IFRS 17: What you missed from Oracle OpenWorld
18 March 2020
Last month’s EMEA Oracle OpenWorld was a great opportunity to explore how technology can solve the key challenges facing business today. As part of our role as sponsor, we co-hosted a client roundtable with Oracle on IFRS 17. We wanted to showcase how, when technology is approached with the right mindset, the solutions can go beyond simply meeting regulatory compliance to delivering finance transformation.
For those who were unable to attend on the day, we were keen to share with you some of the key highlights that came out of the session:
What is Oracle’s IFRS 17 OFSAA solution?
A highlight for us was the opportunity to demonstrate Oracle’s IFRS 17 compliant tool as part of our strategic partnership. If, like many of the attendees on the day, you were not aware of the solution, we’ll provide a quick overview.
The solution addresses the financial accounting requirements of IFRS 17. And as it is built on Oracle’s integrated risk and finance architecture, it provides out-of-the-box capabilities for data aggregation and CSM calculations. The solution and its associated tools provides initial and subsequent measurement types; pre-built integration with the accounting and financial close process; and creates integrated, auditable results for internal and external reporting, with auditability and lineage.
Oracle has had significant market success in the past 12 months with wins in the UK, wider EMEA, US and APAC regions; reflecting the strength and viability of the tool in the marketplace. To bring these features to life for our audience, we included examples of how others from the UK and other regions were already using the solution.
What is the value that PwC can bring?
As a leading advisor to the Insurance industry, we have played a significant role in helping organisations transform and modernise their businesses to meet global and regulatory challenges. With one of the largest finance technology transformation practices in EMEA, we worked closely alongside Oracle to develop a delivery model for successful implementations. Oracle OpenWorld was a chance to talk with clients about this in more depth including some of the tools and accelerators for each of the programme phases that will catalyse delivery, reduce costs, and help meet regulatory deadlines. Having built out our delivery capability to include 50+ fully trained IFRS 17 Technology resources in the UK across solutions and a greater number spanning the full Finance taxonomy, we appreciated the opportunity to showcase the difference we can make.
What is the link between regulatory compliance and finance transformation?
Whilst compliance to the standard is the key outcome here, we believe there is a clear opportunity to improve and extend productivity and efficiency. This can be done through continued automation, process optimisation, and operating model change which work hand-in-hand with meeting the new regulatory challenges. Leveraging regulatory changes to enhance your processes and business operations should be the key focus of any implementation.
We also recognise that adopting IFRS 17 means change beyond technology - adopting new metrics internally and externally, re-alignment of compensation, positioning and messaging in the market. It was agreed with the attendees that all of these need to be considered to ensure successful implementations.
How can I find out more?
If you are an insurer yet to commence your IFRS 17 programme, or in the initial stages, we can help in a number of ways and have tailored several approaches to IFRS 17 compliance. If you want to talk further about this, or would like additional information, please contact: