IFRS17 – IFRS17 Solution business lead (accounting data) (Madrid or Pais)

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

The mission of the IFRS17 Solution business lead (accounting data) of the IFRS 17 program consists in the definition and the development of the new CSM solution module from an accounting stand point, considering required functionality for the business (i.e. calculation engine, data management, posting engine and workflow) and also includes the selection of the new tool amongst different software vendors.
This role is part of the program stream: Accounting data, systems & processes.

The holder of the position will have to work closely with the stream “Actuarial methods, modelling & systems “



Context

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 program team is in charge, from a Group perspective, of the monitoring of the implementation of the IFRS17 norm.

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.

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 core activities of the IFRS17 CSM data accounting business lead include:
• Selection of a new tool (participation into the RFI/RFP process with different providers)
• Definition of the IFRS17 solution Use Cases in coordination with actuarial and reporting streams
• Definition of the tool data granularity and table of references

• Develop CSM module detailed solution design on the accounting part
• Develop CSM engine accounting functionalities (mainly posting logic and the IFRS 17 sub-ledger)
• Coordination of the Build and test new system solution
• Coordination of the Build and test of the new solution design with AGS and/or editors (planning follow up, management of priorities, …)
• Oversight of the user testing performed by selected AXA entities
• Participation in the design/review of inbound and outbound interfaces
• Participation in the data governance framework related IFRS17 solution scope
• Documentation of all the decision made on the stream and contribution to change management
• Participation in the stream governance (production of slides, key messages, …)
• Animation of the stream community on the scope related to IFRS17 solution
• Coordination of the activities realized by externals
• Follow up of planning and key milestones
• Organization of the support to entities during dry runs and tracking of all the problem encountered

Technical and professional skills

Technical and professional skills:
• Knowledge of modelling / actuarial activities
• Knowledge on the Axa Group data model is a plus
• Ability to understand multi-gaap accounting environments
• Ability to understand the IT solutions implemented and to challenge proposed solutions
• Good understanding of IFRS 17 standard
• Good knowledge of the Agile delivery framework


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
• Ability to work in large project and be proactive
• Analytical mindset
• Ability to manage the buying of different stakeholders
• Ability to accept to be challenged and to have to justify positions
• Open minded, ability to explore new solutions
• Ability to coordinate dedicated work streams
• Fluent level of operational English
• Good level in English required
• Strong analytical skills
• Rigorous and focused


Management Skills:
• Capacity to manage external
• Ability to work in a multicultural environment
• Capacity to work on a worldwide project (usage of new communication technology)
• Capacity to work with actuarial teams

Profession and educational background

Professional experience:
• More than 5 years of successful experience in the implementation of accounting projects
• Knowledge of accounting systems (Copernic, Ship, Magnitude, IRIS)


Academic background:
• Master degree in Actuarial, Finance, Economics or in Business Administration with an expertise in financial reporting systems
• Solid academic background


General mission

The mission of the IFRS17 Solution business lead (accounting data) of the IFRS 17 program consists in the definition and the development of the new CSM solution module from an accounting stand point, considering required functionality for the business (i.e. calculation engine, data management, posting engine and workflow) and also includes the selection of the new tool amongst different software vendors.
This role is part of the program stream: Accounting data, systems & processes.

The holder of the position will have to work closely with the stream “Actuarial methods, modelling & systems “



Context

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 program team is in charge, from a Group perspective, of the monitoring of the implementation of the IFRS17 norm.

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.

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 core activities of the IFRS17 CSM data accounting business lead include:
• Selection of a new tool (participation into the RFI/RFP process with different providers)
• Definition of the IFRS17 solution Use Cases in coordination with actuarial and reporting streams
• Definition of the tool data granularity and table of references

• Develop CSM module detailed solution design on the accounting part
• Develop CSM engine accounting functionalities (mainly posting logic and the IFRS 17 sub-ledger)
• Coordination of the Build and test new system solution
• Coordination of the Build and test of the new solution design with AGS and/or editors (planning follow up, management of priorities, …)
• Oversight of the user testing performed by selected AXA entities
• Participation in the design/review of inbound and outbound interfaces
• Participation in the data governance framework related IFRS17 solution scope
• Documentation of all the decision made on the stream and contribution to change management
• Participation in the stream governance (production of slides, key messages, …)
• Animation of the stream community on the scope related to IFRS17 solution
• Coordination of the activities realized by externals
• Follow up of planning and key milestones
• Organization of the support to entities during dry runs and tracking of all the problem encountered

Technical and professional skills

Technical and professional skills:
• Knowledge of modelling / actuarial activities
• Knowledge on the Axa Group data model is a plus
• Ability to understand multi-gaap accounting environments
• Ability to understand the IT solutions implemented and to challenge proposed solutions
• Good understanding of IFRS 17 standard
• Good knowledge of the Agile delivery framework


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
• Ability to work in large project and be proactive
• Analytical mindset
• Ability to manage the buying of different stakeholders
• Ability to accept to be challenged and to have to justify positions
• Open minded, ability to explore new solutions
• Ability to coordinate dedicated work streams
• Fluent level of operational English
• Good level in English required
• Strong analytical skills
• Rigorous and focused


Management Skills:
• Capacity to manage external
• Ability to work in a multicultural environment
• Capacity to work on a worldwide project (usage of new communication technology)
• Capacity to work with actuarial teams

Profession and educational background

Professional experience:
• More than 5 years of successful experience in the implementation of accounting projects
• Knowledge of accounting systems (Copernic, Ship, Magnitude, IRIS)


Academic background:
• Master degree in Actuarial, Finance, Economics or in Business Administration with an expertise in financial reporting systems
• Solid academic background



As one of the largest global insurers, our purpose is to empower people to live a better life. This purpose is shared by each and every employee throughout our organization, as we tailor our services and solutions to each of our 107 million customers around the world, one person at a time.

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