until the IFRS 17 regulation comes into effect

 

Mitigate the risks of IFRS 17 with assurance

IFRS 17, the new International Financial Reporting Standard issued by the International Accounting Standards Board (IASB) in 2017, is the most impactful change to Financial Reporting for the insurance industry for several decades involving fundamental change to the measurement, presentation and disclosure of insurance contracts for entities reporting under IFRS. There is no one size fits all solution for its implementation and each entity must interpret for themselves how the standard applies to their circumstances, and then create a system of reporting that will serve their business into the future. The transformation will carry varying degrees of risk, depending on the current processes and structures within respective entities.

IFRS 17 involves a transformation programme that may bring many opportunities for improvements in systems, processes and people across the business.

Stakeholders need assurance their IFRS 17 implementation programme is under control and on target.


Expleo is your trusted partner for end-to-end systems change. We can provide a point-in-time snapshot of your organisation’s state of readiness by carrying out our IFRS 17 HealthCheck which will help to identify areas for focus and attention.
 

Assure the integrity of your solution as it proceeds

Assurance is the golden thread that runs through the change programme, bringing confidence before go-live and avoiding set-backs along the journey to compliance. Our strength is our expertise in successful programme delivery. We can bring discipline and structure to your organisation’s implementation programme and have resources to support on core areas of programme delivery. Expleo offers five customised services as part of a systems change proposition to help progress your organisation along the end-to-end passage to compliance.

Systems Requirements

How significant an impact will IFRS 17 have on your business? With a combination of system readiness assessments, process change (as is, to be and optimisation), discovery (pre-analysis and impact assessments), we can support you in better understanding the requirements for compliance and scale of change. This includes a review of your systems, IT and data sharing between teams. Do you have the right level of competency, stakeholder engagement and senior sponsorship? How well aligned are your departments? For those firms at the start of their journey into IFRS 17, we can help bring you up to speed and generate momentum.

Change management

Compliance will demand more than shifting the way you report on your balance sheet. Our consultants can help you to seize the wider opportunities of a holistic transformation programme. The ability to manage change of significant proportions that affects people, processes, as well as multiple systems across the organisation is critical. We can provide the right Target Operating Model and a strong Programme Management Office in order to consistently deliver the changes required whilst maintaining business as usual and mitigating risk.
Data migration and analytics

How you integrate and share information across teams and third parties will largely decide the ease in achieving compliance. We can help you to certify that data is fit for purpose and well managed, allowing more accurate analysis to reduce risk and aid decision making. Our quality assurance experts are also experienced in client-side assurance, providing real-time guidance around potential setbacks and working with your teams to find alternative solutions.
Quality Assurance

A structured test strategy will help deliver the necessary change within the time frame. Firms will need to spend a considerable amount of time and budget in testing the solution, to gain confidence in its effectiveness. Therefore, moving testing earlier in the lifecycle from the outset will harvest the benefits of functional, static, systems and component testing throughout the programme. Spreading the intensity of testing is a more successful (and less stressful) approach than scrambling for compliance before go-live.
Governance and Quality Assurance

We help ensure the right governance approach is in place to enable visibility and confidence of progress, so you can make relevant changes to your business functions, operating models and human resources that will create organisational efficiencies and synergies that stretch beyond IFRS 17. Firms may already face disruption from remote working following the COVID-19 pandemic, as well as ongoing digital transformation away from legacy systems. Our consultants can help to fit the pieces of the puzzle together.

When IFRS-17 goes live in January 2023, the eyes of the business world will be on the insurance sector. How confident are you in the testing and quality structures that have been put in place?

Partner of choice

IFRS 17 is complex, and means multiple levels of change, which can lead to high cost and high-risk outcomes. Our experience shows that underestimating the importance of testing on a transformational programme like IFRS 17 can prove an oversight. Investing upfront is critical, rather than playing catch-up as the deadline looms.

Expleo has an extensive track record of supporting significant transformation programmes in heavily regulated sectors. Our insurance domain expertise combined with our depth and breadth of technical experience will support you in delivering this business-critical transformation with confidence, while maintaining business as usual and protecting your reputation.

We believe our experience in helping our customers with successful business outcomes will ensure delivery of an effective reporting solution by the January 2023 deadline. You drive the programme; we drive the quality.

Contact us