ifrs 17 key capabilities include
Powerful IFRS 17 Engine
The solution starts you on the way to compliance by following the new models for insurance contract accounting. Tagetik calculates liabilities for remaining coverage (LRC), liabilities for incurred claims (LIC) and contractual service margin (CSM). Tagetik discounts future cash flows, calculates risk adjustment and CSM at initial recognition and in subsequent measurements. Calculations are performed at a porfolio, subportfolio or the proper aggregation level in order to determine CSM and perform onerous contract test.
A Pre-Built Solution
Out of the box, users get a data model that’s IFRS 17 compliant. The kit includes a specific IFRS 17 chart of accounts and a custom data model to calculate each single elementary amount.Tagetik provides modelling tools to integrate data model and calculations to meet your custom needs. Configure simply with a Finance-friendly interface, no IT intervention needed.
Tagetik's IFRS solutions are non-disruptive to existing architectures - they integrate with all your systems, including Tagetik CPM and non-Tagetik applications, on premises or on the cloud. Tagetik's ETL capabilities allow you to seamlessly integrate with any source system to import or export data.
Insurance Contract Data Mart
The solution creates a contract data mart for IFRS 17 and other reporting requirements. From the single version of the truth, you can accurately calculate, report and disclose while minimizing risk. Tagetik integrates with Qlik Sense and Microsoft BI solutions so you can easily analyze and drilldown as deep as you need to. When you’ve got the confidence in your numbers, you can spend more time on analysis and forward planning.
Modelling and Calculation Engine
With Tagetik’s calculation engine and the power of analytics, you can process and calculate large volumes of data quickly. Flexible modelling allows you to easily configure calculation logic and rules to stay compliant.
Disclosure and Reporting
A single version of data and our Collaborative Office solution makes it easy to report while adhering to IFRS 17’s disclosure requirements. Whether you are providing a drillable financial statement to your CFO, a pdf board book, a PowerPoint presentation for your investors ; have complete confidence that numbers and narrative are accurate and auditable.
GET AHEAD OF THE CURVE ON IFRS 17 COMPLIANCE
Workflow and Collaboration
Finance, sales, and operations are better aligned using Tagetik’s preconfigured workflow and communication tools that unify the entire cycle and keep contributors on track and reports on time.
Even with multiple diverse data sources, granular data, and complex calculations, Finance owns and manages the entire process from start to finish.
Users can see who, when, and where data came from, it’s entire lifecycle, down to the metadata. With Tagetik, you get a detailed audit trail for full transparency.
Easy to Use
Intuitive user experience, pre-configured calculations and templates make IFRS 17 compliance as simple as possible for everyone involved.
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.
Part of Unified CPM
No single regulatory report is an island, it’s the outcome of your entire financial management processes and reporting systems. Tagetik is the only unified CPM solution to drive numbers accurately and efficiently into regulatory reports.
Cloud without Compromise
On Cloud. On Premise. One Solution. Whether you choose cloud or on-premise, it’s the same solution that’s owned and operated by finance.
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
Annual and quarterly IFRS reporting, Consolidation, Budgeting and rolling forecasting, Cash flow, Management and Investor Relations reporting
Monthly data collection, Financial consolidation, Cash flow reporting, Management reporting, Annual IFRS consolidated financial statements
Group consolidation, Reporting, IFRS and FinRep compliance, Segment reports and Risk information
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