IFRS17 Programme Structure and Delivery

Business priorities for a multinational Lloyd’s insurer changed at a strategic level, meaning that a critical regulatory programme to deliver the data and reporting standards for IFRS17 needed replanning and rescoping to a new business context to still meet IFRS17 compliance deadlines in April 2023. The programme required a suitable governance framework to be created and managed for the newly aligned workstreams.

Challenge

IT, Accounting and Actuarial departments had considerable time pressures on projects away from the IFRS17 programme and needed to be re-engaged on the new roadmap for delivering the compliance and transformation workstreams and work packages.

Solution

We deployed a structured programme approach for the delivery of the programme. We engaged a core IFRS17 team across multiple business units, mobilising internal and third-party consultants to meet the resource needs of the planned deliverables. The use of activity-based costing brought structure and governance to complicated workstreams with extensive co-dependencies. Implementation of governance and control structures, stakeholder engagement and communications frameworks, and financial control processes for full delivery transparency.​

Outcome

Successfully reorientated the programme with a clear plan for delivering multiple IFRS17 workstreams and securing the success of the wider programme delivery as each entered different project phases.

From guest author: Anthony O'Connell