Clearwater Analytics' IFRS 9 global solution ensures clients have the ability to comply with the initial steps of the standard's implementation, a fit which has earned Clearwater Analytics this year's IFRS 9 Solution of the year award.

Clearwater's 100% cloud-based scalable solution allows for the insurer's portfolio data to be stored in one place, where Clearwater aggregates, validates and reconciles investment data on a daily basis, enabling flexible analysis and reporting, which is a critical success factor for delivering IFRS 9.

In particular, Clearwater offers clients a dedicated client services team to develop a plan for comparatives and initial classification and measurements, the first two steps in adopting IFRS 9.

Clearwater Analytics helps complete implementation of IFRS 9 by delivering integration with third parties for SPPI data for support for client defined parameters, accounting option to properly manage the IFRS 9 requirements of equity securities to be recognised at FVTPL, initial classification changes will be accounted for through Retained Earnings upon adoption, lot-level option to classify financial instruments, including equities between FVOCI and FVTPL.

"To implement IFRS 9, it's essential for organizations to have an accurate view of all the elements required to meet reporting disclosure requirements," Gayatri Raman, president for Europe at Clearwater Analytics, said. "We believe our clients should work with the right partner on IFRS 9. At Clearwater, we are committed to helping our clients navigate the challenges of IFRS 9, including classification, measurement, impairment, reporting and disclosures."