly.
Ed Royan, CEO, AxiomSL, Europe, the Middle East and Africa, said: “This strategic partnership unlocks many benefits from automation and adaptability to reduced TCO and a quick go-live process.”
Alessandro Vecci, Europe risk practice leader at Genpact, added: “This partnership will support both existing and prospective clients, regardless of their current implementation stage, to help them achieve regulatory compliance for IFRS 9 in the most efficient manner.”
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