"By centralising key IRFS 9 processes and requirements through FusionRisk, Misys has developed a robust regulatory reporting solution", Peyman Mestchian, Managing Partner, Chartis Research
London, United Kingdom (PRWEB UK) 13 April 2016
Misys, the leading financial software company, has been ranked as a category leader for the Chartis Research FinTech Quadrant for IFRS 9 Technology Solutions.
The Chartis FinTech Quadrant uses in-depth research and a clear scoring system to determine which IFRS 9 technology solutions demonstrate the greatest capabilities in meeting client needs.
The Misys FusionRisk solution centralises the calculations needed for IFRS 9 into a single and transparent calculation engine to manage the requirements for classification and measurement, impairment and hedge accounting. The new impairment requirements integrate specific credit risk scenarios within the expected loss engine. Reporting features include user-friendly dashboards for end users and pre-defined regulatory reports.
Misys core banking customers can benefit from an off-the-shelf implementation strategy that allows banks to have IFRS 9 computations immediately available. In addition, they can add value to their IFRS 9 project by integrating components like profitability, a complete set of credit risk analytics, treasury optimisation and end-to-end lending within the solution where needed. FusionRisk allows seamless integration with Misys core banking and lending solutions in order to manage an end-to-end process from core systems to accounting. For example, the system allows commercial lending to automate the complete workflow from loan origination to final accounting, including on-demand computation of risk exposures (such as Expected Loss) and management of impairment specific accounting events.
Peyman Mestchian, Managing Partner, Chartis Research comments: “By centralising key IRFS 9 processes and requirements through FusionRisk, Misys has developed a robust regulatory reporting solution. The regulatory landscape for financial institutions is becoming increasingly complex and solutions such as FusionRisk can provide the consistency and transparency required to overcome these challenges.”
Thierry Truche, Head of Product Management, FusionRisk, comments: “We are pleased to be recognised by Chartis as a category leader as we continue to bring our customers the tools that help them navigate new working practices and meet demanding regulatory requirements. IFRS 9 is a great opportunity to bring together risk, finance and compliance for a better management of Expected Credit Loss calculations and provisioning.”
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Misys is at the forefront of the financial software industry, providing the broadest portfolio of banking, capital markets, investment management and risk solutions available on the market. With more than 2,000 customers in 130 countries our team of domain experts, combined with our partner eco-system, have an unparalleled ability to address industry requirements at both a global and local level. We connect systems, collect data and create intelligent information to drive smarter business decisions. To learn more about how our Fusion software portfolio can deliver a holistic view of your operations, and help you to solve your most complex challenges, please visit http://www.misys.com and follow @MisysFS on Twitter.
Chartis is the leading provider of research and analysis on the global market for risk technology and is part of Incisive Media which has market leading brands such as Risk and Waters Technology. Chartis' goal is to support enterprises as they drive business performance through better risk management, corporate governance and compliance and to help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology. RiskTech Quadrant®,RiskTech100® and Fintech QuadrantTM are registered trademarks of Chartis Research (http://www.chartis-research.com).
About IFRS 9
The new accounting standard IFRS 9, introduced by the International Financial Reporting Board to be effective in 2018, is reforming financial instrument accounting in three areas: classification and measurement of financial instruments, impairment and hedge accounting. This new standard requires recognition of full lifetime losses through a forward-looking expected loss impairment model. As a consequence, it can have a significant impact on banks on their future earnings, regulatory capital and financial stability and is closely monitored by prudential supervisors.