Equifax partners with 4most to provide IFRS 9 solutions
Equifax Limited, the consumer and business insight expert, has partnered with regulatory and risk analytics specialists 4most to provide support for clients to address financial regulatory changes such as IFRS 9.
IFRS 9 includes new rules on how banks and other companies that lend money should account for credit losses, with an implementation deadline of January 2018. The partnership will combine Equifax data and credit risk analytics with 4most’s specialist consulting and regulatory expertise, providing strategic support for companies updating their forecasting and business models to meet the new requirements.
4most is the largest independent risk analytics consultancy firm in the UK, and has a team of over 90 dedicated credit modelling specialists. It has extensive experience in retail banking, credit cards and debt management, and can provide support both remotely and onsite.
Paul Birks, Chief Data and Analytics Officer at Equifax Europe, said: “As the regulatory environment continues to evolve, it’s vital that data resources and insight are utilised effectively to help companies prepare. Lenders need to prepare now for the important deadlines on the horizon, and by partnering with 4most, we can provide unparalleled analytics and consulting to meet the challenges our clients face.”
Mark Somers, Director at 4most, said: “One of the major changes that IFRS 9 brings is the need to provision for expected loan losses, which means companies must get both their data management and credit risk modelling right. This partnership with Equifax will give clients the expertise and tools they need to make sense of the new regulatory landscape.”