With long duration targeted improvements and IFRS 17, the insurance industry just underwent the adoption of two of the most significant accounting changes in recent history. While many companies have now successfully completed their implementation projects and have passed their first external audit reviews, they have had to do so under tight deadlines with limited resources. As a consequence, the production teams often lacked the time and resources to take the necessary step back to reflect on the new risks and adapt or set up a new set of controls.
In practice, this can put companies in a vulnerable position where many of the new risks are not yet identified and/or fully understood, controls that have been set up lack proper documentation and governance and are performed manually in a spreadsheet creating more risks of errors. Good risk management requires a solid understanding of all of these new risks as well as a proper set of preventive, detective and corrective set of controls. Being able to set up a proper risks & controls analysis can be extremely valuable to insurance companies and can help get to the next stage of understanding and communicating financial results in this new LDTI / IFRS 17 world.
The presenters will address how internal audit can help actuaries better understand arising risks and build a more robust control framework.
Regional Director (MEASA), Society of Actuaries
Regional Director (MEASA),
Society of Actuaries
FSA, MAAA, CERA
Director at KPMG US
FSA, MAAA, CERA
Director at KPMG US
Actuarial Team Lead
Accenture India
Actuarial Team Lead
Accenture India
FSA, CERA.
Manager at KPMG US
FSA, CERA
Manager at KPMG US
Arindam Mookherjee, Representative - India
M: +91 9811392148 | E: AMookherjee@soa.org
Ravinder Rawat, Representative - India
M: +91 9910208703 | E: ravinder@cimglobal.in
With roots dating back to 1889, the Society of Actuaries (SOA) is the world’s largest actuarial professional organization with more than 30,000 actuaries as members.