PARIS, Jan. 14, 2020 /CNW Telbec/ - CGI (NYSE: GIB)
(TSX: GIB.A) and BNP Paribas Cardif, the world leader in
bancassurance partnerships and creditor
insurance1, have signed a new agreement for the
delivery of services to support the insurer's compliance with the
International Financial Reporting Standard (IFRS) 17. Led by its
operations in France, CGI will
provide business consulting and system integration services for a
21-month period to help BNP Paribas Cardif comply with IFRS 17
before its January 1, 2022 effective
date.
Issued by the International Accounting Standards
Board, IFRS 17 redefines the way insurers calculate and report
margin on insurance contracts. These new rules impact actuarial
modelling, closing processes and accounting, as well as IT systems
and operations. Compliance with IFRS standards is required in 100+
countries worldwide and permitted in many other countries. Covered
insurers are in the process of assessing the new standard and
evaluating their obligations and options as the January 1, 2022 effective date looms on the
horizon.
CGI, a leading end-to-end services provider, signed a
partnership in 2018 with Moody's Analytics, a leading provider
of financial intelligence, to support insurance companies with the
implementation of the Moody's Analytic's
RiskIntegrity™ solution for IFRS 17. CGI's partnership with
Moody's Analytics, combined with its business consulting and
systems integration capabilities, were key to its selection for
this contract. CGI will work with BNP Paribas Cardif's actuarial,
finance and IT teams to implement and deploy the
RiskIntegrity solution for IFRS 17 within the company, using
an innovative, end-to-end methodology.
"Compliance with IFRS 17 will have a significant impact on our
financial reporting and performance," said Muriel Puron-Chambord, BNP Paribas Cardif's
Chief Financial Officer. "This is one of our top strategic projects
over the next two years, and we are confident CGI has the ability
to address our challenges by delivering consulting services,
methodological support and the Moody's Analytic's RiskIntegrity
solution for IFRS 17 integration expertise."
"We look forward to helping BNP Paribas Cardif successfully
complete this strategic project," said Pierre-Dominique
Martin, Senior Vice-President, CGI Business
Consulting. "Leading insurers around the world rely on CGI
business consultants' in-depth knowledge and our end-to-end
capabilities to complete transformation projects and meet
regulatory requirements."
About CGI
Founded in 1976, CGI is among the largest
independent IT and business consulting services firms in the world.
With 77,500 consultants and other professionals across the globe,
CGI delivers an end-to-end portfolio of capabilities, from
strategic IT and business consulting to systems integration,
managed IT and business process services and intellectual property
solutions. CGI works with clients through a local relationship
model complemented by a global delivery network that helps clients
digitally transform their organizations and accelerate results.
With Fiscal 2019 reported revenue of C$12.1
billion, CGI shares are listed on the TSX (GIB.A) and the
NYSE (GIB). Learn more at cgi.com.
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1Source: Finaccord - 2018
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SOURCE CGI Inc.