IFRS17 – complexity, regulatory and time-bound all in one

The Challenge

A leading Insurer needed to procure and implement a software solution that would overhaul the financial data, analysis and reporting functions in line with a game changing, highly complex accounting standard, IFRS17.

What we did

Solution shortlisting and quickly established ourselves to navigate procurement, from negotiations and contract conclusion.

Working closely with the 3rd party, progress through requirements and design phases with internal accountants and actuaries.

Instilled internal change management frameworks, including an enlightened level of governance due to the regulatory nature of delivery.

Oversaw the resourcing, user training, test and release phases of the solution and handovers in to IT & business support functions.

The outcome

Smoothed the transition from IFRS9 to IFRS17 over 2 years
Successful Implementation of 3rd party software across affected entities, globally
Met regulatory deadline, landing the new technical capability for IFRS17 reporting.