Moody’s Offers RiskIntegrity™ IFRS 17 Software for Insurers Preparing for Reporting Standards
In Action Summary
Moody’s Analytics have announced the launch of RiskIntegrity IFRS 17, a cloud-based system designed to help insurers report under the new International Financial Reporting Standards (IFRS) 17.
The new software will allow insurers to meet the 2021 implementation deadline across life, health, P/C, and reinsurance and addresses key requirements of IFRS 17, such as contractual service margin (CSM) calculations, detailed movement analysis, general ledger posting and preparation, and data and workflow management.
Moody’s Analytics RiskIntegrity IFRS 17 helps insurers report under International Financial Reporting Standard (IFRS) 17
The solution offers insurers an automated, secure, and flexible solution for managing a complex, data-intensive process. It also helps in performing key calculations to bridge actuarial and financial reporting standards and integrate with Moody’s Analytics AXIS actuarial system, and is fully compatible with other actuarial systems. The software supports the needs of insurers to aggregate data and results across their organizations, including multi-level, multi-currency consolidation, and intra-group transactions, in addition to offering the capability to operate across single or multiple locations.
“Under IFRS 17, financial reporting requires complex actuarial calculations to quantify balance sheet items and identify sources of profit and loss. As a result, implementing IFRS 17 requires greater integration of actuarial and accounting systems, creating significant operational challenges related to data, modeling, governance, and auditability,” said Christophe Burckbuchler, head of Insurance Strategy and IFRS 17 Solutions at Moody’s Analytics.
Ultimately, this offering is a software-as-a-service to meet IFRS 17 standards and is deployable in private or public cloud, or on-premise installation.