Start receiving our RegBrief straight to your inbox!


Subscribe

IFRS 17 implementation

FINALYSE CAN HELP YOU WITH COMPLYING AND MAKING THE MOST OF IFRS 17
Designed to provide relevant and faithful information on insurance contracts

IFRS 17 will apply as from 1 January 2023. Depending on which stage of the IFRS 17 implementation process you are, Finalyse can help you with the gap analysis, the proof of concept, the development of the right tools and processes to meet the target operating model, your impact analysis, the parallel runs and the go-live launch.

The new accounting standard changes the recognition, measurement, presentation and disclosure of insurance contracts. It directly impacts how insurers value their insurance liabilities on their balance sheet and how they recognise profits in their Income Statement.

How does Finalyse address your challenges?

We define business, functional, and technical requirements

We facilitate coordination between functions such as Finance, Actuarial and IT in the process of accounting systems upgrading

We design and test use cases, and deploy parallel and dry runs

We help insurers select the right risk mitigation techniques and ALM strategies to reduce IFRS 17’s Income Statement and Balance Sheet volatility

We help you select your target operating model / IT tool

We offer parallel implementation of IFRS 17 and IFRS 9

To get all your questions answered
Contact us

How does it work in practice?

 

We have a team of IFRS 17 subject matter experts, including actuaries, and a dedicated competency centre with significant hands-on experience in the development and implementation of target operating models for all aspects of financial reporting, including the integration of actuarial and accounting processes as well as the data management and quality processes.

Key Features

  1. Leverage on our experience in areas beyond financial reporting, such as actuarial models, IT systems including data management and storage capacities, risk management including ALM and hedging, product design, business strategies and remuneration.
  2. IFRS 17 is a principle-based standard, and as such, it is subject to interpretation in several areas. Additionally, it provides for a number of options to be selected by insurers from day one. It is, therefore, important that combinations of options and approaches are tested against carefully defined insurance and economic scenarios before taking any final decisions.
  3. With the temporary exemption from IFRS 9 for insurers, you can bring the two standards into line and apply them together as from January 2023. Finalyse offers its experience in the parallel implementation of both standards.
Francis Furey
Principal Consultant - Fellow member of the Society of Actuaries in Ireland - Expert in Actuarial and Risk Modelling / Internal Models Approval and Validation

Francis is a Principal Consultant in charge of our insurance practice in Dublin. He has 15 years of experience within the life and non-life (re)insurance industry. His expertise covers the areas of financial reporting, prudential regulation, and actuarial modelling. Francis has worked in both industry and consulting with extensive exposure to Solvency II and BMA-regulated clients and a keen eye on new regulatory developments.

Divyank Garg
Senior Consultant - Expert in Actuarial Modelling and Prophet / SAS

Divyank is a Senior Consultant with more than 8 years of experience and a part qualified Actuary. He has acquired expertise in Solvency II, IFRS17 and MCEV reporting and has worked for life and non-life business. He has extensive experience in Prophet modelling, DCS, statutory valuation and IFRS17 implementation and his coding skills include Prophet and DCS modelling, SAS, VBA, R.

Finalyse Insurance

Finalyse offers specialized consulting for insurance and pension sectors, focusing on risk management, actuarial modeling, and regulatory compliance. Their services include Solvency II support, IFRS 17 implementation, and climate risk assessments, ensuring robust frameworks and regulatory alignment for institutions.

Finalyse Banking

Finalyse leverages 35+ years of banking expertise to guide you through regulatory challenges with tailored risk solutions.
Our multidisciplinary team masters both technical and regulatory aspects, helping you adopt best practices and boost performance.

Finalyse Valuation

Valuing complex products is both costly and demanding, requiring quality data, advanced models, and expert support. Finalyse Valuation Services are tailored to client needs, ensuring transparency and ongoing collaboration. Our experts analyse and reconcile counterparty prices to explain and document any differences.

Finalyse Publications

Discover Finalyse writings, written for you by our experienced consultants, read whitepapers, our RegBrief and blog articles to stay ahead of the trends in the Banking, Insurance and Managed Services world

About Finalyse

Our aim is to support our clients incorporating changes and innovations in valuation, risk and compliance. We share the ambition to contribute to a sustainable and resilient financial system. Facing these extraordinary challenges is what drives us every day.

Finalyse Careers

Unlock your potential with Finalyse: as risk management pioneers with over 35 years of experience, we provide advisory services and empower clients in making informed decisions. Our mission is to support them in adapting to changes and innovations, contributing to a sustainable and resilient financial system.