I rely upon CREDO as a proven solution for heavy duty reporting under tight deadlines.
The software’s watertight auditability offers me peace of mind; it ensures that calculation methodologies remain unchanged without my explicit authorization, and no results find their way into the general ledger without my formal sign-off. Furthermore, auditors can meticulously examine calculation details, affirming that all computations align precisely with documented procedures.
In the face of unexpected crises in recent years, CREDO’s exceptional flexibility, particularly in its management overlay and the ability to swiftly conduct ad hoc stress testing, has proven invaluable. The prospect of evolving EBA requirements for management overlays does not daunt me; I’m confident that Credo will effortlessly meet these demands.
Despite operating within a large bank, our team’s pool of technical experts in IFRS9 remains limited. However, key person risk has diminished significantly. CREDO’s transparent parameterization of essential IFRS9 know-how ensures effective knowledge transfer. Consequently, when an expert transitions out of the team, newcomers adeptly step in.
The ability to compute both IFRS9 and local GAAP impairments using a single tool has significantly reduced costs for our overburdened team. The quarterly stress of generating our F12 disclosure using our previous in-house solution, which required manually assembling various results, has been replaced by merely pushing a button and collecting results.
Our Group spans multiple countries, each functioning within its own isolated workspace. As the Group CFO, I have access to impairment calculations across various consolidation levels from any Group entity. The reports available in the software offer invaluable managerial insights, providing the precise information I need, precisely when I need it.
CREDO is a flexible tool that helps meeting the increasing demands of regulators regarding EBA and ESG stress testing.
An important part of our current work consists of running stress tests, impact studies, sensitivity analyses, and ad hoc runs to derive management overlays during unforeseen periods of stress not accounted for by our models.
This workload is set to increase, due to the focus of regulators on EBA and ESG stress testing.
We strongly rely upon CREDO for this. Once a new stress test is defined in terms of data, scenarios, and models, it can be effortlessly executed. Results remain available for immediate analysis, and previous runs can be repeated at any time, should regulators or external auditors have inquiries later. We’re running many more stress test than before because stress testing has become a lot easier.
I find that Credo respects my modelling freedom and allows me to focus on what really matters: risk modelling.
There has been a substantial reduction in time spent on preparation and execution of impairment runs since adopting CREDO. With its adept handling of number crunching, including the management of our expanding suite of IFRS9 runs, our efficiency has improved. While CREDO’s standard models serve most of our needs, we’ve seamlessly integrated our specific in-house models as well. These custom models run seamlessly within CREDO, without compromising on speed or accuracy.
Noting CREDO’s flexibility in computing both IFRS9 and IRB transactional model parameters, we took a strategic leap by aligning our IRB and IFRS9 modelling setup. This consolidation into a single set of models, with nuanced parameterizations, has further alleviated our operational burden.
We spend more time on impairment calculations for stress testing, as well as various sensitivity and impact analyses than on regular IFRS9 reporting runs. CREDO naturally lends itself to these activities; it is very easy to perform ‘what if’ studies in which any aspect of a calculation is modified. This contrasts our prior in-house setup, eliminating the need to piece together multiple solutions for stress testing. Completed analyses remain accessible for future review, a significant departure from our earlier project drive, on which we could no longer see the forest for the trees.
Upon finalizing a run, we seamlessly export our results in file format for further exploration into R, Python, or SAS. Moreover, CREDO’s drill-down functionality enables meticulous manual recalculations for individual contracts, a vital feature especially when incorporating our proprietary in-house developments.
CREDO has an excellent track record in terms of stability and responsiveness.
CREDO has been running in a stable manner on our servers for years now.
In the rare cases where incidents occur, Credo’s technical collaborators are available immediately to understand our concerns and provide a solution, generally faster than within the tight SLAs that were agreed.
Credo is also fully available to help us with software upgrades, which can be challenging for a complex IFRS9 solution.
Our duties mainly revolve around facilitating a data feed to and from CREDO, managing role-based access within the solution using our in-house authentication provider, and parameterizing administrative functionalities within the software.
As a bank, we focus heavily on IT security and GDPR compliance. We are happy to partner with a service provider like CREDO, which shares our concerns in this respect. CREDO offers robust assurances and readily engages with our specialists to address any questions or concerns that may arise.