直面挑战——IFRS 4、IFRS 9和Solvency II对保险公司的影响.pdfVIP

Facing the challenge Business implications of IFRS 4, 9 and Solvency II for insurers Executive summary Insurers face a huge challenge in synchronising the implementation of IFRS 4 Phase II with IFRS 9 in the coming years. Managing the timelines and interdependencies between these two frameworks, alongside other new IFRS standards, Solvency II and other finance transformation and change programmes that may be underway, will place many companies in a conflicting position. Systems and processes are being significantly updated to comply with an earlier regulatory deadline to implement Solvency II. This heightens the need to assess overlapping requirements with other projects, and evaluate the risk and cost of making large investments (such as building data warehouses and actuarial systems) against the risk and cost of deferring them with interim solutions. The size and complexity of the multi-year implementation of IFRS 4 and IFRS 9 will have a major impact on data, systems, processes, governance, organisation and business. With many organisations soon to commit to significant IT and process budgets to meet Solvency II reporting requirements, there is no time to wait in addressing these issues, potential synergies and differences. It is important that appropriate resources and skill sets are in place to perform the necessary analysis, planning and efficient implementation. And to be clear, this is not necessarily about accelerating work on IFRS 4 Phase II given the many uncertainties still remaining. At a minimum, it will require achieving sufficient understanding of overlaps and differences to inform the Solvency II project on options regarding the timing of large strategic a