Coventry Building Society readies for IFRS 9 with Jaywing
Ben O’Brien, Jaywing’s MD
Coventry Building Society is working with a credit risk analytics firm, Jaywing, to meet the International Financial Reporting Standards (IFRS) 9 modelling requirements.
The UK-based building society has recruited Jaywing ahead of the 1 January 2018 deadline to meet the new guidelines.
Initial work is already underway, says Jaywing, and a prototype model for one of Coventry’s mortgage portfolios. The process was done “within ten weeks, a process which can take many organisations much longer”, the vendor boasts.
Jaywing’s approach is “completely bespoke” to Coventry, the vendor claims, as “every organisation has unique IFRS 9 and loss forecasting requirements as defined by their data, model and system infrastructure, as well as their business operations”.
Ben O’Brien, Jaywing’s MD, comments that “by outsourcing the project, Coventry can be sure that the regulator’s demands and timescales will be met”.
