Risk and data science consultancy, Jaywing, has launched a new collaboration with leading global advisory firm, Oxford Economics.
The partnership aims to enable organisations from all industries to benefit from both Oxford Economics’ global macroeconomic forecasts and Jaywing’s expertise in building and validating models. Oxford Economics’ worldwide client base comprises more than 2,000 entities and Jaywing has previously worked with some of the UK’s leading lenders, such as Starling Bank, Nationwide, and the Royal Bank of Scotland.
The collaboration brings together complementary skillsets to provide an all-encompassing service to financial institutions to achieve IFRS 9 compliance and fulfil their stress testing objectives. Oxford Economics will provide industry-leading economic scenarios and a consistent methodology for calculating scenario weightings and Jaywing will build best-in-class models that leverage the forecasts to estimate losses for the IFRS 9 accounting standard and stress test both provisions and capital for loss forecasting and ICAAP.
These forecasts and models remain essential for financial institutions to achieve regulatory compliance and to inform key business decisions in the ongoing uncertain economic environment.
Of the partnership, Neil Walker, Director of Macro Modelling and Scenarios at Oxford Economics said, “Using our Global Economic Model we can provide high-quality macroeconomic scenarios spanning the global economy. The collaboration with Jaywing will allow us to further extend the support we provide to financial institutions with their stress testing and capital planning requirements by also supporting them with their expected credit loss calculations. Jaywing add value beyond compliance and already work with many of the UK’s leading lenders, including many of our own. We’re delighted to be working with Jaywing to further help our clients’ understanding of the global outlook and associated risks.”
Ben O’Brien, Managing Director at Jaywing commented, “We’re thrilled to collaborate with Oxford Economics, who won 66 first-place rankings at this year’s Focus Economics Analyst Forecast Awards and have among the most reliable and consistent forecasts in the market. Their ability to predict external market trends and assess economic, social, and business impacts is unmatched. With Oxford Economics’ ability to provide timely and consistent scenarios, and our 20+ years of experience in credit risk and model development, we will provide businesses with an all-encompassing offering that de-risks important decision-making.”