PwC today announced it will partner with Oracle Financial Services Analytical Applications to help financial institutions meet compliance with the International Accounting Standards Board’s (IASB) new reporting standards.
Oracle said the partnership was motivated by the challenge presented by the IASB’s new IFRS 9 accounting standard that all banks must comply with as of 2018.
“IFRS 9 implementation poses a significant challenge for financial institutions and failure to manage it well can have a material impact on their bottom line,” Oracle’s financial services senior vice president Sonny Singh said.
“By partnering with PwC, we can provide our clients a comprehensive technological solution, as well as deep strategic insight, that’s unmatched in the marketplace.”
As part of the deal, Oracle’s software and analytics will be implemented and adjusted to suit PwC clients’ requirements, while PwC will provide consulting advice on the implementation of Oracle’s analytical applications.
“Financial institutions are already relying on PwC and Oracle to makes sense of IRFS 9 compliance,” PwC senior partner and IFRS9 global leader Colin Brereton said.
“Now, our industry-specific business-process insight, coupled with Oracle’s technology, provides a best-in-class IFRS 9 solution.”