Deloitte Regulatory Assist for IFRS 17 delivers global
insurers a fast track to tackling the industry's biggest regulatory
shakeup in decades.
CARY,
N.C., May 17, 2022 /PRNewswire/ -- Most insurers
worldwide will face the mandates of IFRS 17 as early as
January 2023. As companies race to
overhaul their finance and actuarial processes to meet the
requirements of the new reporting standard for insurance contracts,
SAS and Deloitte have worked together to offer a faster, more
cost-effective approach to compliance: Regulatory Assist for IFRS
17.
"Regulatory Assist takes the guess work out
of being IFRS 17-ready." – Troy
Haines, SAS
Built on Amazon Web Services, the preconfigured, cloud-based
solution can be deployed in any data center globally. Property and
casualty (P&C) and life insurers of any size can benefit from
the offering's suite of five accelerators: Requirements Assist,
Data Assist, Configuration Assist, Testing & Use Case Assist,
and Reporting Assist.
The accelerators provide an integrated approach through
Deloitte's managed service combined with the industry-proven
SAS® Solution for IFRS 17, which delivers key,
out-of-the-box capabilities – from data orchestration and flexible,
scalable analytics to robust reporting, including internal reports
and disclosure statements. Insurers can expect to generate results
in as little as 90 days. The ready-to-go solution helps reduce
overall compliance costs while helping insurers expedite their IFRS
17 readiness.
"Early in the planning stage, insurers need to understand how to
align their finance, actuarial, data and IT resources to sustain
their IFRS 17 program," said Nat D'Ercole, Partner at
Deloitte Canada. "The Regulatory Assist offering helps align
organizational units and gets our clients to the finish line
quicker."
EDC fast-tracks its compliance path
Taking
effect between January 2023 and 2026,
IFRS 17 will standardize the way many insurance companies keep
their books, boosting transparency and comparability in financial
reporting industrywide. The complexities and rigors of the
impending regulations will require insurers, primarily in the
European Union, Asia, Latin America and Canada, to overhaul accounting standards and
processes.
Export Development Canada (EDC) is an international export risk
firm that provides risk mitigation insurance solutions that reduce
the risks associated with trade and conducting business abroad.
Facing a Jan. 1, 2023, compliance
deadline, EDC chose Regulatory Assist to get a leg up on its
compliance objectives.
According to a written statement from EDC: "Deloitte IFRS 17
Accelerators can provide insurers an approach in fast-tracking the
compliance journey and reduce the time to value by leveraging
innovative and industry-leading assets. Assets cultivated from the
firm's global experience, coupled with its leadership in IFRS 17
programs and the SAS solution, gave us confidence as we navigated
through our IFRS 17 compliance journey."
Globally, Deloitte has a network of more than 1,500
practitioners across the globe to support SAS clients with their
regulatory compliance requirements.
"The transition to IFRS 17 and its impacts on insurers'
financial statements, key performance indicators, systems and
processes cannot be understated," said Troy
Haines, Senior Vice President and Head of Risk Research and
Quantitative Solutions at SAS. "Regulatory Assist takes the guess
work out of being IFRS 17-ready. It aligns Deloitte's advisory
services and industry expertise with SAS' end-to-end solution,
replete with all the necessary capabilities to support compliance
calculations at scale – and with the requisite granularity, data
lineage and transparency."
For more information about this offering, download the IFRS 17
with SAS and Deloitte brief.
About Deloitte
Deloitte provides
industry-leading audit, consulting, tax and advisory services to
many of the world's most admired brands, including nearly 90
percent of the Fortune 500 and more than 5,000 private and middle
market companies. Our people work across the industry sectors that
drive and shape today's marketplace to make an impact that matters
– delivering measurable and lasting results that help reinforce
public trust in our capital markets, inspire clients to see
challenges as opportunities to transform and thrive, and help lead
the way toward a stronger economy and a healthy society. Deloitte
is proud to be part of the largest global professional services
network serving our clients in the markets that are most important
to them.
About SAS
SAS is the leader in analytics.
Through innovative software and services, SAS empowers and inspires
customers around the world to transform data into intelligence. SAS
gives you THE POWER TO KNOW®.
SAS and all other SAS Institute Inc. product or service names
are registered trademarks or trademarks of SAS Institute Inc. in
the USA and other countries. ®
indicates USA registration. Other
brand and product names are trademarks of their respective
companies. Copyright © 2022 SAS Institute Inc. All rights
reserved.
Editorial
Contacts:
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Danielle
Bates
|
Georgie
Blackerby
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danielle.bates@sas.com
|
georgie.blackerby@sas.com
|
919-531-1959
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919-531-1674
|
sas.com/news
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SOURCE SAS