The International Financial Reporting Standard 9 (IFRS 9) takes effect from January 1, 2018, and financial services firms across the world are struggling to meet the impending deadline. IFRS 9 impacts key business KPIs, and requires organizations to perform data and resource intensive activities. This also calls for close coordination among finance, risk, IT, and business teams. Operational silos, non-availability of historical data and limited know-how have increased complexity of compliance.
TCS’ IFRS 9 Compliance Services equip financial institutions with a cost-efficient approach to address specific compliance needs.
Our IFRS 9 services cover the entire compliance program and beyond. We begin with a due diligence, conduct impact assessment and gap analysis, and define roadmap and transition plan to fulfill the gaps. We support the program with analytics and data services, IT solution design and implementation, assurance, and on-going domain and IT support services.
Our IFRS 9 collaterals encompass all aspects of compliance i.e. Classification, Measurement, Impairment, Hedge Accounting and Disclosures. They include training manuals, assessment frameworks, repository of business scenarios and test cases, spreadsheet-based calculators, architectures, data models and dictionary, process optimization framework and most importantly, our IFRS Engine and ECL solution.