INTERNATIONAL FINANCIAL REPORTING STANDARD 17 (IFRS 17)
IFRS Standards are set by the IFRS Foundation’s standard-setting body, the International Accounting Standards Board. Their mission is to develop IFRS Standards that bring transparency, accountability and efficiency to financial markets around the world.
IFRS 17 will revolutionize the insurance industry and require the deployment of sizable resources if insurers are to remain compliant, especially as the Standard will have broad application to various contracts. Significant planning is therefore needed to transform optimally. Given the changes to the way data will be presented, it is critical to ensure that the right data is delivered in the right way, as well as modeling the future state while also demonstrating appropriate controls and processes to regulators.
Regulatory Reporting of Data Attributes
IFRS 17 is the biggest change to insurance accounting compliance this century. It requires a substantial transformation in the business process and data flows to meet the new accounting standards. To succeed, firms will need total governance of their data, knowing and being able to prove all provenance, lineage and quality while ensuring appropriate security and controls.
Solidatus is the data management solution that helps firms overcome the challenges in implementing IFRS 17 and allows organizations to effectively model and report on the new IFRS 17 standards while building transparency into your regulatory reporting.
Minimize Transformational Risk
Solidatus offers a world-class modeling solution that allows organizations to map existing and future state processes and flows, enabling them to minimize transformational risks of both process and data while ensuring optimal compliance.
Simplify and streamline
Solidatus models can be leveraged as a deployable asset enabling the streamlining and simplification of system transformation, facilitating a move to cloud or allowing the optimization of data assets, ensuring they are deployed effectively and appropriately.
Automate data management
Solidatus delivers a data management solution that enables organization to manage their data in a system-agnostic fashion where lineage and ingestion are as automated as possible across the entire spectrum of a firm’s existing technology stack.
Simplify Common Taxonomy creation
Solidatus enables firms to address the challenges of creating a common taxonomy and model the delta between the current and future versions.
Solidatus for IFRS 17
- Create an operational blueprint at a use case or enterprise level.
- Demonstrate data lineage, model data quality and manage user access rights and data retention.
- Create and leverage a single data repository across jurisdictions creating consistent reporting
- Map the delta of change across regulatory updates to reduce future project work.
- Enhance collaboration both internally and externally
- Model future processes and workflows to determine the impact and effectively manage change
- Perform a simple and clear gap analysis on existing processes.
- Gain a competitive advantage by analyzing and optimizing organizational data
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