SAS® Regulatory Content for IFRS 17

Stay in front of IFRS 17 requirements for compliance without losing visibility.

The IFRS 17 standard is changing the definition of how profit is measured. Plan ahead to manage complexity with a consistent, transparent and comprehensive approach to accounting for insurance contracts. From data quality to the required calculations and reporting, SAS provides an integrated solution that supports all of the required methodologies you need to successfully implement IFRS 17, including the generation of postings, process management and gover­nance. These capabilities will be vital for insurers to go beyond the standard to have deeper insights into contracts over time. 

Protect your investments in actuarial and accounting solutions by integrating any missing capabilities required for IFRS 17.

Auditable processes and powerful reporting

Design repeatable and fully transparent processes. And enable stakeholders to access highly informative, predefined financial reports with query capabilities that can drill down to detailed source data.

Flexible definitions to structure accounts

Define various sets of rules, allocating the results of calculations to different elements in the structure of accounts disclosed in the final reports.

What-if capabilities

Define and run processes based on several configurations, each representing a different set of scenario-based assumptions. Use the results to verify how a range of outcomes might affect the financial results. 

Data quality and process quality management

Define data quality rules and align data sets as required for each step of the job-flow process. Monitor the delivery, completeness and quality of data to ensure trusted results.

SAS® Regulatory Content for IFRS 17 - worksheet

Simplify your transition with a single, scalable solution.

Having risk and finance calculations in one comprehensive solution allows you to streamline the flow of information and reporting of expected vs. actual cash flows for all of your stakeholders. In addition to addressing regulatory requirements, our solution improves the timely tracking of results and metrics, and enables collaboration among actuaries, risk managers and finance.

Better manage data collection and validation.

SAS collects actual baseline data directly from your policy, administrative and accounting systems. And SAS supports the validation of data from multiple sources, including actuarial and production data required to calculate cash flows. SAS data capabilities extend from data quality and lineage to posting of results on a single platform across all divisions.  Data quality, transparency and auditability enables you to get results you can trust. 

SAS® Regulatory Content for IFRS 17 - process flow tasks
SAS® Regulatory Content for IFRS 17 - posting rules

Improve job flows and process management.

SAS workflow management, combined with its flexible rules engine, supports the orchestration of job flows to address current and future IFRS 17 accounting and reporting rules. SAS process management includes data validation at each stage, from discounted and undiscounted cash flows through report generation. Review and approval processes may be added to any stage of the workflow as required.

Apply the right methodology, whatever the policy type.

Out-of-the-box capabilities include categorization of policy types and addressing grouping requirements. SAS supports all three IFRS 17 valuations for insurance liabilities: GMM (General Measurement Model), formerly known as BBA (Building Block Approach) for long-term contracts, PAA (Premium Allocation Approach) and VFA (Variable Fee Approach).  Implement whichever calculation methodology works best for insurance and reinsurance lines of business.

SAS® Regulatory Content for IFRS 17 - IRM flow
SAS® Regulatory Content for IFRS 17 - financial dashboard

Stage validated results for posting reports.

SAS generates pre-posting reports compliant with IFRS 17 accounting rules, aligned with your firm's accounting system in support of both multi-GAAP and multicurrency reporting. Align with your firm’s chart of accounts and posting rules. Drill down to granular contract or analytic details as required. And with currency and localization capabilities, you can report on individual subsidiaries in local and HQ currencies, and aggregate firmwide results across geographies and lines of business. 

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