5th Edition IFRS 17 Forum 2020

IFRS 17 | 5th Edition 29 September, 2020 | London

Reviewing the latest IFRS17 trends, methodology and concluding plans for timelines and implementation

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5TH EDITION IFRS 17 2020

29 September, 2020 | ETC Venues Monument

NEW FOR 2020

ENDORSEMENT PROCESS
Complexity and considerations for global institutions with impact of Brexit

REINSURANCE
Uncertainty and expectations of product treatments and effective treatment under IFRS 17

SYSTEM DESIGN
Building and embedding IFRS17 system and modelling requirements to develop effective infrastructure

KEY PERFORMANCE INDICATORS
Establishing and understand business performance under IFRS17 reporting

DATA
Requirements to identify approach and collecting granular level of historical data

AUDIT
Aligning requirements across the industry for one unified process to ensure comparability across organisations

KEY TOPICS

TIMELINES
Understanding the impact of delays to final IFRS 17 implementation: benefits and consequences across institutions

COMMUNICATION
Understanding of impacts of IFRS17 on company accounts to internal and external stakeholders

CONTRACTUAL SERVICE MARGIN
Measuring and incorporating contractual service margin and classification of products under IFRS 17 across organisations

TRANSITION & IMPLEMENTATION
Reviewing the final standard requirements and integration with systems for effective implementation

HEAR FROM 15+ SENIOR PROFESSIONALS INCLUDING
Brian Birch

Brian Birch
IFRS 17 Project Manager
Randall & Quilter

Martin Schmid

Martin Schmid
Head of IFRS 17
Baloise Insurance Company

Alexandre Tzenev

Alexandre Tzenev
Managing Director – Financial Solutions EMEA
SCOR Global Life

11-19 J CLUBE 0300_jpg50cm

Jo Clube
Group Technical Accounting Director
Aviva

Oscar Kitasoboka

Oscar Kitasoboka
Chief Actuary
UAE Insurance Authority

man

Senior Executive
Financial Reporting Council

Stephen bishop

Stephen Bishop
Business Project Manager – IFRS 17 Reinsurance
Munich Re

eeLain Ong

EeLain Ong
CFO
DHL Insurance

View full speaker line up
HEAR FROM LAST YEAR’S ATTENDEES
Sponsorship

CAN YOUR ORGANISATION CONTRIBUTE?

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. For more information on what we can offer, please contact sales@cefpro.com or call us on +1 888 677 7007 where a member of the team will be happy to tailor the right package for you.

8:00 Registration and breakfast

8:50 Chair’s opening remarks

TRANSITION & IMPLEMENTATION – PANEL DISCUSSION
9:00 Reviewing the final standard requirements and integration with systems for effective implementation

  • Establishing principles around practicality
  • Reviewing status of integration of new actuarial system with current systems
  • Managing time pressure leading to portfolio shortcuts vs full implementation
  • Operational risk of portfolios at different stages of implementation
  • Analysing final standard with industry expectations
    • Clarity of perception of wording
  • Benchmarking difference in IFRS and US GAAP
  • Validating parallel runs across product

Oscar Kitasoboka, Chief Actuary, UAE Insurance Authority
Stephen Bishop, Business Project Manager – IFRS 17 Reinsurance, Munich Re

TIMELINES
9:45 Understanding the impact of delays to final IFRS 17 implementation: benefits and consequences across institutions

  • Manging regulatory expectations with potential budget reductions
  • Early implementation vs extension of the project by another year
  • Procuring funds to finance extension on the project
  • Management of operational readiness with timeline uncertainly
  • Delayed EU decision: knock-on effect in other jurisdictions

10:25 Morning refreshment break & networking

ENDORSEMENT PROCESS
10:55 Managing complexity of the endorsement process and considerations for global institutions with impact of Brexit

  • Reviewing endorsement advice from the commission
    • Meeting the technical criteria
  • Managing expected timeline of endorsement with uncertainty
  • Brexit: UK submitting own endorsement outside EU
  • Reviewing early interaction of the timing of the EU endorsement decision

Senior Executive, Financial Reporting Council

KEY PERFORMANCE INDICATORS
11:35 Establishing KPIs to manage and understand business performance under IFRS17 reporting

  • Reviewing how KPIs are embedded into reporting
  • Compatibility of KPIs with elements within the standard
    • E.g. reviewing revenue and insurance expense as one unit or two
    • Reviewing creating additional calculations and discourse
  • Corresponding principles with the US GAPP standards
  • Using parallel runs to preview the standard to understand KPIs

Jo Clube, Group Technical Accounting Director, Aviva

12:15 Lunch break and networking

REINSURANCE
1:15 Managing uncertainty and expectations of product treatments for reinsurance and effective treatment under IFRS 17

  • Reviewing recovery of losses and underlying interest
  • Managing IFRS17 granular reporting
    • Achieving offset on onerous and non-onerous contracts
  • Understanding new benefits and potential use of reinsurance
    • Optimising the risk adjustment in the reinsurance
  • Assessing the eligibility for the pre-meditation approach
  • Managing estimates and use of actuarial resources to calculate expected cash flows

Alexandre Tzenev, Managing Director – Financial Solutions EMEA, SCOR Global Life

CONTRACTUAL SERVICE MARGIN
1:55 Measuring and incorporating contractual service margin and classification of products under IFRS 17

  • Reviewing investment return
  • Establishing how to measure the earnings over the number years
    • Implementing recognition patterns
    • Including the investment margins versus just a pure insurance margin
  • Recognising CSM on the classification of the product
  • Measuring and realising relative margins
    • How much and what time
  • Treatment of pure investment products under IFRS17

Martin Schmid, Head of IFRS 17, Baloise Insurance Company

DATA – PANEL DISCUSSION
2:35 Reviewing IFRS 17 data requirements to identify data approach and collecting granular level of historical data

  • Determining a data approach:
    • Fair value, modified retrospective and fully retrospective
  • Acquiring, cleaning and checking the data
  • True interpretation of the principles and standard to create internal rules
  • Producing and collective usable historical data in the right format
  • Reviewing data across subsidiaries and identifying product specific data
  • Developing new processes and controls over IFRS 17 data
  • Incorporating data in a controlled way into a new software tool

Brian Birch, IFRS 17 Project Manager, Randall & Quilter

3:20 Afternoon refreshment break and networking

SYSTEM DESIGN
3:50 Building and embedding IFRS17 system and modelling requirements to develop effective infrastructure

  • Merging actuarial inputs with the accounting inputs
    • Compatibility of different formulas and systems at end calculation
  • Costly element of getting system ready
    • Upkeep and updated of systems
  • Managing uncertainty of final output with limited historical case studies
  • Reviewing how data reacts with different modelling systems
  • Gaining an industry consensus on the technical approaches
  • Reviewing theoretical requirements and resultant impression

AUDIT
4:30 Aligning audit requirements across the industry for one unified process to ensure comparability across organisations

  • Preparation for initial audit of the transition
  • Planning for fully retrospective transition and changes to numbers
  • Managing different data flows from IFRS4 to IFRS17
  • Ensuring Equity Liquidity Adjustment implementation with auditor expectations
  • Organisation from audit to produce standard processes
  • Alignment across the industry for one unified process
  • Automatic document preparation

COMMUNICATION – PANEL DISCUSSION
5:10 Communication and understanding of impacts of IFRS17 on company accounts to internal and external stakeholders

  • Explaining potential shifts in numbers to stakeholders and market
  • Changes to income statement and premiums included in the future
  • Treatment of investment components under IFRS 17
  • Changes to calculating profits and recognition period
    • Variations in recognition of profits over time, upfront or at end of contract
  • Maintaining relationships with investors and explaining changes
  • When should investors be prepared and educated on future numbers?
  • Understanding and interpreting results to report to management

Oscar Kitasoboka, Chief Actuary, UAE Insurance Authority
EeLain Ong, CFO, DHL Insurance

5:55 Chair’s closing remarks and end of Forum

View the full speaker line up
Register here
Download the brochure here
Speakers
Brian Birch

Brian Birch
IFRS 17 Project Manager
Randall & Quilter

Stephen bishop

Stephen Bishop
Business Project Manager – IFRS 17 Reinsurance
Munich Re

11-19 J CLUBE 0300_jpg50cm

Jo Clube
Group Technical Accounting Director
Aviva

Oscar Kitasoboka

Oscar Kitasoboka
Chief Actuary
UAE Insurance Authority

Biography

Brian Birch will be presenting at the 5th Edition IFRS 17 Forum.

Biography

Stephen Bishop will be presenting at the 5th Edition IFRS 17 Forum.

Biography

Jo Clube is the Accounting Policy Development Lead and Technical Accounting Director at Aviva PLC, responsible for IFRS policy and developments, focusing particularly on IFRS 17, the new standard for insurance contracts. Jo represents the UK industry on the IASB’s Transition Resource Group which seeks to support the Global implementation of IFRS 17.

Biography

Oscar is Chief Actuary at the UAE Insurance Authority, leading the implementation of IFRS 17 and risk-based regulation. He has spoken about IFRS 17 matters and its challenges at many events in Europe and the Gulf. He was previously Chief Actuary at Legal & General’s non-life insurance business, has 20 years’ experience in insurance and holds an MBA from the Edinburgh Business School.

eeLain Ong

EeLain Ong
CFO
DHL Insurance

Martin Schmid

Martin Schmid
Head of IFRS 17
Baloise Insurance Company

Alexandre Tzenev

Alexandre Tzenev
Managing Director – Financial Solutions EMEA
SCOR Global Life

man

Senior Executive
Financial Reporting Council

Biography

EeLain Ong will be presenting at the 5th Edition IFRS 17 Forum.

Biography

Born 24.01.1978 in Rubigen, Switzerland
2007 PhD in theoretical Physics, University of Bern, Switzerland
2007 Reserving actuary at Baloise Switzerland
2009 Head of Valuation Life at BaloiseSwitzerland
2019 Head of Workstream IFRS 17 at Baloise Group

As Head of Valuation Life I have been responsible for the cash flow, valuation and risk model development, its application and the reporting in local and IFRS reserving, solvency, MCEV, as well as ALM.

I helped shaping the regulatory framework within the industry’s working groups for local reservation, SST and am doing now so for IFRS 17.
Now I am driving the IFRS 17 development within the financial transformation project on group level, where I am responsible for the methodology, the implementation of the IFRS 17 calculation engine and the posting rules of the results.

I advise my co-project leads in financial steering, presentation, and process matters as far as IFRS 17 is concerned.

Biography

Alex has over 15 years of experience in the structuring of reinsurance financing solutions – first in New York with Lehman Brothers and in London with Swiss Re.  Alex is currently the head of EMEA financial solutions at SCOR Global Life with a responsibility of assisting clients with capital or accounting optimization issues.  He is a Fellow of the Society of Actuaries and CFA.

Biography

The Financial Reporting Council will be presenting at the 5th Edition IFRS 17 Forum.

Why attend

WHY SHOULD YOU ATTEND A CEFPRO CONFERENCE?
HEAR FROM PAST ATTENDEES AND SPEAKERS…

hear from last years attendees

For further information please call us on +44 (0)207 164 6582 or email amy.greene@cefpro.com

co-sponsor

CCH Tagetik


CCH Tagetik is part of the Tax and Accounting Division of Wolters Kluwer. Relied upon by nearly 75,000 users in over 35 countries, CCH Tagetik is the leading finance platform that specialises in budgeting and planning, forecasting and reporting, consolidation and regulatory compliance.

CCH Tagetik has over 200 insurance customers and has a wealth of experience within regulation implementations such as Solvency II and IFRS 16.

CCH Tagetik’s award winning IFRS 17 solution is pre-configured and non-disruptive. It can connect seamlessly to other databases and spreadsheets – including SAP HANA – without having to write any code. Drop by our exhibitor stand to find out more information.

Systemorph


Founded in 2011 Systemorph AG is a privately held Swiss technological company specialized in building data driven software solutions for the financial services market. The company aims for streamlining and simplifying the management of data centric functions by provid-ing custom focused solutions with short implementation times providing ongoing applica-tion management and support during the entire lifecycle of the solution at unmatched cost in a very customer friendly way. The basis for this offering is the powerful and proven Sys-temorph Vertex Smart Data Platform.

With IFRS 17 reliable data management gets even more important as the requirement for data granularity and traceability are increasing. Systemorph with its comprehensive data management platform offers tailor-made (end-to-end is possible but we use what is there and makes sense) solutions to fulfil the requirements of IFRS 17 in time at attractive cost.

Sponsorship
CAN YOUR ORGANISATION CONTRIBUTE?

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. For more information on what we can offer, please contact sales@cefpro.com or call us on +1 888 677 7007 where a member of the team will be happy to tailor the right package for you.

Venue & accommodation

Etc Venues – Monument, 8 Eastcheap, London, EC3M 1AE, UK

Monument 1
Monument 2
Etc. venues Monument
Monument 4
FAQs
Can I present at the IFRS 17 2020 Forum?

Yes, the Center for Financial Professionals are happy to discuss speaking opportunities at the IFRS 17 2020 Forum. For further information on this please contact alice.kelly@cefpro.com or call us on +44 (0) 20 7164 6582.

Are there any rules on the dress code?

Business attire is requested. The Forum 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 Forum, as outlined on our pricing structure. Registration includes breakfast, refreshment breaks, lunches, the cocktail reception at the end of the day, full access to the sessions and exhibition area. Presentations from sessions are also available, subject to speaker approval.

Where can I find the Forum documentation and speaker presentations?

All registered attendees will receive an email with access to documentation and speaker presentations after the Forum* We will work with our presenters to include as many presentations as possible on our Risk Insights App during the Forum. *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 breakfast, lunch and refreshment be provided?

Yes. As with all of our events the Center for Financial Professionals will be providing brilliant coffee, breakfast, lunch, refreshments, and smaller bites during the networking breaks.

Will there be opportunities to network with other attendees?

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

  • Breakfast, lunch and refreshment breaks
  • Cocktail reception at the end of the day (Subject to confirmation)
  • Q&A, panel discussions and audience participation technology available through the Risk Insights App
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) 20 7164 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 opportunities to share my thought-leadership at the IFRS 17 2020 Forum?

Yes there are plenty of opportunities for the Center for Financial Professionals to share thought-leadership to the attendees of IFRS 17 2020 Forum and our wider risk professionals community. At the event We can distribute your material to the attendees, offer you an exhibition booth, and provide speaking opportunities so that you may enjoy a more prominent presence at the Forum. 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 media partnerships available for the IFRS 17 Forum?

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 Forum website
  • Place your logo on the Forum brochure
  • Place your logo on promotional content where applicable
  • Distribute your media/marketing at the Forum
  • Promote through social media channels

To discuss this further please contact amy.greene@cefpro.com or call +44 (0) 20 7164 6582.

Registration Rates
Representing a financial institution – (E.g. Bank, Insurance company, Asset Manager, Regulator)

LAUNCH RATE SPECIAL

£399

Registrations by 14 August
(SAVE £300)

EARLY BIRD

£499

Registrations by 18 September
(SAVE £200)

STANDARD RATE

£699

Registrations after 18 September

*All rates subject to CeFPro’s terms and conditions and UK VAT, currently at 20 per cent

Representing an Information/Service Provider (Eg: Consultant, Vendor, Executive Search Firm, Law Firm)

LAUNCH RATE SPECIAL

£599

Registrations by 14 August
(SAVE £400)

EARLY BIRD

£699

Registrations by 18 September
(SAVE £300)

STANDARD RATE

£999

Registrations after 18 September

*All rates subject to CeFPro’s terms and conditions and UK VAT, currently at 20 per cent

Register here

PLEASE NOTE: To qualify for the preferential ‘early bird’ rates, registration must be received by the close of the ‘early bird’ working day, and payment can be made at the time of registering, or up to a week after registration is made an invoice sent. CeFPro reserves the right to increase rates should payment be delayed significantly. For Group Rates to be valid, the whole group must register at the same time, though names can be changed at any time up to the event at no additional cost. Should a delegate register at a rate that is inaccurate, CeFPro reserves the right to issue an additional invoice for the outstanding amount.

Group bookings

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
A fifth colleague to attend for free!

Other ways to register
1. REGISTER BY EMAIL

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

We only need your:
Full name
Job title
Company & address
Contact number

2. CONTACT US DIRECTLY

Call us on +44 (0) 20 7164 6582 or +1 888 677 7007

3. DOWNLOAD PDF REGISTRATION FORM

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