IFRS17 - Financial Reporting Analyst

Location MADRID, Spain
Experience level Experienced Hire
Job details sector Finance, Control and Strategy
Apply before Date not available

Context


The new norm IFRS 17 represents the biggest accounting change for insurers in many years. The consequences of that new standard to be inforce from 2021 on are not limited to a change in the measurement of technical reserves, because it will also imply:
- a reshaping of the P&L of the insurers
- a complete new presentation of insurance companies’ financial statements
- important changes in core systems and processes used in financial reporting
- new operating models with higher interaction (or convergence) between actuarial and financial resources
- a restructuring of the performance measurement and in financial communication.
- once in place, consequences on capital management, product design and investment strategies

In a nutshell, not only IFRS17 will merge the frontiers between actuarial and accounting but will also impact almost all business processes.

The implementation of IFRS 17 is seen much challenging than Solvency II and much more complex from an accounting system and processes point of view, including with a shorter implementation timeline and a lower preparation.

A project team will staffed at Group level to lead the project and will be composed of 4 sub-teams:
• Project management and transversal & entities coordination
• Actuarial methods, modelling & systems
• Finance, Reporting & Governance
• Accounting data, systems & processes


General mission

The mission of the Financial Reporting Analyst in the Finance, Reporting & Governance sub team of the Group IFRS 17 project consists in leading the revamping of the Group IFRS Balance Sheet, P&L, the adaptation of the KPIs (Volumes, Earnings, Profitability) to manage the company under IFRS17 and the preparation of the External Financial Communication around IFRS17.

Core activities

The holder of the position will mainly have to :
• Understand the IFRS17 norm from an actuarial and financial reporting standpoint
• 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).
• 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) and the dry runs
• Prepare and facilitate key documents/slides for the IFRS17 Steering committees and Board meetings
• Train or prepare trainings for entities and the management
• Be a key interlocutor of Investor relations team to prepare financial communication on IFRS17

Technical and professional skills

Technical and professional skills:
• Skills in insurance company IFRS (GWP, Earnings, Combined Ratios), or Actuarial Reporting (NBV, EEV, SII, LAT, DAC etc…), or Asset Liability Management
• 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
• Analytical mindset and good organizational skills
• Open minded, able 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 in an insurance firm or consulting company

Academic background:
• Master degree in Actuarial, Finance, Economics


Context


The new norm IFRS 17 represents the biggest accounting change for insurers in many years. The consequences of that new standard to be inforce from 2021 on are not limited to a change in the measurement of technical reserves, because it will also imply:
- a reshaping of the P&L of the insurers
- a complete new presentation of insurance companies’ financial statements
- important changes in core systems and processes used in financial reporting
- new operating models with higher interaction (or convergence) between actuarial and financial resources
- a restructuring of the performance measurement and in financial communication.
- once in place, consequences on capital management, product design and investment strategies

In a nutshell, not only IFRS17 will merge the frontiers between actuarial and accounting but will also impact almost all business processes.

The implementation of IFRS 17 is seen much challenging than Solvency II and much more complex from an accounting system and processes point of view, including with a shorter implementation timeline and a lower preparation.

A project team will staffed at Group level to lead the project and will be composed of 4 sub-teams:
• Project management and transversal & entities coordination
• Actuarial methods, modelling & systems
• Finance, Reporting & Governance
• Accounting data, systems & processes


General mission

The mission of the Financial Reporting Analyst in the Finance, Reporting & Governance sub team of the Group IFRS 17 project consists in leading the revamping of the Group IFRS Balance Sheet, P&L, the adaptation of the KPIs (Volumes, Earnings, Profitability) to manage the company under IFRS17 and the preparation of the External Financial Communication around IFRS17.

Core activities

The holder of the position will mainly have to :
• Understand the IFRS17 norm from an actuarial and financial reporting standpoint
• 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).
• 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) and the dry runs
• Prepare and facilitate key documents/slides for the IFRS17 Steering committees and Board meetings
• Train or prepare trainings for entities and the management
• Be a key interlocutor of Investor relations team to prepare financial communication on IFRS17

Technical and professional skills

Technical and professional skills:
• Skills in insurance company IFRS (GWP, Earnings, Combined Ratios), or Actuarial Reporting (NBV, EEV, SII, LAT, DAC etc…), or Asset Liability Management
• 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
• Analytical mindset and good organizational skills
• Open minded, able 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 in an insurance firm or consulting company

Academic background:
• Master degree in Actuarial, Finance, Economics



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You are the starting point for all our work. We strive to give you more choice, more innovation and more power to decide how, when and where you access our products and services, while making sure we provide excellence, quality and a strong financial foundation for everything we deliver, at the right cost to you.
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Possibility of joining the leading IFRS17 team