Lessons learnt has been saved
From IFRS 9 to IFRS 17
The potential impact of IFRS 17 compliance compared to IFRS 9, is how the Insurance Industry approaches its implementation. The question is are comparisons valid and can lesson be learnt?
True transformation implementation is tech-enabled, not tech-centric. Any myopic focus on just the technology, coupled with a lack of business transformation-led approach to drive leading practice, means organisations miss the opportunity to adopt new ways of working that enable a strategic shift.
IFRS 17 is just such an opportunity. In this article Deloitte Finance Transformation Partner Mark Arnold – an IFRS 17, IFRS 9 and IFRS 16 subject matter expert – outlines the roadmap for IFRS 17 and from experience teases out the hazards and opportunities of implementing this requirement, identifying how to avoid any compliance hazards with planning and coordination, what to expect and what we can learn from history.
Equally the impact of IFRS 17 also needs to be understood by finance to enable it to understand and explain the impact. IFRS 17 moves the responsibility of managing the business impact in equal parts to Finance & Actuarial functions. This requires a mindset change in many organisations.
Published: November 2019
IFRS 17: History repeats itself
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