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IFRS 17 in Management Systems

IFRS 17 in Management Systems

$249.00
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This curriculum spans the technical and organisational complexity of a multi-workshop implementation program, addressing the integration of IFRS 17 into core financial, actuarial, and reporting systems across governance, measurement, data, and control functions.

Module 1: IFRS 17 Implementation Readiness and Project Governance

  • Selecting the appropriate project governance model to align actuarial, finance, IT, and internal audit teams under a unified accountability framework.
  • Defining the scope of system changes by distinguishing between mandatory IFRS 17 requirements and organization-specific reporting enhancements.
  • Establishing data lineage protocols to ensure auditability from source systems to financial disclosures.
  • Deciding whether to adopt a big bang or phased rollout approach based on group entity complexity and system dependencies.
  • Allocating budget and resources to parallel runs of IFRS 4 and IFRS 17 calculations during transition periods.
  • Documenting materiality thresholds for contract boundary assessments to avoid unnecessary computational overhead.

Module 2: Contract Grouping and Disaggregation Criteria

  • Applying the "onerous test" consistently across portfolios to identify loss components requiring separate recognition.
  • Implementing dynamic grouping logic that adjusts for future renewals and modifications without manual reclassification.
  • Designing rules to handle mixed contract portfolios with both direct and reinsurance components under a single group.
  • Resolving conflicts between legal contract boundaries and accounting contract boundaries for bundled products.
  • Integrating contract grouping outputs with general ledger mapping to support accurate P&L attribution.
  • Validating grouping stability over time to prevent volatility from arbitrary reaggregation.

Module 3: Measurement Model Selection and Application

  • Choosing between the Premium Allocation Approach (PAA) and full General Measurement Model (GMM) based on product duration and data availability.
  • Configuring risk adjustment methodologies (e.g., cost of capital vs. confidence level) with consistent assumptions across similar contracts.
  • Implementing discount rate curves using current yield curves adjusted for liquidity and credit quality specific to insurance liabilities.
  • Calibrating future cash flow projections with explicit allowance for non-recoverable acquisition costs.
  • Handling foreign currency contracts by determining functional currency alignment and translation timing.
  • Integrating stochastic modeling outputs into deterministic reporting systems without introducing approximation bias.

Module 4: Data Architecture and Integration with Core Systems

  • Mapping granular policy-level data from legacy administration systems to IFRS 17 contract boundary requirements.
  • Designing ETL processes that reconcile transactional data with actuarial model inputs on a monthly basis.
  • Implementing data quality dashboards to monitor missing or outlier values in cash flow inputs.
  • Establishing latency SLAs between source systems and the IFRS 17 calculation engine for month-end close.
  • Creating audit tables to log all data transformations applied during the measurement process.
  • Managing version control for assumption sets across multiple forecast scenarios and reporting periods.

Module 5: System Design for Liability for Remaining Coverage (LRC) and Liability for Incurred Claims (LIC)

  • Separating LRC and LIC components at the contract level to prevent cross-contamination in margin recognition.
  • Automating the allocation of unearned premium to LRC using coverage period weights derived from policy terms.
  • Integrating claims management systems with LIC calculations to reflect incurred but not reported (IBNR) liabilities.
  • Designing amortization schedules for acquisition costs that align with coverage patterns and regulatory constraints.
  • Validating that LIC includes all claims arising from past events, including reopened and adjusted claims.
  • Implementing reconciliation controls between LIC balances and claims reserves in solvency frameworks.

Module 6: Financial Reporting and Disclosure Automation

  • Configuring disclosure templates to extract line items directly from the general ledger and sub-ledger systems.
  • Generating roll-forwards of CSM, risk adjustment, and LRC/LIC with drill-down capabilities for audit purposes.
  • Automating the presentation of insurance revenue by eliminating investment components and reinsurance recoveries.
  • Aligning segment reporting outputs with internal management reporting structures without violating aggregation rules.
  • Implementing XBRL tagging workflows that maintain consistency across multiple jurisdictional filings.
  • Producing sensitivity disclosures for discount rate and mortality assumption changes using pre-defined shock scenarios.

Module 7: Ongoing Maintenance, Controls, and Audit Readiness

  • Designing monthly control procedures to validate CSM unlocking and prevent inappropriate margin release.
  • Implementing user access roles that segregate duties between data entry, model execution, and financial reporting.
  • Documenting model change protocols for assumption updates, requiring actuarial sign-off and version tracking.
  • Integrating automated testing frameworks to detect calculation drift after system patches or data model changes.
  • Preparing for external audit by maintaining a complete audit trail from raw data to published financials.
  • Establishing a change management log for all IFRS 17-related system modifications, including impact assessments.

Module 8: Integration with Management and Performance Reporting

  • Adapting IFRS 17 CSM release patterns for use in internal profit attribution models by channel and product.
  • Reconciling IFRS 17 profitability metrics with local statutory and tax results for executive reporting.
  • Designing KPIs based on LRC margin development to inform pricing and underwriting decisions.
  • Integrating risk adjustment trends into enterprise risk management dashboards.
  • Adjusting incentive compensation models to reflect IFRS 17-based performance indicators.
  • Creating forward-looking CSM simulations to support capital planning and dividend policy discussions.
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