The IFRS 17 Journey Has Begun: Are You On-Track?

Event Details

By now, most Canadian Insurers have realized that IFRS 17 represents a significant change to their business – not only in terms of accounting, but also to the overall organization. As much as the impact on financial reporting is becoming clearer, “peeling back the layers” of IFRS 17 compliance uncovers complexities that will require broader transformation across business processes, data, and technology within the organization.

The intricacy of these broader impacts means Insurers must engage different domains of expertise; Finance, Risk, Actuary, and IT – all necessary to deliver such a complex, cross-organizational program successfully.

Join BDO’s IFRS 17 Advisory team and our industry partners, Tramore Group and PreScience, for an upcoming session to discuss the common challenges, critical success factors, and expertise needed to deliver an IFRS 17 program. The session will cover the following:

  •  The skills and expertise required to begin, and to keep your IFRS 17 program on-track
  •  Governance principles of driving transparency, accountability, and decisions amongst the broad spectrum of stakeholders engaged during the conversion process
  •  Lessons from the field:
    •  Key considerations and common challenges encountered during an IFRS 17 impact assessment phase
    •  Interpretations on the finer elements of the Premium Allocation Approach and General Models
    •  IFRS 17 financial statements and disclosure requirements and the data needed to prepare them
    •  Potential OSFI, IFRS 9, and tax impacts
    •  Most common gaps in an Insurer’s data
    •  The technology landscape emerging for IFRS 17 and how it fits with an Insurer’s existing/legacy environment
    •  Typical implementation costs and areas/approaches for optimization
  • Preparing your IT organization for IFRS17’s data & technology considerations

This session will offer valuable insights into how the collaboration of BDO, Tramore, and PreScience is helping Canadian Insurers accelerate their IFRS 17 program and optimize their investment. BDO will introduce an accelerator developed for the IFRS 17 mission – InsurHUB for IFRS 17 – a secure data integration platform that allows Insurers to leverage existing corporate systems and IFRS 17 market solutions to manage data, business rules, calculations and processes required to meet IFRS 17 compliance requirements.