Financial Reporting Analyst - (F/H)

Location 75-PARIS, France
Experience level Experienced Hire
Job details sector Finance, Control and Strategy
Apply before Date not available
Location:
GIE AXA - Paris/GIE Sucursal - Madrid
 
General mission:
 
The mission of the Financial Reporting Analyst in the Group IFRS 17 team consists in the revamping of the Group IFRS Balance Sheet, P&L, and KPIs related to Management Information induced by the future entry into force of IFRS17 norm in 2021, with a focus on changes due to actuarial methodologies.
 
The holder of the positon will work in close collaboration with the other managers and expert of the IFRS17 team (Actuarial, Accounting data, systems & processes, etc…) and with other PBRC Actuarial, Norms, Investor Relations, GRM, AGS stakeholders. Finally, he will also be a key interlocutor for local entities.
 
Context:
 
The IFRS 17 norm was issued in May 2017 and applies to annual reporting periods beginning on or after 1 January 2021.
 
IFRS 17 represents the biggest accounting change for insurers in many years. The consequences of that new standard are not limited to a change in the measurement approach of technical reserves, the timing of P&L recognition and in the presentation of insurance companies’ financial statements. IFRS 17 requires also important changes in core systems and processes used in financial reporting; in operating models with higher interaction (or convergence) between actuarial and financial resources, in performance measurement and in financial communication. Once in place it will have also consequences in capital management, product design and investment strategies.
 
The implementation of IFRS 17 is seen as much challenging as Solvency II and much more complex from accountings systems and processes point of view, the whole with a shorter implementation timeline and a lower preparation. In a nutshell, not only IFRS17 will merge the frontiers between actuarial and accounting but will also impact almost all business processes.
 
The PBRC Department within the Group Finance Department is responsible for accounting consolidation and financial and actuarial reporting of the Group. These missions are performed for regular closings, forecasts and strategic plan exercises. PBRC works with local PBR units within the Finance Departments of Group subsidiaries.
 
Within PBRC, the recently created IFRS17 project team is in charge, from a Group perspective, of the monitoring of the implementation of the IFRS17 norm.
 
The program team includes 4 sub-teams, organized by domain of focus:
  • Actuarial methods, modelling  & systems
  • Accounting data, systems & processes
  • Finance, Accounting, Reporting & Governance
  • Project management and transversal & entities coordination

Core activities:

 
The holder of the position will mainly have to :
  • Understand the IFRS17 norm from an actuarial and financial reporting standpoint
  • Liaise with Actuarial IFRS17 team on some methodological topics (Discount Rates, Risk adjustment, Onerous contracts etc…)
  • Actively participate in the studies around transition (ie what are the impacts on the B/S and the P&L when we will switch to IFRS17 in 2021)
  • Create the new format of the Financial Statements (Balance Sheet, P&L and compulsory disclosures)
  • Define the new reporting KPIs and schedules for the Management (Activity Indicators and Earnings presentations, SII and EEV).
  • Participate under the leadership of PBRC Norms to the update of the AGAM and DREAM (Group accounting and Reporting manuals)
  • Monitor (from a business point of view) the adaption of  Magnitude and IRIS to support the production of new reporting information
  • Prepare and facilitate key documents/slides for IFRS17 Steering committees and Board meetings       
  • Animate the IFRS17 community around the Group and the entities on these topics
  • Train or prepare trainings for entities and the management
  • Redesign the reporting processes and governance
  • Write Instructions for the dry runs and parallel run, coordinate the processes and consolidate the results with PBRC Conso/Reporting team
  • Be a key interlocutor of Investor relations team to prepare financial communication on IFRS17

Technical and professional skills:
 
  • Skills in insurance company IFRs or Actuarial Reporting ( IFRS Volumes and Earnings, Combined Ratios, NBV, EEV, SII, LAT, DAC etc…) and/or in Asset Liability Management, and/or in IFRS norms
  • Knowledge of the main Insurance Business analysis KPIs and Financial Statements
Soft skills and competencies:
  • Good communication skills to maintain good relationship with the various stakeholders and influence in decision making to reach project / team objectives
  • Hands-on and polyvalent
  • Ability to work in a multicultural environment with stakeholders of very different backgrounds (eg. business, IT) and countries
  • Analytical mindset and good organizational skills
  • Ability to accept to be challenged and to have to justify positions
  • Open minded, ability to explore new solutions
  • Promoter of a collaborative way of working with open and transparent communication building trustful relationships.
  • Fluent level of operational English
Profession and educational background:
 
Professional experience:
  • At least 5 years of successful experience in IFRS or actuarial reporting, risk management, ALM, Business Lines
Academic background:
  • Master degree in Actuarial, Finance, Economics

Collective Agreement Classification: 6/7 - Band 4

 

Contacts: Leandro GONZALEZ MARTINEZ - Jaime DE ORUETA - Nicolas TREILLE



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