CHL Mortgages picks Jaywing for IFRS 9 monitoring
Jaywing’s IFRS 9 model monitoring will cover a range of CHL’s residential and Buy-to-Let (BTL) products.
The provider began work on the project by providing independent model validation to CHL. It has now also developed a bespoke monitoring suite, which provides an up-to-date view of model performance.
Jaywing’s solution has now been fully implemented for CHL’s impairment calculations under IFRS 9.
Kuan Ang, head of finance at CHL Mortgages, says: “We chose Jaywing because they understood our specific business challenges. Jaywing quickly integrated with our teams to deliver IFRS 9 compliant monitoring, MI and validation, all on time and to budget.”
“We were delighted to be selected by CHL to help them achieve their IFRS 9 goals,” says Nevan McBride, risk practice director at Jaywing. “We immediately deployed a team of experts who not only delivered against the project requirements but went above and beyond scope by providing additional insight and industry knowledge.”
The complexities of IFRS 9 present new monitoring challenges for lenders and other financial service providers, particularly around longer-term, forward-looking models. These introduce a new dimension that is tricky to manage in a practical and informative way.
The economic forecasts embedded in the models lead to a further difficulty of isolating sources of error to extract meaningful insight.
As well as supplying IFRS 9 modelling solutions, Jaywing’s experts also offer specialist AI consultation for lenders looking to embed AI into their organisation.