The Co-operative Bank plc is a retail and commercial bank in the United Kingdom, with its headquarters in Balloon Street, Manchester.

The Co-operative Bank is the only UK high street bank with a customer-led Ethical Policy which is now incorporated into the Bank’s Articles of Association. It provides banking services for retail, SMEs, charities and community businesses.

CO-OPERATIVE BANK PROJECT

Project Goal(s)

Primary: To make the bank compliant with IFRS 9 regulation

Secondary: To support the delivery of IRB regulation and CRR attestation remediation

Contribution

– Requirements, Design, Development and Delivery of regulatory compliance, integration of IFRS9 with controls, Model Risk Design – PD, LGD, EAD models for Secured, Unsecured and Treasury, RWA Infrastructure Business Processes, ECL computations, alternate approaches to compliance, controls, Model implementation into ratings system architecture, Impairments, Classification & Measurement and Hedge Accounting for Treasury and Non-Treasury

– Review & own Business processes, requirements catalogue (ensure a plan of delivery for each requirement), functional specifications, design (4D design etc., entire application design & technical design deliverables), ensure changes are made to the SAS grid and reporting correctly mapped

– Ensure comparison of IFRS9 ECL with IAS 39 ECL for Prudential Regulatory Authority Regulatory Reporting changes for IFRS9 for FINREP, COREP, Bank of England, Strategic reports, MI, Pillar 3 and MLAR.

– Downstream reporting

– Data Quality Framework, Phase I and II Parallel run

– SIT, Business Acceptance test, UAT, Stress test

– Internal and External Audit

Technologies/Framework for data/management/delivery

Risk models: Probability of Default (PD), Exposure at Default (EAD), Loss given Default (LGD)

Infrastructure: Risk Weighted Asset (RWA), Rating system architecture

Finance Workstreams: Impairments, Classification & Measurement, and Hedge Account

Regulatory Reporting: IFRS9 for FINREP, COREP, Bank of England, Strategic reports, MI, Pillar 3, MLAR

Outcomes

Delivered the project goals 1 week prior to the agreed date. It was fully audited and found 100% compliant.