IFRS 17 Forum – 2018

IFRS 17
2nd Annual

IFRS 17 Forum

13 June 2018 | London | Etc Venues Monument

Progress, opportunities and implementation

2018 Key agenda highlights

IFRS 17 Review

Developments, progress and unanswered questions

Implementation

Implementation approaches, challenges and solutions

Forward looking indicators

What the new standard tell us about the business

Solvency II

Progress and pitfalls of leveraging Solvency II

Embedding into the business

Incorporating IFRS 17 into day to day business

Reporting & Modelling

Practical challenges associated with reporting and modelling

Profit Profile

Impact on profits and maintaining market confidence

Resources

Managing timeframes, budgets and staffing

Hear From 10+ Senior Industry Specialists Including

Nick dexter photo

Nick Dexter
Senior Advisor
Bank of England

Susanne Pust-Shah

Susanne Pust Shah
Project Director
Financial Reporting Council

Jo Clube

Jo Clube
Group Technical Accounting Director
Aviva

David Castleden

David Castleden
Head of Accounting Policy & Advisory
Old Mutual Plc

Andrew Halim

Andrew Halim
Head of Accounting Policy
Hiscox

Otto_Bauer_Druck copy

Otto Bauer
Former FAR Controller
Zurich

Claudia

Claudia Gaspari
Director, European Insurance Equity Research
Barclays

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John Nolan
Head of Technical Accounting
RSA Insurance Group Plc

Agenda | 13 June, 2018

08:50 Chairs opening remarks

IFRS 17 REVIEW – PANEL DISCUSSION

09:00 IFRS 17: Reviewing the latest developments, progress and unanswered questions

  • Areas of ambiguity within the standard
  • Regulatory expectations
  • Moving on from Solvency II to IFRS 17
  • Variations in timelines
  • Firm progression, approach and strategy

Susanne Pust Shah, Project Director, Financial Reporting Council
Jo Clube, Group Technical Accounting Director, Aviva
John Nolan, Head of Technical Accounting, RSA Insurance

IMPLEMENTATION

09:50 IFRS 17: Implementation challenges and solutions

  • Main IFRS 17 implementation challenges
  • Project setup: staffing and time frame
  • IT solution approaches from single tailor-made solutions till conglomerates of standard software products
  • State of implementation at European insurers

Alexander Ludwig, Manager, zeb

10:30 Morning refreshment break and networking

11:00 IFRS 17 & Forward-Looking Indicators – What does the new standard tell us about the business?

  • Why regulators are interested in an accounting standard
  • What are the key aspects of interest to a regulator?
  • A look at other consequential impacts of the new standard

Nick Dexter, Senior Advisor, Bank of England

SOLVENCY II

11:40 Reviewing industry and firm approaches to leveraging Solvency II including current progress and pitfalls

  • Experience from Solvency II: Budgeting, planning and infrastructure
  • Leveraging pre-existing architecture
  • What’s feasible?
  • Current experience and progress
  • Aligning discount rates and risk adjustment

12:20 Lunch Break & Networking

RESOURCES

13:20 Exploring resourcing strategies and the ability to effectively manage timeframes, budgets and staffing

  • Developing a business case to obtain budget
  • Timelines for 2021 implementation
  • Leveraging resources from other areas
  • Recruitment in a saturated market
  • Retaining core team members
  • Bridging the gap between actuaries and accountants

Otto Bauer, Former FAR Controller, Zurich

EMBEDDING INTO THE BUSINESS

14:00 Discussing approaches to embedding IFRS 17 into the business and day to day management practices

  • Approaches to transition
  • Opportunities within business transformation
  • Integration into current systems
  • Increasing core BAU activities
  • Impact on profitability and first day reporting
  • Role of internal audit

David Castleden, Current Head of Accounting Policy & Advisory, Old Mutual
Greg Douglas, Actuary, Old Mutual

REPORTING & MODELLING

14:45 Exploring the practical challenges within reporting and modelling and the potential variations in approach

  • Gap analysis
  • Granularity of modelling
  • Key changes with minimum effect
  • Leveraging from Solvency II and local GAAP
  • Benefits to the business

Andreas Huthmann, Head of Financial Services & Member of the Board, FAS

15:25 Afternoon refreshment break and networking

PROFIT PROFILE

15:55 Reviewing changes in profit profiles and the ability to maintain market confidence and limit impacts

  • Managing transition
  • Making existing business more attractive
  • Impact on annuities, protection, savings products and non-profit business
  • Effects on P&L and balance sheet and share price
  • Parallel runs
  • Business opportunity post implementation

Claudia Gaspari, Director, European Insurance Equity Research, Barclays
Deborah Taylor, Analyst, Barclays

COMMUNICATING CHANGES IN PROFIT – PANEL DISCUSSION

16:40 Managing transition and effectively communicating changes in profits to internal members and external stakeholders and investors

  • Impacts on the market
  • Retaining and attracting investors
  • Enhancing understanding
  • Commitment from business leads/senior members
  • Education process
  • Evolving KPI’s
  • Process change, improvement and benefit

Otto Bauer, Former FAR Controller, Zurich
Andrew Halim, Head of Accounting Policy, Hiscox

17:30 Chair’s Closing Remarks

17:40 End of Forum & Drinks Reception

IFRS 17 Speakers

Otto_Bauer_Druck copy
Otto Christian Bauer, Former FAR Controller , Zurich

Otto is a Canadian CPA CA, having worked for a multinational audit firm in three countries before working in finance roles in the insurance and reinsurance industries for more than 20 years, at both a head office and operating level. He has in particular specialized in the implementation of new accounting standards for insurance under both US GAAP and IFRS at global organizations. Having followed the development of IFRS 17 since inception of the original project, Otto has been involved as a preparer with industry groups which engaged the IASB in a dialogue to create a fair standard.

David Castleden
David Castleden, Head of Accounting Policy & Advisory, Old Mutual Plc

David is he Head of Accounting Policy and Advisory for Old Mutual plc, a FTSE 100 company with interests in insurance, banking and asset management. He has over 15 years of experience in consulting and advising on International Financial Reporting Standards. In recent years he has been involved in the development of IFRS 9 Financial Instruments and IFRS 17 Insurance Contracts. He is a qualified Charted Accountant from South Africa.

Jo Clube
Jo Clube, Group Technical Accounting Director, Aviva

Jo Clube will be presenting at the forthcoming IFRS 17 Forum.

Nick dexter photo
Nick Dexter, Senior Advisor, Bank of England

Nick is a Senior Advisor at the Bank of England, advising senior management and supervision teams on technical areas, such as Solvency II, IFRS 17, and insurance practice more generally.

He previously worked as a Partner within KPMG’s Actuarial and Insurance Risk practices .  He was the lead actuarial audit partner for a number of large insurance companies, and advised many of KPMG’s clients on profit reporting and capital and risk management, both in UK and overseas.

Nick is a member of the UK actuarial profession’s Life Board, Practising Certificates Panel and the Financial Reporting Group which looks at IFRS reporting.  He is also vice-chairman of the IAA’s Insurance Regulation Committee.

Greg Douglas
Greg Douglas, Actuary, Old Mutual Plc

Greg Douglas will be presenting at the forthcoming IFRS 17 Forum.

Claudia
Claudia Gaspari, Director, European Insurance Equity Research, Barclays

Claudia Gaspari is a Director and analyst within the Equity Research team at Barclays, based in London. She provides coverage of the European insurance sector with particular focus on Continental European composites, Dutch Life and Scandinavian P&C insurers. Claudia joined Barclays in 2010 from Nomura International (previously Lehman Brothers) where she held a similar role since 2006. Prior to that, she worked at Moody’s Investors Service as a credit analyst and at PwC as an accountant. Claudia graduated in Law and Business Administration, majoring in Finance from L. Bocconi University in Milan.

Andrew Halim
Andrew Halim, Head of Accounting Policy, Hiscox

Andrew has more than 14 years’ experience in financial accounting in financial services. He is the Head of Accounting Policy at Hiscox, responsible for development and maintenance of group-wide accounting policy and leading the implementation of new accounting standards including IFRS 17.

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Andreas Huthmann, Head of Financial Services & Member of the Board, FAS

Andreas Huthmann will be presenting at the forthcoming IFRS 17 Forum.

aludwig_Beraterprofil copy
Alexander Ludwig, Manager, zeb

Alexander is Manager in zeb’s Practice Group Insurance – Finance, Risk and Regulatory Management. zeb is a leading management consultancy in the financial services sector.

Alexander has 10 years of experience in the insurance industry and is member of the German Association of Actuaries (DAV). He led several Solvency II implementation projects in all three pillars. Currently, Alexander is supporting a large-scale IFRS 17 implementation project. In addition, he is contributing to the development of the comprehensive standard software suite zeb.control.
Alexander holds a Ph.D. degree in Economics.

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John Nolan, Head of Technical Accounting, RSA Insurance Group plc

John Nolan, Head of Group Technical Accounting at RSA Insurance Group plc. John worked in practice in audit before joining RSA in Liverpool in 2004 where he progressed from UK financial reporting manager to his current Group Technical role. John represents RSA on the Financial Reporting Committees of the 100 Group and the ABI as well as chairing the ICAEW National Technical Committee and is a member of the ICAEW Technical Strategy Board. He is actively involved with the Liverpool Society of Chartered Accountants and was recently its President.

Susanne Pust-Shah
Susanne Pust Shah, Project Director, Financial Reporting Council

Susan is responsible for IFRS 17 at the FRC whilst the standard goes through endorsement. In that role Susan supports the work conducted by the European Financial Reporting Advisory Group (EFRAG) and is in regular contact with UK stakeholders. Susan is an observer on the insurance working groups at EFRAG and at the Institute of Chartered Accountants in England and Wales. Susan has a background in financial services and is a UK qualified accountant.

Deborah Taylor
Deborah Taylor, Analyst, Barclays

Deborah Taylor is an equity analyst at Barclays, where she specializes in Accounting & Governance research. She joined Barclays in 2009, having previously worked as an analyst at Citigroup.

Prior to that, Deborah worked at Deloitte, where she qualified as a chartered accountant. Deborah has a Masters Degree in Physics from Oxford University.

Risk Insights

19th April 2018

IFRS 17 unanswered questions and latest developments

By Susanne Pust Shah, Project Director, Financial Reporting Council.
16th April 2018

Exploring resourcing strategies and the ability to effectively manage timeframes, budgets and staffing

By Otto Bauer, Former FAR Controller, Zurich.
4th April 2018

IFRS 17: Progress, opportunities and implementation

By Shannon Harris, Senior Research Executive, Center For Financial Professionals
13th November 2017

The impact of IFRS 17 on new business streams

By Mark Laidlaw, Life Finance and Group Actuarial Services Director, LV.
6th November 2017

IFRS 17 – From Data to Journals

By Mark Miller, IFRS Global Lead, Legerity Limited.
2nd November 2017

Building block vs. premium allocation approach

By Andrew Halim, Head of Accounting Policy & Control, Hiscox.
13th October 2017

IFRS 17 implications for finance and accounting teams

By James Orr, Chief Actuary, Head of Department, PRA, Bank of England.
9th October 2017

IFRS 17: Preparation for full implementation

By Anthony Appleton, the Director of Accounting and Reporting at the Financial Reporting Council.
9th October 2017

Discussing IFRS 17 timelines and institutional preparedness

By David Castleden, Head of Accounting Policy and Advisory at Old Mutual.
13th September 2017

A lawyer talks accounting: International Financial Reporting Standards (IFRS) 17

13th September 2017

Overcoming the ambiguity of IFRS 17

IFRS 17 Sponsors & Partners

FAS AG


Established by former employees of the global auditing firm Arthur Andersen, our international experienced partners and managers are attested outstanding expertise in the financial sector by our customers for almost 20 years. Since 2017 FAS AG is a member of WTS group. In the course of the partnership, our clients also gain access to extensive tax expertise and benefit from the international consulting network WTS Global.

From the headquarter in Stuttgart and our offices in Munich, Dusseldorf, Frankfurt, Leipzig, Berlin, Hamburg, Zurich and Vienna, more than 150 professionals work together with our customers to resolve their individual questions and tasks.

FAS AG is characterized by pragmatic, implementation-oriented thinking and acting, a lean organization and high flexibility. In our core issues fully trained employees have the necessary interface competence and prove every day to see the big picture. The sustainability of project success and customer satisfaction are particularly important to us.

Our financial services experts advise banks, insurance companies and other financial service providers on all matters relating to national and international accounting as well as regulatory reporting and risk management requirements. The clients range from leading German banks under ECB supervision to small financial service providers.

The special competence of FAS AG lies in a combination of high technical expertise on the one hand and implementation strength on the other, which also includes an understanding of the respective IT and reporting architectures as well as the practical interaction between balance sheet, regulatory, technical and economic requirements.

zeb


zeb is a leading strategy and management consultancy for financial services in Europe. Founded in early 1992, zeb has developed into a consultancy that delivers thought leadership, strategy and practical implementation support to the world’s largest financial institutions. With nearly 1,000 employees and offices in 13 European countries, we support our clients and help solve their problems with great people, deep expertise and leading technology.

zeb’s own FinTech arm delivers world leading banking and insurance digital solutions and their implementation. zeb.control is a comprehensive digital solution used by international banks and insurance companies. A recent study by KPMG comparing 15 international software vendors shows that zeb offers the globally leading software solution for reporting. For more information, please visit control.zeb.eu.

Can your organisation contribute at our IFRS 17 Forum?

Please contact the Center for Financial Professionals today to discuss how we can deliver your thought-leadership at the event, help you generate leads, and provide you with unique networking and branding opportunities. Please visit www.cefpro.com/sponsorship for an outline of what we can offer, and contact sales@cefpro.com or call us on +44 (0)20 7164 6582 where a member of the team will be happy to tailor the right package for you. Download sponsor packages

 

Media Partnerships

We are happy to support publications, associations and organisations at this event. From a simple company listing with your logo to taking advantage of some of our sponsor benefits listed above. To discuss this further please contact Amy Greene by email at amy.greene@cefpro.com or call +44 (0)20 7164 6582.

IFRS 17 Venue

Etc Venues

Monument 8, Eastcheap,

London, EC3M 1AE, UK

Can I present at IFRS 17?

Yes, the Center for Financial Professionals are happy to discuss speaking opportunities at IFRS 17. For further information on this please contact shannon.harris@cefpro.com

What is the dress code?

Business attire is requested. The Summit is a formal opportunity to network with like-minded professionals and to gain knowledge from the industry’s finest risk management experts.

What is the cost and what is included in the registration fee?

We offer incentives for ‘early bird’ registrants of the main Forum, as outlined on our pricing tab. Registration includes breakfast, refreshment breaks, lunches, the cocktail reception at the end of Day One, full access to the Summit sessions, streams, and exhibition area. Presentations from sessions are also available, subject to speaker approval.

Where can I find the Summit documentation and speaker presentations?

All registered attendees will receive an email with access to documentation and speaker presentations* All available documentation will be provided after the Summit has taken place. However, we will work with our presenters to make these available before the Summit where possible. *Please note that our speakers often have to gain permission from their relevant compliance departments to release their presentations. On rare occasions compliance may not allow presentations to be distributed.

Will there be opportunities to network with other attendees?

There are ample opportunities for networking and interaction throughout the Summit, such as:

  • Breakfast, lunch and refreshment breaks
  • Q&A, panel discussions and audience participation technology at the event and during the sessions
I have several colleagues that would like to attend, is there a group discount?

Certainly! We are pleased to offer you a 50% discount on the third registration or provide a fifth registration for free. If you would like to register more than five colleagues please contact us on +44 (0) 207 164 6582. Please note:

  • Registrations must be made at the same time
  • Registrations must come from the organisation
  • The lowest registration will be discounted
Are there any opportunities to share my thought-leadership at IFRS 17?

Yes there are plenty of opportunities for the Center for Financial Professionals to share thought-leadership to the attendees of IFRS 17 and our wider risk professionals community. At the event we can distribute your material to the attendees or even offer you an exhibition booth so that you may enjoy a more prominent presence at the Summit. Visit the Sponsor tab for further information or contact sales@cefpro.com / +44 (0) 207 164 6582. Risk Insights Feature your content on our Risk Insights website and supporting Risk Insights monthly newsletter. For further information please download our media pack here

Are there media partnership opportunities available for IFRS 17?

Yes. As part of a media partnership we can offer a variety of options to increase the branding and awareness of your association, company, certificate, publication or media. We are flexible with what we can offer however we usually:

  • Provide a discounted rate to attend
  • Place your logo and profile on the Summit website
  • Place your logo on the Summit brochure
  • Place your logo on promotional content where applicable
  • Distribute your media/marketing at the Summit
  • Promote through social media channels

To discuss this further please contact amy.greene@cefpro.com or call +44 (0) 207 164 6582.

Etc Venues

Launch Special
(Register by 20 April)
Super Early Bird
(Register by 11 May)
Early Bird
(Register by 1 June)
Standard Rate
IFRS 17 Forum
13 June 2018
£499
save £400
£599
save £300
£699
save £200
£899

*All rates subject to UK Vat

Group Bookings – 3rd Person Half Price:

Group rates are available for 3 or more attendees from the same organisation, when registering at the same time. The current rate allows every third colleague to come along for half price or the fifth person to attend for FREE! Should you have any questions regarding registering, please contact the Center for Financial Professionals, please contact us on +44 (0)20 7164 6582 (UK) or +1 888 677 7007 (US), or email amy.greene@cefpro.com

Other ways to register

1. Save Time – Register by Email

Simply email us with your e-signature – and we will do the rest for you!

2. Contact Us Directly

3. Download the PDF Registration Form

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