SAS Solution for IFRS 17
Protect your investments in actuarial, accounting and related solutions by integrating key IFRS 17 capabilities – from orchestration of data and analytics to risk and profitability reporting.
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Gain a single, comprehensive view
The SAS Solution for IFRS 17 enables you to meet all IFRS 17 requirements, including accounting for insurance contracts and establishing a structured workflow process. The solution integrates risk and finance calculations, enabling you to streamline the flow of information and reporting of expected versus actual cash flows for all stakeholders. The SAS Solution for IFRS 17 facilitates the timely tracking of results and metrics, addresses IFRS 17 regulatory requirements, and fosters collaboration among actuaries, risk managers and finance.
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Better manage data collection and validation
The SAS Solution for IFRS 17 collects actual data directly from policy management, actuarial and accounting systems. The solution also validates data from multiple sources, including actuarial and production data required for calculating cash flows. Data quality, transparency and auditability further support the data management process, ensuring the quality of the input while addressing regulatory and accounting requirements.
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Improve workflow management
Workflow management capabilities support the orchestration of job flows to address current and future IFRS 17 accounting and reporting rules. This includes data validation at each stage, from discounted and undiscounted cash flows through report generation. You can also add review and approval processes to any stage of the workflow.
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Apply the right methodology and measurement for each policy type
Out-of-the-box capabilities include policy type categorization and the ability to address grouping requirements. SAS supports all three IFRS 17 valuation approaches for insurance liabilities: the general measurement model (GMM), formerly known as the building block approach (BBA) for long-term contracts; the premium allocation approach (PAA); and the variable fee approach (VFA). You can implement whichever calculation method you choose for insurance – and reinsurance – lines of business.
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Stage validated results for accounting system posting
SAS generates preposting reports, aligned with your firm's accounting system, that support both multi-GAAP and multicurrency reporting. Reporting capabilities include the aggregation and disaggregation of results, so you can drill down to contract or analytical details. Currency and localization capabilities enable you to also report on individual subsidiaries in local and headquarters currencies, and aggregate firmwide results across geographies and lines of business.
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Gain a competitive advantage with financial planning capabilities
Effectively accommodate IFRS 17 use cases that involve: financial planning, financial health review, scenarios & crisis simulation, budgeting and fine-tuning the adaptation to the accounting standard. Take advantage of analysis of results to fuel strategic decisions to improve future profitability performance. Identify potential risks early enough to mitigate their future impact in terms of profitability performance. Effectively accommodate changes as the accounting standard evolves.
Key features
An integrated environment for managing, auditing and tracing all steps of IFRS 17 compliance processes.
Comprehensive IFRS 17 solution
Helps you meet all IFRS 17 requirements through a structured process within a flexible environment, and provides financial planning capabilities for processing multiperiod scenarios for the future.
Analytical framework for risk & finance integration
Integrates underlying technology pieces with various business components, which may share functional capabilities and data. Provides a single source of data for both risk and finance calculations, as well as additional, more specific calculations.
Flexible implementation options
Enables you to implement your IFRS 17 project gradually, accommodating the evolution and maturation of processes over time as you get more familiar with the requirements and effects of the standard.
Process orchestration
Provides an integrated environment for managing risk and financial data, including data collection, aggregation and allocation; calculation of IFRS 17 measures; creation of accounting entries and disclosures; as well as automation and optimization of processes for financial planning related activities.
Subledger
Provides a dedicated flow to support the detailed accounting process – on a standalone basis or embedded in the end-to-end IFRS 17 closing process. The flexible development logic connecting calculation and accounting processes adapts to any business requirements while enabling process owners to review and amend prior to general ledger postings.
Data management
Provides a predefined data model, connectivity and centralized metadata, data cleansing, ETL, data migration and synchronization, data federation and master data management.
Reporting
Delivers IFRS 17 internal reports, disclosure statements and a financial planning dashboard as SAS Visual Analytics reports, so you can identify patterns and relationships that weren’t initially evident, including comparative analysis between production and scenario results. Combines interactive, self-service reporting with out-of-the-box advanced analytics so everyone can discover insights.
