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.
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