NVIDIA x Sia Partners Exclusive Event
Regulation & IFRS
We support our clients in normative and regulatory changes by interpreting standards, with impact assessments and operational deployment. We bring an enlightened view of necessary evolutions, while guaranteeing an optimal budget allocation.
Prudential Directive Solvency II
The implementation of the European Solvency II directive imposed on insurance firms requires a lot of additional work, in particular in terms of modeling (standard formula, internal model, USP), of production (SII closure, calculation of equity, projections ORSA, etc.), governance, and even reporting.
Thanks to technical expertise, a strong appetite for modeling and a transversal vision of the insurance world, Sia Partners supports clients in the interpretation and implementation of this standard and its amendments.
Quantification
- Review of required capital
- Implementation of prudential balance sheets
- Review of actuarial assumptions and modeling methods
- Asset allocation strategy
Governance
- Implementation of policies and support in their drafting (underwriting, reinsurance, provisioning policy, etc.)
- Support for the various key functions (actuarial function report, audit report, ORSA, etc.)
Transparency
- Drafting RSR and SFCR narrative reports
- Producing annual and quarterly QRTs
Accounting Standard IFRS17
A new international accounting standard dedicated to the evaluation of insurance liabilities (IFRS 17) forces insurance groups to adapt, and in particular, to overhaul their accounting processes. Before its implementation, it is necessary to define and interpret the various regulatory aspects and carry out a coherent transcription of the Guidelines.
This adaptation phase requires setting up several projects, but this standard will also generate opportunities that should be identified immediately.
Sia Partners supports its customers in understanding and interpreting this standard as well as its operational implementation.
Required projects:
- Need to shorten closing times: faster at fast-closing
- Evolution of projection models for a good adaptation to IFRS17 constraints
- Interpretation of norms and operational implementation
- Review of models (including model point and assumptions) and management of specific provisions
This standard also offers opportunities:
- Creation of data cubes and optimization of certain processes
- Monitoring the profitability of portfolios
- New focus on performance management and financial communication