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The 2020 Chartis Research Report for Insurance Risk Systems for IFRS 17 and LDTI Compliance awarded Oracle the distinction of Category Leader in two Chartis RiskTech Quadrants for Accounting Systems Solutions and Data Management and Reporting Solutions.
“Both IFRS 17 and LDTI predicate the need for insurers to break down silos in data management and reporting to ensure they have full agility and transparency across the enterprise. Oracle has long been effective at helping customers quickly adapt to new standards, and these recent quadrant positions underscore its ability to help insurers prepare for the upcoming IFRS and LDTI mandates.”
According to the report, Oracle is a category leader in two quadrants: accounting systems solutions and data management and reporting solutions. Oracle scored well in both the completeness of offering and market potential categories, with a compliance solution based on its integrated risk and finance architecture. Oracle received “best-in-class” or “advanced” in six out of seven capabilities in each quadrant—among the highest of any vendor.
“The Oracle Financial Services IFRS 17/LDTI Analyzer solution is designed to take data from a staging area common across all Oracle applications and enable its reuse for deeper analytical insight. Clients gain a proven framework for the ingestion of data from source systems, as well as a portfolio setup with business rules and disaggregation into groups, and subledger accounting to ensure ongoing effectiveness.”
Shape the foundation for finance modernization with faster adoption of the new accounting standards.
Easily adjust data, models, and reporting with out-of-the-box tools.
Address the financial accounting requirements of IFRS17.
Gain visibility into the journal entries resulting from the accounting process.