IFRS17 system optimization
Insurance entities often rely on a mix of systems, tools, models, databases, and spreadsheets to perform IFRS 17 calculations and generate journal entries and disclosures.
Some insurers continue to use legacy solutions such as SAP for which vendor support is expected to be discontinued in the near future.
These complex system architectures are not only difficult and expensive to maintain, but also make the reporting process labour-intensive, often resulting in tight and challenging timelines.
Both Finance and Actuarial departments frequently lack clear insight into the underlying calculations, the impact of assumption changes, and the key drivers behind IFRS17 results.
In addition, data quality issues and difficulties in reconciling IFRS17 with Solvency II often lead to critical questions from auditors.
The good news? There’s a powerful solution available to help you overcome these challenges.
CCH® Tagetik IFRS17 solution
A large number of insurance entities around the world benefit from CCH® Tagetik’s proven IFRS 17 solution.
Key Benefits
- End-to-end support for the entire IFRS 17 process - from cash flow generation, grouping and discounting, to calculations, postings, and disclosures - within a single integrated solution
- Streamlined system architecture, reducing reliance on multiple systems, tools, and models
- Enhanced transparency and deeper insight into calculations and financial results
- Strengthened audit trail, faster closing cycles, and more efficient, reliable reporting
- Guaranteed compliance with the latest regulatory updates
- Improved collaboration between actuarial and finance teams
- Flexible framework to incorporate entity-specific requirements
- Leverage the intelligent CCH® Tagetik platform to unify all reporting - IFRS, management reporting, planning, and budgeting - into a single source of truth
How we can help
Our experts combine deep actuarial and accounting expertise in IFRS 17 with hands-on technical experience in implementing CCH® Tagetik.
We can support you with:
