CFO agenda and impact of IFRS Insurance
Understanding the impact on a CFO role
CFOs will face a number of challenges to implement IFRS in insurance and will have to respond to IFRS requirements to continue to meet their roles as CFOs. By highlighting these challenges, the CFOs will be in a stronger position to respond to them during the IFRS Insurance implementation.
Role 1: To provide financial leadership in determining strategic business direction and align financial strategies
Impact for IFRS Insurance: the new CFO’s role will be to re-write strategy and financial targets using the new IFRS metrics
Role 2: To stimulate behaviors across the organization to achieve strategic and financial objectives
Impact for IFRS Insurance: for the first time insurers will benefit from a single common financial language to drive behaviors towards strategic goals
Role 3: To balance capabilities, costs and service levels to fulfill the responsibilities of Finance within the organization.
Impact for IFRS Insurance: the greater transparency that comes with the new rules enhances the CFO’s ability to achieve the optimal balance across these dimensions
Question: Which key aspects enable success?
Answer: A successful IFRS Insurance implementation depends on good planning at an early stage and on a program focused on achieving combined compliance and business benefits goal