IFRS 17 – Tackling Accounting & Actuarial Challenges Across the Globe

Wednesday, April 5th, 2023

The implementation of IFRS 17 is transforming the insurance industry, resulting in significant implications for both accounting and actuarial professionals. As the new standard focuses on a more robust and transparent framework for insurance contracts, it is vital for actuaries and financial experts to have a comprehensive understanding of the complex methodologies and reporting requirements. Actuarial input has become crucial in ensuring not only the technical correctness but also the clarity of the approach proposed in the accounting standard.

Industry Challenges:

IFRS 17 brings numerous challenges for the insurance industry, such as:

• Data management: Insurers need to adapt to new data requirements and integrate systems to ensure data consistency and accuracy throughout the reporting process.
• Systems and processes: The new standard requires significant changes to existing actuarial and financial reporting systems and the development of new models to support the revised methodologies.
• Risk management: IFRS 17 introduces the concept of risk adjustment, which requires insurers to develop new methodologies to quantify and manage risks inherent in insurance contracts.
• Collaboration: The successful implementation of IFRS 17 demands close collaboration between finance, actuarial, and IT teams to ensure the seamless integration of new processes and systems.

Addressing Challenges through Our Workshop:

To address the growing need for in-depth knowledge and skills in this area, we have designed a specialized 2-day workshop on IFRS 17 Implementation – Accounting & Actuarial Challenges. This workshop is tailored for actuarial and finance professionals, as well as insurance industry executives, who are seeking to gain a thorough understanding of the challenges involved in implementing IFRS 17. By participating in this comprehensive training program, you will be well-equipped to navigate the intricacies of IFRS 17 and effectively drive your organization’s success in the evolving insurance landscape.

The workshops organised by Shasat have been instrumental in helping insurance executives implement IFRS 17 by:

1. Providing practical insights and real-life case studies to illustrate best practices in IFRS 17 implementation.
2. Fostering discussions and exchange of ideas among industry professionals to address challenges and share innovative solutions.
3. Offering hands-on training on the latest tools and techniques to ensure a smooth transition to the new reporting standards.
4. Highlighting the importance of cross-functional collaboration and efficient communication to enhance overall organizational performance.

To address the growing need for in-depth knowledge and skills in this area, we have designed a specialized 2-day workshop on IFRS 17 Implementation – Accounting & Actuarial Challenges. This workshop is tailored for actuarial and finance professionals, as well as insurance industry executives, who are seeking to gain a thorough understanding of the challenges involved in implementing IFRS 17. By participating in this comprehensive training program, you will be well-equipped to navigate the intricacies of IFRS 17 and effectively drive your organization’s success in the evolving insurance landscape.

Upcoming Workshops:

• GID 9000: IFRS 17 Implementation – Accounting & Actuarial Challenges: Online*/In-House
• GID 9001: IFRS 17 Implementation – Accounting & Actuarial Challenges (2-Day): 8-9 May 2023 @Zurich
• GID 9002: IFRS 17 Implementation – Accounting & Actuarial Challenges (2-Day): 1-2 May 2023 @ London
• GID 9003: IFRS 17 Implementation – Accounting & Actuarial Challenges: 24-25 April 2023 @ Hong Kong
• GID 9004: IFRS 17 Implementation – Accounting & Actuarial Challenges (2-Day): 29-30 May 2023 @ Nairobi
• GID 9005: IFRS 17 Implementation – Accounting & Actuarial Challenges (2-Day): 19-20 June 2023 @ Bermuda
• GID 9006: IFRS 17 Implementation – Accounting & Actuarial Challenges (2-Days): 11-12 May 2023 @ Mumbai
• GID 9007: IFRS 17 Implementation – Accounting & Actuarial Challenges (2-Days): 25-26 May 2023 @ Atlanta
• GID 9008: IFRS 17 Implementation – Accounting & Actuarial Challenges: 15-16 June 2023 @ Singapore
• GID 9009: IFRS 17 Implementation – Accounting & Actuarial Challenges (2-Days): 29-30 June 2023 @ Lagos
• GID 9010: IFRS 17/K-IFRS 1117 Implementation–Accounting & Actuarial Challenges: 20-21 July 2023 @ Seoul
• GID 9011: IFRS 17 Implementation – Accounting & Actuarial Challenges IFRS 17 – 会計および保険数理上の課題: 24-25 August 2023 @ Tokyo
• GID 9012: IFRS 17 Implementation – Accounting & Actuarial Challenges (2-Days): 15-16 May 2023 @ Dubai
• GID 9013: IFRS 17 Implementation – Accounting & Actuarial Challenges (2-Days): 5-6 June 2023 @ Frankfurt
• GID 9014: IFRS 17 Implementation – Accounting & Actuarial Challenges: 12-13 June 2023 @ Vienna
• GID 9015: IFRS 17 Implementation – Accounting & Actuarial Challenges (2-Days): 26-27 June 2023 @ Winnipeg

Key Takeaways:

By participating in our 2-day workshop, you will:

• Gain a thorough understanding of the IFRS 17 requirements and their implications
• Learn how to address the unique accounting and actuarial challenges presented by IFRS 17
• Discover best practices for successful IFRS 17 implementation
• Network with industry peers and connect on LinkedIn for continued knowledge-sharing and collaboration

Who Should Attend:

This workshop is designed for:

1. Accounting and actuarial professionals involved in IFRS 17 implementation
2. Insurance industry executives seeking to stay current with evolving regulations and standards
3. Anyone interested in gaining a comprehensive understanding of the challenges and opportunities of IFRS 17 implementation

Enrol Today:

Don’t miss this opportunity to stay ahead in the insurance industry and expand your professional network. Secure your spot in one of our upcoming workshops and join the conversation on LinkedIn. Enrol today to master the complexities of IFRS 17 implementation and drive your organization’s success.

Stay Connected

Stay connected with us on LinkedIn for updates, insights, and industry news. We look forward to helping you navigate the challenges of IFRS 17 implementation and fostering valuable connections.

IFRS Network page – https://www.linkedin.com/groups/8610365/