Andrew Weddell
Senior Product Manager
Andy is a qualified Chartered Accountant and has worked for Clearwater for eight years. During his time at Clearwater, he has gained a well-rounded view of the industry and needs of Clearwater clients through his positions in service delivery, client services, and product.
Andy’s experience supporting large European insurance clients has given him great insight into the needs of complex international clients, which he puts to use, together with his understanding of Clearwater’s accounting engine.
With the recent award win for IFRS 9 Solution Provider of the Year, Clearwater has further established itself as the premier solution for regulatory reporting and compliance. For the past several years, Clearwater has provided industry expertise to businesses affected by IFRS 9. Now, Clearwater is being recognized for its standout service in the industry.
Since the onset of IFRS 9, Clearwater has successfully provided data management and reporting tools to help clients implement it.
Adapting to Industry Changes
IFRS 9 has brought major changes to big industry players such as banks and insurance companies. Entities reporting under IFRS 9 can expect:
• Greater income statement volatility due to an increased likelihood of assets being recognized as Fair Value Through Profit and Loss (FVTPL)
• Earlier recognition of impairment losses due to the move from the incurred loss model to the expected credit loss model
• New disclosure requirements
By staying ahead of these changes, Clearwater has been able to help clients make the transition to IFRS 9. By supporting the application of measurement and classification category based on client provided business model and SPPI tests, Clearwater ensures assets are classified appropriately for every portfolio. Clearwater also consumes client-provided ECL allowances and allowance stages and creates an automated ECL Roll Forward disclosure, as well as the appropriate general ledger entries.
The platform outlines all elements for IFRS 9 disclosure and reporting requirements in a single view. Clearwater’s complete IFRS 9 implementation checklist helps clients establish compliance processes for IFRS 9 and can be found here.
The Clearwater Solution for IFRS 9
The Clearwater solution offers the flexibility and options needed to generate reports with the necessary data points to support IFRS 9 disclosure. Clearwater handles the classification and measurement needs required under IFRS 9, reports on the expected credit loss allowances provided by clients, including staging requirements, and manages the reporting and disclosure requirements to comply with IFRS 9 standards.
In addition to providing an aggregated and validated dataset on a single platform, Clearwater offers an accounting option for equity securities to be recognized at FVTPL and delivers a lot-level option to classify financial instruments. Clearwater’s general ledger offers an “OCI Impairment Allowance” account for the allowance offset to equity for FVTOCI assets, and “Allowance for Losses” account for the allowance offset to balance sheet for Amortized Cost assets. In addition, Clearwater sources credit rating at time of purchase to assist clients in their review of change in credit quality from initial recognition.
As part of Clearwater’s award-winning services, the team’s regulatory experts stay up to date on industry best practices and are available to answer any questions related to IFRS 9.
For those who want to learn more, download the complete IFRS 9 eGuide and talk to an expert.
Read more out more about this award win in this press release.