AxiomSL, a provider of regulatory reporting and risk management solutions, has launched a new solution to address IFRS 17 requirements.
The solution claims to provide automation with strong data management, reconciliation, flexibility and traceability capabilities whilst reducing the Total Cost of Ownership (TCO) and operational risks as well as ensuring quick time to market.
FRS 17 is a new global accounting reporting standard that impacts every firm which underwrites insurance contracts and reports under International Financial Reporting Standards (IFRS). The standard comes into effect from 01 January 2021, putting firms under extreme pressure to put the right systems in place to tackle the unprecedented challenges introduced by the new accounting framework.
AxiomSL claims to now empower firms to meet the complex IFRS 17 requirements around data, grouping, measurement and reporting with an end to end automated solution. It eliminates the manual processes and ensures measurements are executed with traceability and flexibility, whilst offering fast implementation and reducing operational risk.
Ed Royan, CEO, AxiomSL EMEA said: “IFRS 17 is a significant milestone for firms underwriting insurance contracts. The new standard presents highly complex requirements, fundamentally affecting all facets of a firm’s business model.
“We are pleased to empower our clients to tackle these wide-ranging challenges through AxiomSL’s strategic platform, connecting finance and actuarial systems. Our holistic approach links processes and systems with inherent data management capabilities, whilst greatly reducing implementation time and cost to comply with the new standard.”
Earlier this month, AxiomSL, a provider of regulatory reporting and risk management solutions, formed a strategic partnership with Genpact to launch a IFRS 9 solution. The solution said it will industrialises the rating model process and combines all the building blocks and calculation flows for IFRS 9 as an end-to-end process.
AxiomSL also recently formed a strategic partnership with German technical and regulatory support provider GridCon. The company said the partnership will leverage its ‘German reporting know-how’ and extensive knowledge on data models for risk free data migration.
Copyright © 2018 RegTech Analyst
