New research confirms that achieving robust IFRS 9 systems is an ongoing evolutionary process. Financial firms must plug their technology gaps now to enjoy the system benefits later.
In 2018, Chartis Research and Moody’s Analytics surveyed financial institutions about their projects to implement technology solutions for IFRS 9. The results reveal that institutions have underestimated the amount of work required, and now have considerable gaps in their systems. Aware of the issues, institutions have remained focused on iterative strategies to address existing gaps and optimize their IFRS 9 compliance platforms.