Introduction to IFRS 17 Challenges
The global adoption of the International Financial Reporting Standard (IFRS) 17 has introduced significant challenges for companies regarding data management, systems integration, process optimization, modeling complexities, governance, and auditability. To address these hurdles effectively, Moody's Analytics offers cutting-edge solutions that revolutionize the financial accounting process, enabling businesses to navigate the intricacies of IFRS 17 with ease.
Streamlined Solutions for Efficient Compliance
Moody's integrated modular solutions are designed to simplify accounting and actuarial processes, facilitating a swift and efficient response to the requirements of the accounting standard. These solutions aim to enhance automation, governance, and controls within the IFRS 17 process, ultimately reducing production time, and providing managers and auditors with the confidence to review results thoroughly.
Key Features of Moody's IFRS 17 Solutions
1. Modern and Scalable Solution: Leveraging cloud technology, Moody's solution offers scalability, continuous updates, lower maintenance costs, and seamless integration into existing infrastructure, ensuring a modern and scalable approach to financial reporting compliance.
2. Time and Resource Savings: Ready-to-use calculations, analytics, end-to-end reconciliation, and flexible drill-down functionality streamline IFRS 17 requirements, saving crucial time and resources for businesses.
3. Purpose-Built Functionality: The end-to-end solution caters to the specific needs of life and non-life insurers, credit insurers, and reinsurers, connecting data, models, systems, and processes efficiently.
4. Enhanced Reporting and Compliance: Moody's solutions provide advanced reporting, compliance, and audit features, coupled with streamlined data management, enabling insurers to comply with IFRS 17 requirements confidently while ensuring accurate and transparent financial reporting.
Success Stories with Moody's Solutions
Companies like Seguros RGA have chosen Moody's to support their IFRS 17 projects, utilizing cutting-edge solutions like the AXIS™ system for actuarial calculations and processes, and the RiskIntegrity™ for IFRS 17 solution for streamlined financial statement production under the new reporting standard. These success stories underscore the effectiveness and reliability of Moody's Analytics in addressing the complex challenges posed by IFRS 17 implementation.
Moody's Product Offerings for IFRS 17 Compliance
1. RiskIntegrity™ for IFRS 17: A comprehensive solution that integrates seamlessly with existing infrastructure, connecting data, models, and processes between actuarial and accounting functions.
2. Discount Curve Service for IFRS 17: Supports the valuation of insurers' cash flows under the new accounting standard, offering customizable content and in-depth methodology support.
3. Scenario Generator: Provides stochastic asset modeling tools for risk-neutral scenarios, streamlining liability valuation and automating stress and sensitivity calibrations.
4. AXIS™ Actuarial System: Flexibility in deployment through cloud-based or software installation, enabling advanced actuarial analysis applications for life insurance and reinsurance.
Further Insights and Resources
Moody's Analytics offers a range of related products and services, including solutions for LDTI compliance, actuarial modeling, and customer success stories like the adoption of RiskIntegrity™ by Astra Life in Indonesia. These resources provide valuable insights into how Moody's solutions can drive compliance and success in the face of evolving financial standards.