Head - IFRS 17 Implentation - Insurance/Reinsurance

The IFRS Implementation Lead for Reinsurance Placements will be responsible for managing the analysis, implementation, and compliance with specific International Financial Reporting Standards (IFRS) related to reinsurance placements. This role will involve leading the transition to IFRS-compliant reporting for reinsurance treaties, collaborating with cross-functional teams, and ensuring that financial reporting systems are accurately aligned with IFRS requirements. The candidate will also oversee the system changes required to support this transition while ensuring timely financial reporting during and after the transition.

PRINCIPAL ACCOUNTABILITIES:

Key Responsibilities:

IFRS Standards Analysis and Implementation:

- Lead the analysis and interpretation of IFRS standards specifically related to reinsurance placements.

- Evaluate the impact of IFRS standards on current reinsurance contracts, placement strategies,

and financial reporting.

- Ensure that reinsurance contracts and treaties are fully aligned with IFRS requirements.

- Drive the implementation of these standards within the reinsurance finance and accounting functions.

Reinsurance Contract & Financial Impact Review:

- Analyze and assess the financial implications of reinsurance contracts under IFRS 17.

- Identify and evaluate the classification of reinsurance contracts as per IFR 17 standards for recognition, measurement, and disclosure.

- Conduct detailed analysis of the financial impact of reinsurance contracts, focusing on risk mitigation, profitability, and financial stability.

- Assess the accounting treatment for reinsurance liabilities and assets, including cash flows, premium, and claim recoveries, as per IFRS 17 guidelines.

- Ensure full compliance with IFRS 17 standards for reinsurance contracts, including the recognition of contractual service margins (CSM) and risk adjustments.

- Work with internal teams to ensure reinsurance accounting processes align with IFRS 17 standards, focusing on fulfillment cash flows, discounting, and presentation in financial statements

Reinsurance IFRS Transition Project Management:

- Develop and manage detailed project plans for the transition to IFRS for reinsurance placements, ensuring the timely and structured execution of changes.

- Set clear project goals, milestones, and deliverables.

- Monitor progress, manage risks, and adapt the project plan as necessary to ensure that timelines are met.

- Coordinate with project teams to ensure seamless integration of new standards into day-to-day operations.

Collaboration with Internal Departments and External Consultants:

- Work closely with the Finance, Reinsurance, Accounting, Legal, and IT departments as well as external stakeholders and consultants to ensure alignment with IFRS standards.

- Act as a bridge between external consultants, auditors, and internal teams to ensure the proper implementation of IFRS in reinsurance accounting.

- Provide technical expertise and guidance to ensure compliance with IFRS standards across all reinsurance financial activities.

- Liaise with internal & external auditors to validate financial reports and regulatory filings.

Systems Requirements and Development:

- Identify and define the system changes required to support IFRS compliance for reinsurance placements.

- Work with stakeholders to ensure that financial reporting systems are updated to comply with IFRS, ensuring proper data flow, controls, and reporting capabilities.

- Conduct testing and validation of new systems and tools to ensure accurate reinsurance reporting.

Financial Reporting and SOA Management:

- Ensure accurate and timely financial reporting of reinsurance contracts in compliance with IFRS during and after the transition.

- Develop standardized templates and tools for reporting, ensuring clarity and consistency in financial disclosures.

- Assist in rendering Statements of Account (SOA), managing payments and receipts, and ensuring accurate reporting for all reinsurance treaties.

Regulatory Compliance and Reporting:

- Ensure ongoing compliance with local and international financial regulations, including IFRS and related standards.

- Prepare and deliver regulatory reports on reinsurance activities in accordance with IFRS guidelines.

- Collaborate with internal auditors to conduct regular reviews of financial systems and ensure that reporting is both accurate and compliant.

Educational Qualifications:

Qualifications:

Minimum Qualification:

- Bachelors or masters degree in Accounting, Finance, or related field. AICPA & CIMA, or relevant IFRS certification preferred.

Work Experience:

- 7+ years of experience in reinsurance accounting, IFRS implementation, or financial reporting in the insurance/reinsurance sector.

- Proven experience in leading IFRS transitions and systems implementation in the insurance/reinsurance industry.

- Proficient in accounting software and financial reporting systems.

- Knowledge of data management and ability to work with IT teams to define system changes for IFRS compliance