IFRS 9 National Reporting & Analytics Platform
The IFRS 9 National Reporting and Analytics Platform is scalable loan loss model available to Canadian credit unions that meet IFRS 9 impairment requirements.
Leveraging Central 1's ISO audited security and business continuity practices, the platform satisfies IFRS 9 reporting requirements and provides value added tools and intelligence that allows credit unions to leverage their data to make better business decisions regarding their loan portfolios and proactively manage the factors that drive their expected credit loss.
About the IFRS 9 Platform
Developed in partnership with the IFRs 9 Readiness for Credit unions National Initiative - the model calculates expected credit loss in accordance with IFRS 9 reporting requirements put into effect by the IASB.
It also provides added functionality that allows credit unions to further investigate their loan loss results by segmenting their results, customizing the data inputs and modelling various macro and micro socio economic factors to identify the impacts of these factors on their loan loss results.
Run unlimited "what if" scenarios and understand the impact of national/local market conditions
Use filters to understand what is driving high ECL at branch/member level and plan appropriate actions
Lower Total Cost of Ownership
No start up, ongoing maintenance support or update costs
Customize your data to be more reflective of your specific market or loan types
Central 1 has an externally certified ISO 27001 Information Security Management System in place
Credit Union Pricing
IFRS 9 platform is based on cost recovery revenue model
Learn More about the IFRS 9 National Reporting & Analytics Platform
Ready to get started? Download your Implementation Kit.
Central 1 has made it easy for credit unions to meet the IFRS 9 requirements with our IFRS 9 implementation kit for credit unions. Central 1 will work directly with technology provider(s) to automate the production and processing of your data whenever possible to reduce the manual impact on your credit union.
The Implementation Kit includes:
- An overview of the solution, its features and simple instructions on how to use the platform
- A spreadsheet identifying the required data elements for IFRS 9 reporting specific to each loan portfolio (commercial, personal and residential mortgages)
- A detailed technical specification for your technology provider(s) to use
- A data dictionary specific to each loan portfolio (commercial, personal and residential mortgages) to ensure consistency across credit union groups and regions
- A simplified signup and onboarding process
- A step by step guide to submitting data to the IFRS 9 National Reporting & Analytics Platform
IFRS 9 Implementation Checklist
While Central 1's IFRS 9 National Reporting & Analytics Platform provides a robust tool to calculate the IFRS 9 expected loss calculation, credit unions must begin gathering and preparing their data required for reporting, allowing plenty of lead time prior to submitting the data.
Depending on where your data is located and what systems are in place, your credit union may have to contact your banking platform provider, loan origination provider and/or business intelligence team in order to capture the data required.
Download our checklist to help you with a step by step plan to implement IFRS 9.
Tools and Resources
Here are some resources to help you with your implementation of IFRS 9.
Best Practices: Data Gathering
Libro Credit Union is one of the first credit unions to sign on With Central 1's IFRS 9 platform to prepare for this change. In the following video series, Melinda Tekare, Financial Reporting Manager from Libro provides valuable insights on the platform.
Why Libro chose the Central 1 Platform
Data Gathering: Challenges and Best Practices
Benefits of the Model Beyond Compliance
IFRS 9 Impairment Requirements
IFRS 9 presentations made at IFRS 9 Ontario Roadshow in 2017.
IFRS 9 Webinars
IFRS 9 Readiness Package
- Project Plan and Roadmap
- Classification and Measurement Implementation Guide
- Impairment Implementation Guide
- Hedge Accounting Implementation Guide
- Impairment Workbook
- Transition Toolkit
- Illustrative Disclosures
IFRS 9 Readiness for Credit Unions