PwC has announced a partnership with Oracle Financial Services Analytical Applications to assist financial services businesses with their reporting standards compliance.
The two firms said the partnership would “pair Oracle's software and analytical solutions, which provide pre-built rules, methods and reports, with PwC's compliance consulting and implementation expertise”.
The new service has been designed to assist financial services firms meet their compliance obligations under the International Accounting Standards Board’s new IFRS 9 standards, as well as the Financial Accounting Standard Board’s proposed current expected credit loss (CECL) standards.
“IFRS 9 implementation poses a significant challenge for financial institutions, and failure to manage it well can have a material impact on their bottom line," said Oracle general manager of financial services global business unit Sonny Singh.
“By partnering with PwC, we can provide our clients a comprehensive technological solution, as well as deep strategic insight.”
The service will include pre-built rules and models to meet IFRS 9 requirements, tools for calculating expected loss provisions, risk models and a unified platform that can be integrated into related regulatory and accounting applications.
Technology sectors are driving the global economy with cyber security expected to see significant growth, an expert from Nasdaq said as part...
Embedded banking will be the next wave of the digital transformation of the Australian banking industry, according to one expert. ...
An entire firm fund transaction network will be migrated to blockchain in what is being described as the world’s first blockchain funds ma...