crspl.info@careedge.in
Category:
Consulting
Date:
Aug 26, 2023
Implementation in Tanzania – IFRS 9

Client Profile

One of the largest banks in Tanzania adopted CARE Risk – IFRS 9 to achieve regulatory compliance and regulatory reporting infrastructure.

Objective

To implement IFRS 9 reporting and to automate the process to increase efficiency & productivity across the bank. 

Problem Statements

IFRS 9, a new guideline, lot of uncertainty on the models and approached to be used for computations and data required for the same.
Issues related to quality of data available to be used for computations.
Contractual repayment schedule required for computation of EAD was not stored in the CBS.
Data readiness required for the computations.
Time Consuming and complicated manual process.

Solutions

Leveraging team’s global experience and expertise to interpret the new guideline issued. 
Sharing data points needed and explaining to bank users on the new norms and suggesting the best models applicable based on the size and portfolio of the bank.
Mapping the models with the data points available at the bank
CARE implementation team helped the bank sanitize historical data available and make it fit to be used for computations
Cash-flow generation module was integrated into the system by which contractual repayment schedule for all relevant accounts was generated.
The whole computation process was automated using a trigger-based approach thus minimizing manual intervention.

Benefits

Bank was awarded the overall winner of ‘Financial Reporting’ (FIRe) Awards, held on 8th Nov 2019, for enhancing corporate value through excellence in financial reporting.
Enabled integrated reporting through enhancing accountability, transparency and integrity.
Enhanced compliance to the new financial reporting framework and other areas of compliance as needed by bank.
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