IFRS Solution Ranked as Highest in ‘Market Potential’ and ‘Completeness of Offering’ in the IFRS RiskTech Quadrant
Wolters Kluwer Financial Services announced today that it has been named the leading provider of IFRS technology solutions in a recent report by Chartis Research. The recent “IFRS Technology Solutions for Financial Institutions 2012” report places Wolters Kluwer Financial Services as a category leader in the IFRS RiskTech Quadrant, due to a combination of the solution’s high market potential and completeness of offering.
Chartis’ “IFRS Technology Solutions for Financial Institutions 2012” report describes the global trend of adopting the IFRS and takes into account product, technology and organizational capabilities, as well as looking at the demand-side of the market. The report measures each vendor against a specific criterion in order to accurately assess each solution’s capabilities. Key IFRS aspects which are taken into consideration are: multi-GAAP ledger, accounting and reporting engine, risk calculation, risk and finance integration, data management, as well as embedded domain knowledge.
Wolters Kluwer Financial Services provides a complete end-to-end, fully comprehensive solution which addresses these important IFRS aspects. The solution fulfills standard IFRS compliant processing chart of accounts, IFRS calculations such as amortized cost, impairment and fair value as per the IAS 39, IAS13 for financial instruments, and IAS 18 for revenue recognition. Moreover, the solution allows for full transparency at every step, from contract level to report, employing ready-to-use standard accounting schemes approved by a big four auditor company.
Wolters Kluwer Financial Services’ IFRS solution helps streamline and consolidate accounting processes with a single reliable system that accounts for all products over their complete lifecycle, caters for the complex IFRS calculations, manages multiple GAAP ledgers, and uses instantaneous drill–back functions giving full transparency on data and accounting rules. This helps ensure a strong audit trail, which is easily reconcilable and traceable for submissions. The solution’s enterprise-wide finance, risk and performance capability, allows for efficient processing of extremely high volumes of data in a timely manner. The flexibility within the solution allows for implementation to be accurately tailored to a firm’s specific needs, but also the ability to adapt to ever evolving standards, in particular the forthcoming IFRS9 requirements.
“For financial institutions the transition to IFRS poses key challenges around data management, risk and finance integration and accounting processes,” said Peyman Mestchian, Managing Partner at Chartis Research. “Wolters Kluwer Financial Services has a suite of software solutions for IFRS compliance supported by a range of professional services and deep domain expertise. This ability to act as a one-stop-shop has positioned Wolters Kluwer Financial Services as a category leader in the IFRS RiskTech Quadrant for 2012.”
“As this Chartis Research report demonstrates, Wolters Kluwer Financial Services is not only the leading provider of IFRS solutions, but also the provider with the most complete and comprehensive offering available on the market,” said Raffi Festekjian, CEO Finance, Risk & Compliance at Wolters Kluwer Financial Services. “To have our IFRS solution recognized so strongly as a category leader in what is a much fragmented vendor landscape is a testament to the deep knowledge of our product team and domain experts and the value we can provide to financial services firms that are implementing this solution across all tiers around the globe.”