NEWS | For Immediate Release
TOKYO, July 11, 2018 – Moody’s Analytics, a global provider of financial intelligence, is pleased to announce that Aozora Bank has selected the company’s ImpairmentCalc™ platform as its IFRS 9 solution. Among other purposes, the bank will use the tool to complete its financial impact analysis of expected credit loss (ECL).
While IFRS 9 is not yet a requirement for Japanese financial institutions, Aozora Bank decided to take advantage of the Moody’s Analytics solution for its overseas portfolio as a pilot case. The bank is considering applying this methodology to its entire, consolidated portfolio when the IFRS 9-equivalent accounting rule is introduced in Japan.
“We are very pleased to provide Aozora Bank with the tools to succeed in today’s competitive lending environment,” said Tianwei Zhu, Managing Director at Moody’s Analytics. “Our technology and advisory services will help strengthen the bank’s ability to assess their expected losses for IFRS 9 purposes and other strategic business needs.”
During the planning stages of this initiative, Aozora Bank chose to go with the off-the-shelf ImpairmentCalc solution from Moody’s Analytics as a way to efficiently and effectively assess its ECL impact. The bank also assessed best practices of many leading financial institutions globally in making the decision.
“The Moody’s Analytics solution is innovative and has matched our analytic needs for ECL calculation, serving as a strong foundation from which to prepare for future accounting rule changes in Japan,” said Mr. Yukio Sekizawa, Chief Financial Officer at Aozora Bank. “We also value the subject matter experts of Moody’s Analytics and their strong cross-border support in pursuing this initiative.”
Click here for more information about the ImpairmentCalc solution.
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