IFRS 9, Prudential Regulation and Disclosure Forum

IFRS 9 Financial Instruments: latest developments

IFRS 9 Financial Instruments took five years to complete and has been described as the largest implementation project currently facing banks – bigger than Basel and the first-time adoption of IFRS back in 2005. The standard introduces the much heralded recognition of expected credit losses and will require substantial developments in systems, processes and data involving both credit risk and finance functions.

This BBA event brings together a number of speakers who have been living and breathing IFRS 9 for the past few years and are happy to relate their experience and discuss the issues that remain open or are only beginning to settle. They will focus in particular on IFRS 9 expected credit loss impairment and will also consider what IFRS 9 means for banks of differing type and size.

Speakers include:

  • Claire Cordell, Group Financial Controller, Aldermore
  • Conrad Dixon, Head of Global Accounting Policy, HSBC
  • Burcu Guner, Senior Director, Practice Lead – IFRS 9 & Stress Testing, Moody’s Analytics
  • Ian Michael, Prudential Policy Directorate, Bank of England
  • Tom Millar, Partner, Deloitte
  • Dimitrios Papanastasiou, Director, Solutions Specialist, Moody’s Analytics
  • Charlotte Pissaridou, Senior Technical Specialist, Accounting Review, Reporting and Disclosures, PRA
  • Nala Tharmaratnam, Chief Accountant’s Department, The Royal Bank of Scotland
  • Neil Wannop, Head of Accounting Development, Lloyds Banking Group

Topics on the agenda include:

  • 2018 and beyond
  • Auditor expectations for differing types of bank
  • Regulatory expectations
  • Project planning for a ‘medium-sized’ organisation
  • Disclosure: what should we be telling the marketplace?

09:00 Registration and refreshments
09:25 Opening remarks from the Chair

Paul Chisnall, Executive Director, BBA

09:35 Presentation: 2018 and beyond
  • How to manage volatility
  • How it ties into stress testing
  • Capital challenges
  • Strategic planning

Burcu Guner, Senior Director, Practice Lead – IFRS 9 & Stress Testing, Moody’s Analytics

10:15 Presentation: Auditor expectations for differing types of bank
  • Auditor expectations and standards
  • What proportionality means in practice
  • 2017 technical update

Tom Millar, Partner, Deloitte

10:45 Networking refreshments
11:10 Presentation: Regulatory expectations
  • May 2017 EBA guidance
  • Data points
  • PRA expectations for differing types of institution

Ian Michael, Prudential Policy Directorate, Bank of England
Charlotte Pissaridou, Senior Technical Advisor, Accounting Review, PRA

11:35 Presentation: Project planning for a ‘medium-sized’ organisation
  • Understanding the deliverables
  • Project structure
  • Data points
  • Decisions and governance

Claire Cordell, Group Financial Controller, Aldermore

11:55 Panel discussion: Disclosure: what should we be telling the marketplace?
  • Reliable estimates: the ticking clock
  • Transitional disclosures: what and when?
  • Financial statements – principles and approach
  • Planning for ARA and Pillar 3 disclosure
  • What do users want?

Manus Costello, Managing Partner, UK Banks, Autonomous Research
Conrad Dixon,
Head of Global Accounting Policy, HSBC
Dimitrios Papanastasiou
, Director, Solutions Specialist, Moody’s Analytics
Neil Wannop, Head of Accounting Development, Lloyds Banking Group
Nala Tharmaratnam,
Chief Accountant’s Department, The Royal Bank of Scotland

12:55 Closing remarks

Paul Chisnall, Executive Director, BBA

13:00 Networking lunch

Paul Chisnall

Executive Director, BBA

 

Paul’s responsibilities include banking reform, financial reporting, tax and corporate governance.  Paul prepared industry responses to the Independent Commission on Banking, the Parliamentary Commission on Banking Standards and various financial stability related UK government consultations. He is currently working on issues arising from the Financial Services (Banking Reform) Act 2013, including its provisions on ring-fencing and measures arising from the Government and regulatory response to the PCBS recommendations.

Claire Cordell

Group Financial Controller, Aldermore

 

Claire is Group Financial Controller at Aldermore, a specialist lender founded in 2009 which has grown its lending book to c£7.5bn.  She joined the Group in March 2014 as Director of Investor Relations ahead of the company’s listing on the LSE in March 2015.

 

Claire has spent the majority of her career in Financial Services and prior to joining Aldermore spent seven years at RSA Group plc. She is a chartered accountant and holds a Masters in Finance from London Business School.

Manus Costello

Managing Partner, UK Banks, Autonomous Research

 

Manus is a founding partner of Autonomous, a research boutique covering global financials. He is the Head of Research, and he co-covers UK banks. Before joining Autonomous Manus worked at Merrill Lynch for ten years, in both London and New York.

Conrad Dixon

Head of Global Accounting Policy, HSBC

 

Conrad Dixon is Head of Global Accounting Policy at HSBC Holdings plc. Conrad qualified as a Chartered Accountant with Coopers & Lybrand, and has extensive experience in the banking industry in both accounting policy and a wide range of general finance roles. Most recently he has been closely involved in HSBC’s IFRS 9 Impairment Project, and is closely involved in the work of the British Bankers’ Association on IFRS 9.

Burcu Guner

Senior Director, Practice Lead – IFRS 9 & Stress Testing, Moody’s Analytics

 

Burcu Guner is the EMEA Stress Testing Practice Leader at Moody’s Analytics. In the past 16+ years, Burcu has spent working with financial firms extensively in a variety of areas from Credit Risk, Credit Portfolio Management, Economic Capital, Stress Testing and more recently IFRS 9. Prior to her roles at Moody’s Analytics, Burcu had led key risk initiatives at a major global consulting firm and also worked in the field of investment banking, debt capital markets at a global top tier investment bank.

 

In her 13+ years at Moody’s Analytics she has worked on a number of advisory engagements, relating to credit risk and portfolio models, and stress testing as well as pricing and valuation tools. Her experience and expertise stretch to various consulting projects in the field of IRB models, capital planning and provisional analysis, to name a few.

Ian Michael

Prudential Policy Directorate, Bank of England

 

Ian is a senior accounting specialist in the Prudential Policy Directorate of the Bank of England. He represents the Bank of England in the European Banking Authority’s Accounting Committee, the Basel Committee’s Accounting Experts’ Group and the Basel Committee’s Task Force on expected credit loss accounting and regulatory capital. Ian re-joined the regulatory community in January 2014 after spending three years on the staff of ICAEW’s Financial Services Faculty. Prior to that he worked in technical accounting roles at the Bank of England (2001-05) and the Financial Services Authority (2005-2010). Ian was a member of the Basel Committee’s Accounting Experts Group between 2001 and 2010, and has participated in ICAEW’s Banking Committee since 2006. He holds a first class honours degree in economics from the University of Cambridge.

Tom Millar

Partner, Deloitte

Charlotte Pissaridou

Senior Technical Specialist, Accounting Review, Reporting and Disclosures, PRA

Charlotte is a member of the Accounting Review, Reporting and Disclosures team. Her role includes supporting consistent and high quality implementation of accounting standards, in particular IFRS 9 across banking sector, providing advice and support to firms and internally and advising on accounting and capital implications of proposed major transactions and other technical queries.

 

Prior to this she was a managing director at Goldman Sachs with responsibility for Accounting Policy in EMEA and Asia.

 

She served as a member of the IASB interpretations committee from 2011-2016 and was also a member of EFRAG’s Financial Instruments Working Group.

Nala Tharmaratnam

Chief Accountant’s Department, The Royal Bank of Scotland

Neil Wannop

Head of Accounting Development, Lloyds Banking Group

 

He has 20 years of experience in the financial services industry providing technical oversight on regulatory developments and business transactions.  Previously he was Head of Technical Reporting, Insurance at Lloyds Banking Group and before that he was at Aviva UK Life where he worked on the implementation of IFRS.

 

Neil has also run training programmes and was a senior lecturer at BPP, teaching financial strategy, financial reporting, audit and economics across all accountancy qualifications. He is a chartered accountant.

Dimitrios Papanastasiou

Director, Solutions Specialist Moody’s Analytics

 

Dimitrios is a Director in Moody’s Analytics EMEA Specialist team, focusing on Stress Testing and IFRS 9 solutions
Prior to joining Moody’s in January 2016, Dimitrios worked as Senior Econometrician at the Prudential Regulation Authority (PRA) in London. During that time, he led the internal stress testing model development across the majority of risk types, with a particular focus on wholesale credit risk globally, retail credit risk in the UK and econometric models for key ALM risk metrics. Before joining the PRA, he was part of UBS Group-wide Stress Testing Team where he led the development of stress testing models for the held to maturity assets of the investment banking arm. Prior to his time at UBS he held various modelling positions at the former Financial Services Authority (FSA), Lloyd’s Banking Group and HBOS.
Dimitrios holds a PhD from the University of Edinburgh Business School and an MSc in Applied Economics and Finance from the Athens University of Economics and Business. He is a certified Professional Risk Manager (PRM) since 2006 and tutored at University of Edinburgh where he has conducted extensive research on credit risk modelling and the interaction between credit risk and the real economy.

Headline Partner:

Moody’s Analytics helps capital markets and risk management professionals worldwide respond to an evolving marketplace with confidence. The company offers unique tools and best practices for measuring and managing risk through expertise and experience in credit analysis, economic research and financial risk management. By providing leading-edge software, advisory services, and research, including the proprietary analysis of Moody’s Investors Service, Moody’s Analytics integrates and customizes its offerings to address specific business challenges. Moody’s Analytics is a subsidiary of Moody’s Corporation (NYSE: MCO), which reported revenue of $3.5 billion in 2015, employs approximately 10,400 people worldwide and maintains a presence in 36 countries. Further information is available at www.moodysanalytics.com.

Exhibitor

AxiomSL is the global leader in data management, regulatory reporting and risk management solutions. Established more than 25 years ago, with offices worldwide, AxiomSL’s unique enterprise-data management platform empowers firms to address data governance and risk aggregation while delivering the analytics and reporting required by multiple stakeholders across jurisdictions on a robust, technology-driven Change Management Platform.