Based on our international experiences in IFRS 17 projects, basically there are four phases to consider in the aspect of actuarial, accounting, and IT practices.
- Gap Analysis: Compare company’s current environment with the IFRS 17 requirements in the aspect of data and systems
- Design: Understand the available solutions in the market and design the overall end-to-end data flow solution based on company’s budget as well as future product and management plan
- Implementation: Follow the direction of the design, implement the actuarial mode, data mart, and IFRS 17 subledger
- System Integration Test: Test the end-to-end solution with actual data and review the efficiency and accuracy of the calculation results. Enhance or fix the issues to meet the IFRS 17 requirements
The key performance indicator for IFRS 17 project completeness is about the degree of the automation.
