Bringing Data governance to IFRS 17

Improve Data Reliability for increased Business Value

IFRS 17

IFRS 17 is the long-awaited new international standard for accounting for insurance contracts.

It marks the most significant change in insurance accounting in over 20 years.

IFRS 17 introduces a new way for measuring insurance liabilities and recognising insurance revenue. These calculation and disclosure requirements demand a new way of capturing, recording, storing, categorising and reporting data pertaining to insurance contracts.

Substantial Impact

IFRS 17 impact on the end to end reporting cycle is substantial. From sourcing data to publishing and disclosing results to the market. This involves core systems, Business Intelligence, and reporting solutions and it will lead to a review of system architecture towards a more integrated approach. On the organizational level, actuarial and finance teams will be required to collaborate more closely and focus on data quality and consistency, aligning system architectures and business processes.

IFRS 17: A Data Governance Challenge


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While IFRS 17 poses a range of challenges for insurers, it also represents an opportunity to redesign a strategy for data governance based on this new standard. This whitepaper explores the impact of IFRS 17 on data acquisition, storage, analysis and reporting.

This IFRs 17 white paper focuses on the following aspects:

  • Data Governance and Strategy

  • The impact of IFRS 17 on data management: a process-wide perspective

  • A Data Governance work programme for IFRS 17

  • Technology solutions to meet the IFRS 17 challenges

The goal is not only to provide a thorough analysis of the impact of the new standard in each step of the reporting cycle from the perspective of different facets of data as a foundation for a an actionable Roadmap encompassing the fundamental building blocks of "people, process, technology", but to transcend mere compliance aspects and arrive at generating business value.

Technology solutions to meet IFRS 17 Challenges

In this white paper we propose the implementation of Informatica’s Data Governance Solution to meet the challenges arising from IFRS17. The Informatica Intelligent Data Platform™ is built on modular microservices architecture and leverages state-of-the-art Artificial Intelligence to ensure data quality, protection and governance across on-premise to multi-cloud infrastructures.

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Combining IT and Financial Services Expertise

Avantage Reply combines in depth subject matter expertise and profound knowledge of the Financial Service industry with technological know-how to understand and handle data to create value and to drive digital transformation processes. This enables Avantage Reply not only to support insurances with the implementation of the optimal toolsets, but also to facilitate the business change process that needs to be initiated when introducing a new data governance strategy. To learn more, download the full, free PDF and don’t hesitate to contact us for further questions: avantage@reply.com

Informatica

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Informatica industry-leading solutions set the standard for delivering customer engagement, innovation, and intelligent disruption. Informatica's product is a portfolio focused on data integration, information lifecycle management, business-to-business-data exchange, cloud computing integration, complex event processing, data governance, master data management, data masking, data replication, data quality data virtualization. www.informatica.com

Avantage

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Avantage Reply is a pan-European Financial Services (FS) management consulting firm, delivering change initiatives in Risk, Compliance, Finance and Operations. Avantage Reply has operations in Amsterdam, Brussels, Frankfurt, Lisbon, London, Luxembourg, Milan, Munich, Paris, Rome and Turin. Our consultants advise on and deliver pragmatic solutions, supported by comprehensively tested analytical techniques using proprietary solutions, methodologies and prototypes. Being part of the Reply Group, Avantage Reply successfully leverages on the group’s technology competencies to deliver on client engagements. More details at