AddressThe IFRS 17 Implementation Team will plays a crucial role in ensuring the successful adoption and integration of the International Financial Reporting Standard 17 (IFRS 17) within the organization. This team is responsible for navigating the complexities of IFRS 17 requirements, collaborating across departments, and implementing necessary changes to financial reporting processes and systems.
Key Responsibilities:
1. Understanding IFRS 17 Requirements: Thoroughly comprehend the requirements outlined in IFRS 17 and stay updated on any amendments or interpretations issued by regulatory bodies.
2. Project Planning and Management: Collaborate with project managers to develop and execute a comprehensive implementation plan for IFRS 17, ensuring adherence to timelines and other constraints.
3. Cross-functional Collaboration: Work closely with various departments such as finance, actuarial, IT, and risk management to gather necessary data, assess impacts, and align strategies for IFRS 17 compliance.
4. Data Analysis and Validation: Analyse financial data to assess its suitability for IFRS 17 reporting requirements. Conduct thorough validation exercises to ensure accuracy and completeness of data.
5. System Integration and Testing: Participate in the selection, customization, and integration of software solutions tailored to IFRS 17 reporting needs. Conduct rigorous testing to identify and resolve any issues or discrepancies.
6. Process Optimization: Identify opportunities to streamline existing financial reporting processes and develop new methodologies to comply with IFRS 17 standards efficiently.
7. Training and Education: Provide guidance and training to relevant stakeholders on the implications of IFRS 17 and the changes required in their respective areas of expertise.
8. Documentation and Reporting: Maintain detailed documentation of implementation activities, including methodologies, assumptions, and results. Prepare regular progress reports for senior management and regulatory authorities as required.
9. Risk Assessment and Mitigation: Identify potential risks and challenges associated with IFRS 17 implementation and develop strategies to mitigate these risks effectively.
10. Continuous Improvement: Stay informed about developments in IFRS 17 and related regulatory requirements. Continuously evaluate and enhance implementation processes to ensure ongoing compliance and efficiency.
Qualifications:
- CA, CPA, ACCA, CFA, FRM preferred.
- Strong understanding of IFRS standards, with specific knowledge of IFRS 17 and other IndAS is highly desirable.
- Previous experience in financial reporting, actuarial analysis, or risk management within the insurance or financial services industry preferred.
- Demonstrated ability to work collaboratively in cross-functional teams and manage multiple priorities in a dynamic environment.
- Excellent analytical skills with attention to detail and accuracy.
- Proficiency in data analysis tools and financial software applications.
- Effective communication skills, both verbal and written.
- Project management experience and familiarity with Agile or similar methodologies beneficial.
