Gaining rapid compliance with the IFRS 9 regulations was a key focus for Everyday Loans, who recognised the need to comply without wanting to engage in a lengthy and complex delivery project. Horizon helped them to meet this challenge by applying Jaywing’s proven methodology using Everyday Loans’ own data within a hosted software environment, dramatically cutting the amount of design, test and deployment effort that would otherwise be required in a typical modelling project.
Everyday Loans have used Jaywing’s Horizon software to develop IFRS 9 models and enable the delivery of all regulatory outputs. Using advanced machine learning techniques, Horizon produces constantly refreshed, always optimal models based on client data, which only requires users to have a good knowledge of their portfolio, rather than an in-depth knowledge of modelling. Alternatively, Horizon can be used to host static models for execution, providing a robust audit trail and a full record of historical inputs and outputs.
Using low-impact data aggregations from existing sources, and with the client’s portfolio knowledge informing a choice of parameters, the software fulfils a requirement to take a proportionate approach, building in the key requirements of the regulation such as the appropriate consideration of a variety of economic scenarios, stress testing, and handling stage allocation.
The system has enabled Everyday Loans to achieve compliance at a quicker pace than building it themselves, well in advance of the target date.
“We quickly realised that by using Jaywing’s software we could rely on their expertise and cut the time we’d need to focus on this delivery. Horizon is cost-effective, gives us the models we need, frees up our analytical resource, and produces a completely refreshed set of optimised models each time it runs.”
Jason Bovington, Head of Credit Risk at Everyday Loans
Delve into Horizon's capabilities
Horizon is Jaywing’s IFRS9 modelling execution software. Accessed through a browser, Horizon offers a robust, hosted execution environment in which your models can be implemented, tweaked and run, with the results stored, compared and calculated using an intuitive front end.