Reporting Assist helps (re)insurers with the last mile of financial reporting for IFRS 17.
The new IFRS 17 standard brings significant changes to the presentation and disclosure requirements. These requirements also accentuate the need to have high-quality data that is accurate and auditable to support the financial reporting process.
The Reporting Assist Disclosure module powered by Deloitte is built to streamline the financial and management reporting process for (re)insurers taking into account all the significant changes to the insurer’s disclosure requirements and financial reporting.
The Reporting Assist Disclosure Module offers:
- End-to-end reporting solution with pre-built set of financial statements and IFRS 17 KPIs for (re)insurers
- Pre-built integration with most major IFRS 17 sub-ledger solutions
- Out-of-the-box templates for financial and management reporting, including detailed disclosures requirements on IFRS 17, 9, 16, accounting policies, and notes and narratives
- Connection and consolidation of data from various ERP, sub-ledger, actuarial, and other financial systems, and combine numbers and narrative to create publish-ready financial statements and reports
- Automatic updating of report to reflect latest changes in data
- The ability for finance to change report format, assign user rights, and create ad-hoc analysis on its own, without relying on IT
- The ability for teams using Workiva to access and make changes to the workbook, generate a full audit trail of changes, gain real-time visibility on the status of the reports, and set up permissions that suit your control environment
Reporting Assist helps improve reporting through streamlined processes, enhanced validation rules, and redesign enabled by automation which will:
- Reduce risk, improve controls, and quality
- Rationalize and improve the production of reporting
- Create the opportunity for finance team members to spend more time on high value activities and to analyze the numbers in the financial statements
Other Reporting Assist modules include:
- Management Reporting Module
- Posting Module
- PAA Bridging Module
- Expense Allocation Module
- Testing Bundle
Deloitte will work with you in the implementation of this solution to meet your organization's specific needs and enhance your financial reporting processes.