This year will be an important milestone for all lenders implementing IFRS 9. Model designs are being re-examined, data requirements are being gathered and infrastructures are being improved.
In addition, many lenders will begin their parallel run phase, which will show a predicted view of how the requirements may run post-2018. That’s why many lenders are seeking outside help to support them during these crucial months to ensure they adopt a best practice approach. Jaywing has worked with over a dozen lenders on IFRS 9 and has learned important lessons from early adopters.
The Nottingham are one of the most recent clients to partner with Jaywing on designing an analytical framework that will underpin all operational, strategic and regulatory credit risk requirements, including IFRS 9. Implementing IFRS 9 is a key priority for The Nottingham, that’s why they chose to partner with Jaywing who has extensive experience in the design and build of IFRS 9 impairment models.
Through Jaywing’s flexible solution, The Nottingham will be able to develop an integrated approach to implementing IFRS 9, along with other regulatory and operational risk objectives. The new framework will enable The Nottingham to develop a streamlined approach to credit risk management to help contain the cost of meeting these regulatory, operational and strategic challenges.
Colin Pendred, Senior Credit Risk Manager, The Nottingham, said: “The new analytical framework will improve regulatory processes and reduce operational costs while ensuring a robust and best practice approach to IFRS 9 implementation. We chose Jaywing due to their unrivalled experience in credit risk analytics and IFRS 9, as well as following on from a successful engagement on a previous project a few years ago.”
We are looking forward to continuing to work with The Nottingham and we are pleased we’ve been able to demonstrate our offering for IFRS 9 through the flexibility of our consultancy approach and our software solution, Horizon. We understand the importance for The Nottingham of being able to achieve an integrated framework, as lenders today are looking for a cost effective way of remaining compliant with multiple regulations.
