AxiomSL, a provider of regulatory reporting and risk management solutions, has formed a strategic partnership with Genpact to launch a IFRS 9 solution.
Genpact, a global professional services firm that delivers digital transformation for clients, and the RegTech said they will automate and execute bespoke models for IFRS 9. The solution industrialises the rating model process and combines all the building blocks and calculation flows for IFRS 9 as an end-to-end process.
The partnership will offer a unique tailored solution to AxiomSL clients across EMEA, where all components of IFRS 9, from underwriting models to asset classification, have been gathered within AxiomSL’s strategic regulatory platform.
Using the built-in standard Genpact models, the entire process of generating Through the Cycle (TTC) Probability of Defaults (PDs)/Point in Time (PIT) PDs is automated. These models can be customised for each bank with minimal effort, accelerating the compliance process.
AxiomSL’s IFRS 9 solution includes bespoke adaptability to each firm’s business requirements, reduced Total Cost of Ownership (TCO) where the client has the ownership of the solution, quick time to market, governance with user rights, a permissions model as well as audibility and traceability to source data.
The solution also ensures that all the data, models, calculations, documentation and reporting are in one place and flexible enough to incorporate or adjust for future regulatory or internal changes. This enables complete transparency, making it easy for internal, external audits and regulatory reviews.
AxiomSL CEO Ed Royan said: “We are pleased to partner with Genpact to address the market demand for this much-needed bespoke IFRS 9 solution for risk modelling.
“Today, one of the biggest challenges firms face is to integrate all the components of the IFRS 9 framework, especially the models along with the underlying data and reporting layer. This strategic partnership unlocks many benefits from automation and adaptability to reduced TCO and a quick go-live process.”
AxiomSL claims to address all of the complex multifaceted demands of the regulation on its single strategic platform. Its platform accommodates multiple client data structures which are then mapped to a single AnaCredit data dictionary, which supports all the NCB specific threshold rules, data requirements and submission structures.
Earlier this year, the company said it has helped assist firms to meet AnaCredit reporting requirements. The company said it helped listed clients to comply with the requirements across the Eurozone, from large GSIBs with pan European reporting obligations to DSIBs, subject to high volume single jurisdiction reporting regulations. Its coverage currently includes Belgium, Germany, France, Spain, Netherlands, Ireland, Italy, Greece, Finland, Luxembourg, Estonia and Malta.
AxiomSL also recently formed a strategic partnership with German technical and regulatory support provider GridCon. The company said the partnership will leverage its ‘German reporting know-how’ and extensive knowledge on data models for risk free data migration.
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