ifrs 4


As IFRS 4 phase 2 hurdles down the compliance pipeline, it’s set to disrupt how insurers manage operational costs, KPIs, and forecasting in addition to the how they communicate with capital markets. The result? A potentially very disruptive (and expensive) overhaul of financial management processes, applications and operating models.


Thankfully, Tagetik has a non-disruptive approach to addressing new and expanding compliance requirements (Solvency II for example). With our agile approach to compliance, you can focus on your business with confidence that you’re in compliance with regulatory standards.

IFRS4 Software

ifrs 4 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.

 

Pre-built solution

Tagetik’s IFRS4 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 IFRS4 solution to your specific needs without programming or IT support.

 

Calculate and Integrate

Our solution allows you to shape existing data to be IFRS4 compliant without duplication or risking the integrity of the source.  Adjustments for IFRS4 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

IFRS4 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 4 Phase 2 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 4 submission to IASB or FASBboard or to regulators; have complete confidence that numbers and narrative are accurate and auditable.

 

Collaborative Disclosure

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.

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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 4 Phase 2 requires. Tagetik simplifies the process of bringing all the granular data together from multiple sources needed for IFRS 4 Phase 2 and automates the specific calculations required for IFRS 4 Phase 2.

 

Open architecture

IFRS4 could be the impetus some insurers need to update aging financial systems. However, don’t let your IT environment dictate your IFRS 4 solution. Tagetik solutions are designed to fit into existing IT environments which can reduce the disruption and cost of IFRS 4 Phase 2 compliance.

GET AHEAD OF THE CURVE ON IFRS4 COMPLIANCE

Easy to Use
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Easy to Use

Intuitive user experience, pre-configured calculations and templates make IFRS 4 compliance as simple as possible for everyone involved.

Driven by Finance
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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
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Strong collaboration and workflow

With so much data, collaboration and control are critical to IFRS 4 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
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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
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Flexible Data Sourcing and Management

Easily manage sources, mapping and verification of granular data needed for IFRS 4 Phase 2 calculations. 

Reuse Valuable Data
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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
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Reduce Risk

Reduce risk of errors, inconsistencies or omissions by using packaged templates and disclosure reporting intelligence.

Unified Corporate Performance Management
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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


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