FTI Consulting’s research suggests that, although insurance companies are making good progress with implementing the new accounting standard, they may be overlooking some opportunities for proactivity, particularly in terms of managing risk, accelerating technological upgrades and embedding effective communication strategies.
FTI Consulting’s in-depth research with C-level executives across the insurance sector suggests decent progress in implementing IFRS 17, with board members fully aware of the scale of the change and often directly involved in its implementation.
We believe governance around risks of failure needs to be more ingrained in the implementation process. To address the risks inherent in an exercise of this size, firms should more deeply engage Chief Risk Officers (CROs) in their implementation programmes, alongside the other senior executives who are already involved.
Read part two of the series (technology) here and part three (communications) here.