IFRS Solution Case Study #1

Objective:

To meet the financial compliance requirements relating to IFRS-17, while minimizing impact on day-to-day operations that may arise during and after the implementation phase. While IFRS-17 implementation itself was a challenge, customers also had concerns in managing and consolidating vast data sources from many different systems that would need to flow into the new IFRS-17 system.

Outcome:

• Reduced implementation timeframe through pre-packaged starter kit (25% - 30% reduction) for faster adoption and cost savings. 
• Compliance with all IFRS-17 requirements such as data quality rules, IFRS-17 rules and calculations, accounting rules, reportings and disclosures.  
• All data sets reconciled across different levels, especially the new Unit of Account (UoA) level as required by IFRS-17 guidelines. 
• Intuitive built-in reporting tools with flexibilities in report customisation at business user level. 
• Professional and systematic approach to data preparation, significantly reducing errors and discrepancies while assuring accuracy. 

Solution:

CCH Tagetik.