Following nearly twenty years of discussion, the International Financial Reporting Standard 17 (IFRS 17) launches in January 2022. Designed to achieve the goal of a consistent, principle-based accounting for insurance contracts, the new global Standard requires insurance liabilities to be measured at a current fulfilment value and provides a more uniform measurement and presentation approach for all insurance contracts. Under IFRS 17, companies will measure their contracts based on the obligations that the contracts create and reflect the time value of money in estimated payments to settle claims.
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 revolutionise 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 modelling 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 organisations to effectively model and report on the new IFRS 17 standards while building transparency into your regulatory reporting.
Minimise Transformational Risk
Solidatus offers a world-class modelling solution that allows organisations to map existing and future state processes and flows, enabling them to minimise 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 optimisation of data assets, ensuring they are deployed effectively and appropriately.
Automate data management
Solidatus delivers a data management solution that enables organisation 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 analysing and optimising organisational data
MULTI award-winning data lineaGE SOLUTION
Simple to use
The intuitive and simple web interface is easy to use and requires little or no training.
Solidatus is a browser based application and it can be up and running in the cloud in minutes.
Rapidly build lineage
Import and export data between Solidatus and from other systems using the data connectors.
Identify MISSING DATA
Immediately start modelling and easily identify where additional discovery is required.
Accelerate discovery by sharing parts of the models to identified system experts to fill in the detail.
Create & share views
Easily share with management and colleagues for immediate feedback and approval.
Solidatus is used by some of the world’s largest financial institutions
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