Key Considerations for Insurance IFRSProgram management at the heart of managing the impacts of IFRS for Insurance |
Organizations are only just starting to understand how to successfully approach the implementation of IFRS for Insurance; Key considerations for program management are:
- Impacts almost all areas of the organization and operating model
- Introduces new reporting concepts in IFRS 9, hedge accounting and Impairment
- Create programmes with structure and methodology to prevent the evolution of large ‘monster’ projects
- Control the scope with defined outcomes
- Control the interdependencies and ensure cohesion across functions
- Manage the messages to key stakeholders
- Realize the Strategic Synergy Benefits (SSB’s) and economies of scale - gain maximum benefit from the mandatory spend
