Do you understand the impact of IFRS 9 on your credit union's financial performance?
We have everything you need to understand what is required to meet your IFRS 9 Loan Loss reporting requirements and how to use and leverage the IFRS 9 National Platform to drive better insights into your loan loss numbers.
It's more than compliance. Learn more about the features and benefits of leveraging the IFRS 9 National Platform and how it can help your credit union make better business decisions.
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.
Need more information?
Read our Executive Overview for more information about the added benefits and analytics of the Central 1 IFRS 9 National Reporting Platform. Then download the Implementation Kit when you're ready.
Ready to get started?
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
The significant impact of the reporting changes affect your credit union disclosures and financial statement presentation, and may require larger credit loss provisions. This would in turn impact your credit unions bottom line and the level of membership dividends.
Mandatory implementation is required for accounting periods beginning on or after January 1, 2018.
Added value features the platform offers credit union leaders and finance teams are:
Unlimited modeling - the ability to run an unlimited number of “what if” scenarios to better understand the impact of national and local market conditions and make better business decisions for their members.
Analysis - the ability to filter down to understand what is driving high-expected loan losses at the branch and/or member level and plan the appropriate actions to mitigate the potential expected losses.
Lower total cost of ownership - no startup, ongoing internal maintenance, support, or calculation update costs.
Customization - the ability to customize their data to be more reflective of their specific market or loan types.
Security - Central 1’s ISO audited security and business continuity practices in place.
Credit union pricing - collaborative product based on a cost recovery revenue model.
Using the IFRS 9 National Platform
Central 1’s IFRS 9 National Reporting & Analytics Platform is a scalable loan loss model available to Canadian Credit Unions coast to coast.
Leveraging Central 1’s ISO audited security and business continuity practices, the IFRS 9 National Reporting & Analytics Platform satisfies IFRS 9 reporting requirements and provides value-added tools and intelligence that allow credit unions to leverage its data to make better business decisions regarding their loan portfolios and to proactively manage the levers that drive their expected credit loss.
View our archived webinar: Understanding the Implementation Kit
Best Practices: Data Gathering
IFRS 9 is required for fiscal reporting periods starting January 1, 2018. It affects your credit union’s financial reporting and disclosures and your assessed credit loss provisions.
Libro Credit Union is one of the first credit unions signed on to use 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 using the platform including:
Why Libro selected the Central 1 platform
Understanding the data gathering process including challenges and best practices
How the platform is helping Libro
Additional value beyond loan loss reporting
How to best leverage the business intelligence tools
To enlarge the following three videos, click on the title to be taken to YouTube.
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IFRS 9 Information Sessions
In early June, three Information Sessions were held in Ontario. You can access the presentations from each session below.
To assist credit unions preparing for IFRS 9, the National Initiative has put together seven user-friendly documents that collectively form the IFRS 9 Readiness Package. Hard copies of these documents were delivered in a binder to every credit union. If you did not receive a binder, you can access the following documents below.