Wolters Kluwer’s Finance, Risk & Reporting business today announced that Chartis Research has named the company a Category Leader in its International Financial Reporting Standards (IFRS) 9 Technology Solutions: Market Update 2017 report. Chartis uses in-depth research and a clear scoring system to determine which IFRS 9 technology solutions in the marketplace can best meet an organization’s needs. Last year Chartis also named Wolters Kluwer as a Category Leader for the financial services industry in its FinTech Quadrant™ on IFRS 9 Technology Solutions.
The report from Chartis evaluates IFRS 9 technology solution providers on two key factors— completeness of offering and market potential. According to Chartis, Category Leaders, such as Wolters Kluwer, are “risk technology vendors that have the necessary depth and breadth of functionality, technology, and content, combined with the organizational characteristics to capture significant market share by volume and value.” Category Leaders offer best-in-class solutions and deep domain knowledge “addressing the needs of very large clients with complex risk management and technology requirements, as well as addressing the needs of smaller clients with standardized requirements looking for integrated solutions from a single vendor.”
“IFRS 9, in all likelihood, will reduce financial institution’s (FIs) profits and retained earnings, increase their loan loss provisions, and have a negative impact on their regulatory and economic capital. To mitigate these impacts, FIs will have to rely heavily on the rigor of their data management and the quality of their data, and on the application of Expected Credit Loss (ECL) modeling and overall governance – not to mention the systems that manage this. But implementing an IFRS 9 system is set to be more challenging than FIs had originally anticipated,” said Hugh Stewart, Research Director at Chartis. “Category Leaders such as Wolters Kluwer provide a proven and successful combination of resources to address these demanding implementation challenges, as well as comprehensive software and support services to achieve customers’ desired outcomes that include increased organizational profitability, operational efficiency and successful financial performance.”
In the past few months leading banks from every corner of the world have implemented the company’s OneSumX solution for Regulatory Reporting, Risk and Finance (including IFRS 9 solutions). Major financial services providers to have recently announced their use of Wolters Kluwer include Nordea, BBVA, CIBC, Australia’s Queensland Treasury Corporation and The Swedish Export Credit Corporation, which is specifically using OneSumX for IFRS 9.
“There are just six months until the implementation of IFRS 9 and upgrading or replacing systems to meet requirements is a momentous and transformational event for all financial institutions,” said Jeroen Van Doorsselaere, Vice President of Risk & Finance, EMEA, for Wolters Kluwer’s Finance, Risk & Reporting business. “We are delighted that Chartis has, once again, recognized our deep IFRS 9 capabilities and will continue to work with our clients on strategic roll outs that meet the challenges of compliance with the standard.”