Given that IFRS 9 requirements will be effective Jan. 1, 2018, banks are beginning to pay greater attention to this new accounting standard. It is clear that IFRS 9 will have a substantial financial impact on banks and create implementation challenges.
By taking an optimal approach to compliance, banks can balance the financial impact and the effort required and still ensure compliance. To achieve this goal, banks will need significant support from technology.
This white paper explores the software functionality needed to support optimal IFRS 9 compliance for banks. It further discusses why any steps taken towards IFRS 9 compliance should not be taken in isolation, but rather in the context of existing regulatory pressures.