The solution industrialises the rating model process and combines all the building blocks and calculation flows for IFRS 9 as an end-to-end process.

This partnership will offer a unique tailored solution to AxiomSL clients across EMEA, where all components of IFRS 9, from underwriting models to asset classification, have been gathered within AxiomSL’s strategic regulatory platform. With the built-in standard Genpact models, the entire process of generating Through the Cycle (TTC) Probability of Defaults (PDs)/Point in Time (PIT) PDs is automated at a click regardless of the number of counterparties. These models can be customised for each bank with minimal effort, accelerating the compliance process.

The key benefits of AxiomSL’s IFRS 9 solution include bespoke adaptability to each firm’s business requirements, reduced Total Cost of Ownership (TCO) where the client has the ownership of the solution, quick time to market, governance with user rights, a permissions model as well as audibility and traceability to source data. This approach would allow clients monitor the stages of their assets automatically and account for the Expected Credit Losses (ECLs) in their book of accounts accordingly.

AxiomSL’s IFRS 9 solution also ensures that all the data, models, calculations, documentation and reporting are in one place and flexible enough to incorporate or adjust for future regulatory or internal changes. This enables complete transparency, making it easy for internal, external audits and regulatory reviews.

Alessandro Vecci, Europe Risk Practice Leader, Genpact commented: “We are thrilled to team up with AxiomSL. This partnership will support both existing and prospective clients, regardless of their current implementation stage, to help them achieve regulatory compliance for IFRS 9 in the most efficient manner. Regulatory reporting and high efficiency are mutually supported by the flexible, agile and transparent capabilities of this solution.”

Ed Royan, CEO, AxiomSL EMEA commented: “We are pleased to partner with Genpact to address the market demand for this much-needed bespoke IFRS 9 solution for risk modelling. Today, one of the biggest challenges firms face is to integrate all the components of the IFRS 9 framework, especially the models along with the underlying data and reporting layer. This strategic partnership unlocks many benefits from automation and adaptability to reduced TCO and a quick go-live process.”