Credit, collections & insolvency news
Jaywing has announced 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..
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. 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.”
Ben O’Brien, Managing Director, Jaywing, said: “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.”
