Our introductory IFRS 17 course focuses on the main components of the IFRS 17 Standard and offers a practical approach to applying IFRS 17, preparing staff for the changes IFRS 17 brings by developing a basic understanding of the underlying fundamentals of IFRS 17 and enabling them to interpret the principal requirements within the context of an insurance company.
Practical outcomes of the course are:
Points touched on in the course include:
The diagrams below, introduced in the course, showcases the various aspects that are impacted by IFRS 17 and provides an example of the practical application in the course. Diagram 1 provides a high-level summary of the design of the process in which calculations and metrics have to be produced. These metrics and calculations are, amongst other aspects, discussed in the course. This IFRS 17 design is also reflected in the structure of the course.
Our client, a FTSE 250 UK Based Global Insurer is undergoing a large scale transformation project to ensure compliance with the requirements of the IASB’s IFRS 17 Standard by 1 January 2023. This transformation involves a training and educational programme to ensure staff are prepared and equipped to deliver, report and analyse the IFRS 17 results successfully upon transition.
We have supported our client to roll-out our hands-on IFRS 17 training module successfully to their actuarial, finance and other support teams. This process involved integrating our specialist content and practical assignment (combined with an automated marking facility that we developed) onto the client’s in-house learning management system.
“As part of the IFRS 17 implementation we are looking at ways in which we can better prepare ourselves to be ready as a finance department come 2023. One area we have identified is by ensuring that we have the opportunity to develop a base level understanding of IFRS 17 due to the wide reaching impacts of the new standard.
The IFRS 17 course will be split into 4 parts (1. Basic Concepts, 2. IFRS17 Framework, 3. Practical Application, 4. Direct vs Reinsurance). In total the training will take between 3-4 hours but does not have to be completed all in one sitting.
Due to IFRS 17 impacting a number of areas and resulting in changes across our reporting, operations, I strongly recommend that people complete this course, even if you feel that IFRS 17 won’t impact you directly. There are a lot of changes happening so understanding the basic concepts will be very useful for everyone and will hopefully aid you all when 2023 comes around.”
- IFRS 17 Implementation Lead
Our IFRS 17 course has flexible presentation options, and can be housed in-house or through our training platform. Please do not hesitate to contact us regarding a tailored corporate package.
To schedule a consultation with one of our consultants at a time convenient to you, please use https://calendly.com/actuartech/15-minute-meeting. Alternatively, please email us on firstname.lastname@example.org with your queries.
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