Poor credit decisions which played the major role in 2008 global crisis still feels fresh for many in the industry. Banks and regulators naturally want to avoid a repeat of those bad practices and the fallout that spread across the financial system in the following years. This underscores the importance of IFRS 9 Financial Instruments, a standard published by the International Accounting Standards Board. IFRS 9 features a logical model for classification and measurement, a single, forward looking “expected loss” impairment model, and a reformed approach to hedge accounting.
Is your organization ready for IFRS 9? If Not Resource IFRS 9 through IMPACTO’s IFRS 9
- Lower total cost of ownership: By choosing the Platform, organizations avoid the cost of developing an in-house solution as the Platform leverages existing IMPACTO infrastructure. Financial Institutions will save on technology, overhead,human capital, testing, and security audit costs.
- Data Management: Even though data considerations have always been central to accounting standards, many financial institutions’ approaches have resulted in silos. IMPACTO’s IFRS 9 module is built on the big data technology, which allows cross integration of data which is integral to IFRS 9.
- Data Extractions: IMPACTOs data extraction adapters are capable of extracting data from heterogenous data sources and load the IFRS 9 data models for further processing.
- Legacy accounting system Integrations: IMPACTO’s adapters can integrate with third party systems via API(s) or web-services which enables a seamless accounting handoff
- IFRS-9 Formulae Calculations: IMPACTOs dynamic and sophisticated formula adapters are proven ready to handle IFRS 9 formula(s) using the data points extracted from the legacy systems.
- Centralize data, allowing better estimation and auditability.
- Customize data to reflect local market conditions
- Leverage business intelligence tools gain insight into factors driving high-expected loan losses.
- Faster Turn Around Time (TAT): Parallel Workflow based processing across business units as opposed to traditional linear work flow.
- Extensive Audit: Audit trail and history of events and retrieval of scanned documents on demand.
- Simulate “what if” scenarios to predict possible outcomes depending on market conditions.
- Make better business decisions based on analytics of the credit union’s aggregated data.
- Alerts at every stage to solicit information & call to action.
- Configurable BPM engine to support collaborative mode of execution of tasks.
- Ability to integrate seamlessly with any third-party application.
- Microservice based architecture, allowing independent use of IMPACTO adapters.
- Future proofed design and architecture based on bigdata technology.