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Ben O'Brien

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News & Views / West Bromwich Building Society appoints Jaywing to develop IFRS 9 and stress testing models
13 February 2017

West Bromwich Building Society appoints Jaywing to develop IFRS 9 and stress testing models

We're delighted to announce a new partnership with West Bromwich Building Society to develop IFRS 9 and stress testing models as part of an integrated modelling programme that will underpin all regulatory modelling requirements. Developing best practice regulatory models is a core requirement for The Society, that’s why they chose to partner with us due to our extensive experience in the design and build of IFRS 9, IRB and other regulatory models.  

One of the biggest challenges faced by lenders today is implementing a solution to IFRS 9 requirements that is proportionate to the size of the lender. Through Jaywing’s flexible approach, The Society will be able to develop an integrated and streamlined approach to loss forecasting that achieves IFRS 9 compliance and facilitates stress testing. What’s more, this framework can also be used as the foundation to support The Society’s projected growth and any subsequent regulatory requirements.

West Bromwich Building Society’s Director of IRB said: “IFRS 9 is demanding significant change, with the need for more sophisticated models to be developed which enable the assessment of expected credit losses under a wide range of economic scenarios. We appointed Jaywing to help us meet this challenge due to their extensive expertise in regulatory modelling requirements and their ability to develop flexible and integrated approaches to regulatory requirements.”

Lenders today are looking for a more efficient and effective and way of remaining compliant with multiple regulations. We have always advocated close risk integration across all expected loss disciplines: stress testing, loss forecasting, capital planning and provisioning under IFRS 9. West Bromwich Building Society are ahead of the curve in adopting this approach and are using IFRS 9 to build a better business.

Jaywing has extensive experience in credit risk analytics and IFRS 9 gained over the last 17 years’ helping many lenders including Nationwide, RBS and Coventry Building Society with IFRS 9, IRB, stress testing, ICAAP and credit grading requirements. 

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