PWC Teams Up with Oracle to Offer Compliance Expertise to Financial Institutions

Oracle Financial Services Analytical Applications and PwC have formed a global collaboration to offer technology, implementation and consulting solutions to help financial institutions meet compliance with the International Accounting Standards Board's (IASB) new IFRS9 and FASB's proposed CECL reporting standards.

IFRS 9 covers requirements for recognizing, measuring, and recording financial instruments in financial statements. Implementation of IFRS 9 poses a challenge for financial institutions, and failure to manage it well can have a material impact on their bottom line, observed Sonny Singh, senior vice president and general manager, Financial Services Global Business Unit, Oracle. This alliance is targeted at providing a comprehensive technological solution.

The partnership will combine Oracle's software and analytical solutions with PwC's compliance consulting and implementation expertise to give financial services clients with insight into all needs related to the new IFRS 9 accounting standard that banks must comply with by 2018.

Oracle will provide analytical applications with pre-built models and rules that can be configured, during implementation, to specific customer requirements. PwC, a Diamond and Cloud Elite member of Oracle PartnerNetwork, will provide consulting advice on IFRS9 methodologies and implementation of the Oracle's analytical applications to help its clients implement IFRS9 solution.

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