Email Contact Phone Company Visit Website

Dublin, Ireland Head Office

65/66 Lower Mount st
Dublin
IE

Belgium Office

Kleine Kloosterstraat 23
St-Stevens-Woluwe
BE

The Netherlands Office

De Entree 234a
Amsterdam
NL

Portugal Office

Av. Duque de Loule, 106 - 11
Lisboa
PT

Spain Office

Planta (Floor) 10 Edificio Masters I Avda. General Peron 38
Madrid
ES

Ireland Office

Embassy House Ballsbridge
Dublin
IE

Hong Kong Office

Unit 10-18, 32/F, Tower 1 Millennium City 1 388 Kwun Tong Road
Kwun Tong
HK

Singapore Office

600 North Bridge Road # 12-01 Parkview Square
Singapore
SG

Luxembourg Office

89F, rue Pafebruch
Capellen
LU

France Office

4, Av. Bertie Albrecht
Paris
FR

Canada Office

181 Bay Street, Suite 4400
Toronto
CA

Dubai Office

Level 41, Emirates Tower Sheikh Zayed Road
Dubai
AE

India Office

1st Floor, Building E, East Tower, Marisoft III.
Kalyaninagar, Pune
IN

Poland, Warsaw Office

Swietokrzyska 36/31K
Warszawa
PL

Poland, Bydgoszcz Office

Gdanska 68/4
Bydgoszcz
PL

Romania Office

Sapatorilor street 5
Cluj-Napoca
RO

Switzerland, Laussane Office

Avenue Louis Ruchonnet 2
Avenue Louis Ruchonnet 2
CH

Switzerland, Zurich Office

Bederstrasse 1
Zurich
CH

United States, Massachusetts Office

130 Turner Street, Building 3 Fourth Floor
Waltham
MA
US

Wolters Kluwer Financial Services - UK Office

5th Floor 120 Aldersgate Street
London
GB

Telephone

0035316624233

Contact

Wolters & Kluwer In
[email protected]
Back to all Wolters Kluwer announcements

Wolters Kluwer Explores Benefits of Holistic GFRC Model forTackling IFRS 9 in New White Paper

Accounting standard IFRS 9, with its emphasis on forward thinking, is stirring anxiety in the financial industry. But a unified Governance, Finance, Risk and Compliance (GFRC) management model can help banks adapt their business to thrive under the standard according to a new Wolters Kluwer white paper, “IFRS 9: Unexpected Gains From Expected Losses.”

IFRS 9 Financial Instruments calls for firms to replace the traditional incurred-loss model for gauging credit exposure with one that uses a variety of internal and external criteria, plus a liberal amount of management judgment, to calculate expected credit losses (ECL).The standard, which becomes mandatory in 2018, is an attempt to encourage banks to develop models and mechanisms that will function as a “time machine” that allows them to forecast tomorrow’s credit conditions today and avoid the next financial crisis.

To tackle this challenge banks are advised to adopt a holistic approach for which the objective is strategic planning across the enterprise, encompassing Finance and Risk functions and backstopped by Compliance, all within a sound Governance architecture. With the right command structure and a sturdy-yet-flexible data management system to aid in navigation, banks can, in fact, embrace IFRS 9 as an opportunity, not an unavoidable obstacle, steering toward the future with confidence, the white paper argues.

“Banks should embrace Governance, Finance, Risk and Compliance (GFRC) as an overarching management framework that is ideally suited to the prospective, principles-based elements of IFRS 9,” notes Jeroen Van Doorsselaere author of the report and director, Business Development, Global Finance and Performance at Wolters Kluwer. “GFRC stresses the links among centers of leadership within a firm, rather than the activities of each one alone, the modus operandi of traditional accounting standards and the silo organizational structure entrenched in many institutions. Wolters Kluwer, with its leading position in IFRS 9 technology solutions is well placed to advise banks on the best ways of dealing with the road to 2018 compliance.”              

Just last month Chartis Research named Wolters Kluwer a Category Leader for the financial services industry in its FinTech QuadrantTM on International Financial Reporting Standards (IFRS) 9 Technology Solutions. The FinTech Quadrant 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. Earlier in 2016, the company also ranked No. 1 in the IFRS 9 category in the widely followed Chartis RiskTech100® report.