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Customizing Financial Software Solutions
  • MIMICS IFRS 9 Option Keeps You in Compliance

    The MIMICS IFRS 9 Option accommodates all of the new reporting rules and regulations mandated by the IFRS 9 legislation. It allows both clients and loans to be classified individually as low, medium or high risk. It allows reporting of credit scores for each client or counterparty, as well as ratings for each security from the bureau of your choice. It also allows for re-classification into one of the three buckets required by IFRS 9, and, optionally, the module can be configured to perform the provision calculation per your specifications.

    For our customers that handle loans, the software:

    • Allows for customizable risk categories, provisioning buckets and sub-buckets, both for the customer and for the loan
    • Exports all of the customer/loan parameters, so that impairment provisioning can be calculated outside of the system
    • Contains a standard import format to import the calculated provision data
    • Tracks all changes to provision values
    • Allows for accounting entries to be posted based on provision value changes
    • Reports on loan positions with provision information and provision history

    For our customers that handle portfolios, the software:

    • Accommodates all IFRS 9 categories and allows for accounting rules to be set up within them
    • Recategorizes IAS 39 categories to IFRS 9 categories and allows for accounting rules to be set up per your definition for recategorization
    • Tracks agency ratings and risk scores for counterparties and securities
    • Exports all of the counterparty/security parameters, so that impairment provisioning can be calculated outside of the system
    • Contains a standard import format to import the calculated provision data; impairment values can also be posted manually in the system
    • Tracks all changes to provision values
    • Allows for accounting entries to be posted based on provision value changes
    • Reports on positions with provision information and provision history

    The provision calculation will be unique to your individual operations. If desired, MIMICS can configure/customize this calculation to your specifications at our standard hourly rate.

    Contact us for a free functionality assessment or to see a demo.