ifrs 17 key capabilities include
Powerful calculation Engine
Out of the box, you get pre-built calculations and reporting templates for insurance contracts for both life and non-life business segments. Upload and analyze data needed from multiple sources, perform the detailed calculations needed to produce qualitative and quantitative disclosures.
Tagetik’s IFRS 17 solution comes with preconfigured calculations and reporting templates for fast deployment but is also easily adaptable to your specific needs. Our simple user interface means you can configure the IFRS 17 solution to your specific needs without programming or IT support.
Calculate and Integrate
Our solution allows you to shape existing data to be IFRS 17 compliant without duplication or risking the integrity of the source. Adjustments for IFRS 17 compliance can be posted back to existing systems to ensure consistent information across systems and ensure the integrity of data and reporting from start to finish.
Auditability & accuracy
IFRS 17 requires that data quality and validation is integrated into existing control frameworks. Our solution provides an automated audit trail that logs everything from changes to metadata, to calculations, transformations and data flow. Data validation and anomalous record handling ensure the accuracy and consistency of data so you can be confident that all the data used for IFRS 17 compliance is accurate and auditable.
Usability & user experience
Intuitive user experience, graphical workflow mean more users can contribute to the process without losing control. Always have full visibility into who needs to do what by when as well to ensure deadlines are met and all the necessary reviews and approvals have taken place so you can meet deadlines on time every time.
Communication & Reporting
Communicate to your boards and external investors using the same tool and data you use for IFRS reporting. Whether you are providing a drillable financial statement to your CFO, a pdf board book to your board of directors, a PowerPoint presentation for your investors or an IFRS 17 submission to IASB or FASB board or to regulators; have complete confidence that numbers and narrative are accurate and auditable.
Our solution takes advantage of the capabilities of our market leading Collaborative Disclosure Management solution. Versioning controls, document sharing, commenting, and inter-document messaging – all within native Microsoft Word – allows multiple contributors to work within the same document at the same time without conflict or versioning issues.
Large Data Volumes
Designed to handle large datasets and process calculations fast, Tagetik can easily handle the complex calculations at a granular level that IFRS 17 requires. Tagetik simplifies the process of bringing all the granular data together from multiple sources needed for IFRS 17 and automates the specific calculations required for IFRS 17.
IFRS 17 could be the impetus some insurers need to update aging financial systems. However, don’t let your IT environment dictate your IFRS 17 solution. Tagetik solutions are designed to fit into existing IT environments which can reduce the disruption and cost of IFRS 17 compliance.
GET AHEAD OF THE CURVE ON IFRS 17 COMPLIANCE
Easy to Use
Intuitive user experience, pre-configured calculations and templates make IFRS 17 compliance as simple as possible for everyone involved.
Driven by Finance
Even with multiple diverse data sources, granular data, and complex calculations; Finance can own and manage the entire process from start to finish.
Strong collaboration and workflow
With so much data, collaboration and control are critical to IFRS 17 compliance. Workflow, data validation, and controls keep the process on track and on-time from initial data load to final approval and submission.
Powerful Calculation Engine
Financial calculations at the contract level for cash flow projections, yield curves and present value that will be required for the Building Block Approach (BBA).
Flexible Data Sourcing and Management
Easily manage sources, mapping and verification of granular data needed for IFRS 17 calculations.
Reuse Valuable Data
Reuse the same data across multiple internal and external reporting requirements. Upload data with adjustments back to source systems for consistent data across systems.
Reduce risk of errors, inconsistencies or omissions by using packaged templates and disclosure reporting intelligence.
Unified Corporate Performance Management
Automate and modernize key financial management processes using a single, enterprise software solution. Tagetik is the only solution that is purpose-built for Finance, optimized for non-financial users and available on the Cloud, on-premise and your mobile device.
Tagetik's ifrs Software is trusted by leading companies across several industries
IFRS Consolidation, Budget & Planning of the Group, Cash Flow
IFRS Consolidation, Consolidation, CDM, Solvency II, IVASS Reporting
Browse our Resources
IFRS 17 - Are you Ready to Take Action?
Blog post by Grazia Cafagna, Director - Financial Services Solutions Management - Tagetik
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