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IFRS 17 Simulation Studio: Simulate Your IFRS 17 Approach

IFRS 17 Simulation Studio

 

Simplify Your Approach with the IFRS 17 Simulation Studio

Simulate your interpretation of the accounting standard when you create operating policy and validate data and models. Oracle IFRS 17 Analyzer provides a secure environment with access to prebuilt models, calculations, and business rules to get you started:

  • Deploy: From Day 0, unlock a starting advantage point with all the data elements you need, prebuilt models, calculations, and disclosure reports.

  • Set and refine: Build up from the baseline fundamentals to adjust calculations, extend disclosure reports, and amend data elements.

  • Move forward: Create accounting events for the general ledger, with seamless flow of results from the IFRS 17 subledger and general ledger.

Accelerate and De-Risk Your Program with the IFRS 17 Simulation Studio

The IFRS 17 Simulation Studio can interpret new accounting standards and help you gain functional insights from identifying data gaps and understanding disclosures and reports. It can also seamlessly integrate with the business and help you to take an agile approach to accelerate your program and parallel run time.

IFRS 17 program timeline comparison

The following are building blocks for simulating IFRS 17:

  • Requirement analysis: Business mapping for nonlife products, business entities, calculation methods for GMM / PAA / VFA and reinsurance, accounting, and disclosure reporting

  • Data download: Handover accounting events and calculation results to surround applications

  • Run analytical reports: Run standard disclosure, management, ad hoc, and comparative reports

  • Enablement to design calculations: Based on dimension, hierarchies, level of aggregation, preferences, liability, and subledger accounting

  • Data sourcing: Load data into Oracle staging to run and simulate calculations

  • Simulate and validate calculations: Perform liability runs for the portfolios, validate results, reconfigure templates, rerun calculations, and revalidate results

  • Identify and validate allocations: Identify the level (group, policy, etc.) at which to allocate expenses and distribution of CSM post-calculation runs

Benefit from Simulating IFRS 17 in the IFRS 17 Simulation Studio

Optimize your program

  • Mitigate program risk and control costs
  • Remain focused on solving for critical elements
  • Sensibly address data vulnerability and quality
  • Create rules and models in a consistent, future-proof framework
  • Validate policy and rules with “out-of-the-box” tools

Accelerate your implementation

  • Efficiently manage program resources, timeline, and execution
  • Provide insights to and clearly explain results and postings
  • Reuse > 90% of project towards full implementation
  • Eliminate duplication efforts on bespoke, limited Excel-based solutions
  • Maintain momentum as the broader finance strategy matures
  • Optimize value of the standard and its application