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During the first half of 2018 the Prudential Regulation Authority continued its review of effective interest rate (?EIR?) accounting across UK banks and building societies. The review concluded that the methods of income accrual, and the balance sheet provisions derived thereof, were not only material but also potentially subject to material change based on the business assumptions used. The PRA concluded the business assumptions could materially impact income recognition and in some cases were highly judgmental. The accounting practices for early repayment charges were particularly identified, as was consideration of customer expected behaviour following any lock-in or special terms period. Organisations were strongly encouraged to consider EIR income recognition risk within their ICAAPs and to consider the impact on capital requirements, even though in itself EIR income recognition is not specifically identified within the Pillar 2 policy.
Following the PRA's communication to UK bank and building societies on EIR income recognition in June of last year, external audit firms have increased audit focus on both the approach taken to managing interest and fee income recognition and also the processes by which the assumptions that drive that income recognition are identified, justified and challenged.
This webinar will cover:
? The items that both the PRA and external auditors will expect an organisation to have considered, ? How practically a financial institution can meet those expectations ? How an EIR income recognition solution can assist insight and risk mitigation within the business.
Speakers:
Whistlebrook has specialised in providing innovative, back office, software systems to the financial services sector for more than twenty years. Over ...
Whistlebrook has specialised in providing innovative, back office, software systems to the financial services sector for more than twenty years. Over that period Whistlebrook has become a long-established and trusted supplier to the sector, with over sixty UK based financial institutions using our software. The Whistlebrook portfolio of twelve software applications can each be installed on their own, or as an integrated suite of two or more applications that can deliver extra benefits by sharing information.
Customers range from investment management firms, through banks of varying sizes, to two of the three largest building societies.
Whistlebrook's software can provide solutions for operational problems, insightful performance enhancement and financial analysis, leading to improved efficiency and profitability.
Whistlebrook develops all of its own software, in the UK, in partnership with our customers. All our applications are specifically built for the financial services sector with tailored functionality, enabling our customers to run their business more efficiently.
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