British challenger bank Shawbrook Bank has selected credit risk analytics expert Jaywing to support its International Financial Reporting Standards (IFRS) 9 modelling requirements.
Jaywing said that it will help the bank build a credit risk modelling programme that will underpin credit management, impairment forecast and capital requirement such as stress testing and ICAAP.
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The technology vendor has currently started building models to achieve Credit Grading and comply with IFRS 9 objectives before the implementation deadline on 1 January 2018.
Jaywing also said that it will continue to work with the challenger bank beyond the model build phase to allow a successful parallel run in 2017 and readiness for IFRS 9 live in 2018.
Shawbrook Bank head of risk and portfolio analytics Edward Huang said: “As a challenger bank, Shawbrook has a unique advantage of developing an integrated and streamlined credit grading and forward-looking forecasting system to enable consistent credit decisions, capital sufficiency assessment, IFRS 9 impairment forecast and business planning.
“What made Jaywing stand apart is their partnership engagement approach, their practical experience in risk modelling and loss forecasting, their flexibility and adaptability, and ultimately their commitment to timely delivering the solutions within budget to help the bank achieve its strategies including IFRS9 compliance.”
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