IFRS 17

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, will prove the most impactful change for accounting in the insurance industry for several decades. IFRS 17 is complex and means multiple levels of change involving people, processes and numerous systems, as well as the underlying data itself. The majority of businesses will be non-compliant without taking significant action, risking their right to trade and incurring severe reputational damage as a result.

Expleo is your trusted partner for end-to-end systems change. IFRS 17 requires a transformation programme that will bring many opportunities for improvements in systems, processes and people across the business. Our holistic, test-driven approach to compliance will match the high standards of IFRS 17 and bring additional transformational benefits to your organisation.

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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. 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. In particular, we believe our experience in testing and quality assurance will prove critical for delivering an effective reporting solution by the January 2023 deadline.

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.

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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.
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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.
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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.
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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.
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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.

IFRS 17 insists that all firms worldwide report their balance sheet to investors using the same new set of metrics. However, each firm must interpret for themselves how the standard corresponds to their current circumstances, and then create a system of reporting that will serve their business in the future.

Firms will therefore need to reconfigure their internal systems, especially in their accounting and actuarial teams. This transformation will carry varying degrees of risk, depending on the current processes and structures within respective firms. As a result, meeting the standard may require a more far-reaching response than first anticipated.

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