Jaywing PLC New product for IFRS 9 compliance
October 06 2016 - 2:00AM
RNS Non-Regulatory
TIDMJWNG
Jaywing PLC
06 October 2016
6 October 2016
RNS Reach
On behalf of Jaywing plc (JWNG)
Jaywing plc announces launch of new product for IFRS 9
compliance
LONDON UK - 21 September 2016 - Jaywing plc (LSE: JWNG) Jaywing
plc, a data science led marketing, analytics and risk management
agency, is pleased to announce that it has launched a new product,
Horizon, aimed at helping lenders meet IFRS 9 compliance
requirements.
The new global accounting standard IFRS 9 requires lenders to
adhere to a new methodology for the calculation of provisions from
January 2018. As retail credit risk and data science experts,
Jaywing plc has been working with lenders on meeting the
requirements of the new regulation since 2014, including eleven of
the UK's leading financial services institutions. Jaywing's
expertise in this specialist field extends over many years and
offers lenders skills that are difficult to find internally,
elsewhere or at the necessary scale.
As the deadline draws closer, it is increasingly imperative that
all affected lenders are in the process of switching to the new
regulatory standard due to the requirement to run the new models in
parallel with existing processes. To help smaller lenders meet the
regulation and larger lenders validate their models, Jaywing has
encapsulated its extensive regulation experience and expertise into
new product Horizon.
Horizon enables lenders to meet all aspects of the IFRS 9
impairment standard quickly and cost-effectively while supporting
stress testing, ICAAP (Internal Capital Adequacy Assessment
Process) and bad debt forecasting processes.
IFRS 9 will be a significant change to the financial reporting
of banks and other lenders and affects many stakeholders, including
investors, regulators, analysts and auditors. A high-quality and
effective implementation of the standard will maintain confidence
in the financial results of lending organisations.
Horizon deals with all aspects of IFRS 9 impairment modelling
using feeds of a lenders' own data and macro-economic data. The
model engine, developed using machine learning and artificial
intelligence, combines Probablity of Default (PD), Exposure at
Default (EAD) and Loss Given Default (LGD) components to calculate
life time Expected Credit Losses (ECL) under different economic
scenarios.
It offers lenders a user-friendly interface to adjust the models
to their individual requirements while providing the necessary
transparency for all components of the solution. More importantly,
it affords lenders the opportunity to avoid lengthy and expensive
projects or significant ongoing maintenance overheads while still
meeting regulatory requirements by the deadline.
Martin Boddy, Chief Executive, Jaywing plc, said, "We're
delighted to bring such an advanced product to the market. With
eleven UK lending organisations using Jaywing for their IFRS 9
implementations and countless previous IAS 39, Basel, Stress
Testing and other banking regulation analytics engagements, our
expertise in this field is peerless. Our data science credentials
and ability to manage and corral big data have enabled us to
develop an accessible product for lenders least likely to have
access to quality skills and experience in-house or even through
contractor resource.
"This is just one application of data science we've been able to
bring to market and follows the introduction of our marketing
product Almanac, which brings together online and offline,
including structured and unstructured, behavioural data to deliver
marketing applications such as highly personalised communications
across channels including online display, email and direct mail;
attribution modelling; abandoned baskets programmes; predicting
lapsing customers and promotion econometrics. This kind of advanced
approach to data science is absolutely the future of business."
ENDS
Enquiries: Jan Gardner/Michael Sprot, Jaywing plc. 0114 281
1200
About Jaywing plc
Jaywing is home to over 600 of the best thinkers across
creative, technology and data science, with over one in 10 of its
employees a heavyweight data scientist.
Jaywing plc's recent results reported revenue of GBP36m (c.
A$62m), Gross Profit of GBP31.8m and an organic increase in Gross
Profit and adjusted EBITDA of 6% and 7% respectively with better
than expected after-tax profit.
Culturally and operationally, Jaywing has a 'one company'
strategy, rather than the traditional agency group model, and
attributes its success with clients to this approach.
In July 2015, Jaywing indicated a desire to follow a low risk
international growth strategy for distribution of its data science
led products. Its recent acquisitions of Bloom in the UK and
Digital Massive in Australia are in service of the fulfillment of
that strategy.
In March 2016, the company announced a major collaboration with
Imperial College's Data Science Institute (DSI) to undertake a
three-year research programme designed to measure, understand and
predict people's emotional response to marketing stimuli that has
been adopted into its creative methodology. The research involves
the use of advanced technology, including the DSI's impressive Data
Observatory facility and advanced neuroimaging kit. In July 2016,
the company furthered its academic links with a partnership with
the University of Leeds to help deliver its new MSc in Consumer
Analytics and Marketing Strategy course, bringing real life
challenges to academic learning.
Jaywing works with a number of national and international blue
chip clients, including Sky, Pepsico, 3M, Anytime Fitness, HSBC,
Wedgwood, Castrol, Kempinski and Pandora.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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