Wolters Kluwer today announced that Chartis Research has named the company a Category Leader for the financial services industry in its FinTech Quadrant™ 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.
The March 2016 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, demonstrate a clear strategy for sustainable, profitable growth matched with best-in-class solutions. Wolters Kluwer’s IFRS 9 capabilities are part of its OneSumX® governance, finance, risk and compliance (GFRC) solution suite.
“Despite the clear advantage that the IFRS 9 requirements deliver, they have also introduced new working practices and new layers of complexity within accountancy that present challenges to the financial services industry,” said Hugh Stewart, research director at Chartis. “Wolters Kluwer continues to be a leader in helping its customers address these challenges and better position themselves for increased organizational profitability, efficiency and success.”
“Upgrading to the latest IFRS 9 requirements is a large transformational event for all financial institutions, regardless of size,” said Jeroen Van Doorsselaere, director, Business Development, Finance, IFRS and Performance at Wolters Kluwer. “We’re pleased that Chartis has not only recognized our deep IFRS 9 capabilities, but also our ability to meet these requirements in the context of a holistic GFRC framework through our OneSumX solution.”
Earlier in 2016, Wolters Kluwer was ranked No. 1 in the IFRS 9 category in Chartis’ RiskTech100® report. In the same report, the company also won top ranking in the Regulatory Reporting category, marking five years running that it has achieved that honor.