Wolters Kluwer today announced that Chartis Research has named the company a Category Leader for the financial services industry in its FinTech Quadrant&trade on International Financial Reporting Standards (IFRS) 9 Technology Solutions. The FinTech Quadrant uses in-depth research and a clear scoring system to determine which IFRS 9 technology solutions in the marketplace can best meet an organization&rsquos needs.
The March 2016 report from Chartis evaluates IFRS 9 technology solution providers on two key factors&mdashcompleteness of offering and market potential. According to Chartis, Category Leaders, such as Wolters Kluwer, demonstrate a clear strategy for sustainable, profitable growth matched with best-in-class solutions. Wolters Kluwer&rsquos IFRS 9 capabilities are part of its OneSumX® governance, finance, risk and compliance (GFRC) solution suite.
&ldquoDespite the clear advantage that the IFRS 9 requirements deliver, they have also introduced new working practices and new layers of complexity within accountancy that present challenges to the financial services industry,&rdquo said Hugh Stewart, research director at Chartis. &ldquoWolters Kluwer continues to be a leader in helping its customers address these challenges and better position themselves for increased organizational profitability, efficiency and success.&rdquo
&ldquoUpgrading to the latest IFRS 9 requirements is a large transformational event for all financial institutions, regardless of size,&rdquo said Jeroen Van Doorsselaere, director, Business Development, Finance, IFRS and Performance at Wolters Kluwer. &ldquoWe&rsquore pleased that Chartis has not only recognized our deep IFRS 9 capabilities, but also our ability to meet these requirements in the context of a holistic GFRC framework through our OneSumX solution.&rdquo
Earlier in 2016, Wolters Kluwer was ranked No. 1 in the IFRS 9 category in Chartis&rsquo RiskTech100® report. In the same report, the company also won top ranking in the Regulatory Reporting category, marking five years running that it has achieved that honor.