IFRS 17 Project Manager

JOB SCOPE OF IFRS17 PROJECT DIRECTOR

1. Program manager overseeing the project to ensure deliveries are in time and of high quality with the final objective of going live in 2025
2. Co-ordinate and work with cross functional team which are mainly consultants, IT vendors, internal MBAL team from Finance, Actuarial, IT and Data
3. Trouble shoot and solve issues during the project
4. Report to Project Sponsor who is the CFO
5. Work with the Project Sponsor to establish an “IFRS9/IFRS17” team at the Company, consisting of its employees (the team will be fully in charge of reporting under the new standards once that kick in). This comprises of designing the organizational structure including the persons involved and conducting training.

THE DETAILS OF PROJECT SCOPE

2023 – Gap Analysis

Work with selected vendors/ consultants for consulting work to:

• Gap report between current accounting standards and requirements under IFRS/ IFRS17. The report includes, but not limited to, policy administration systems, accounting and actuarial system, processes, accounting policies, model, data and data warehouse, etc.
• Recommendations to reduce gaps
• Conduct training and workshops for 100% relevant teams/ people on IFRS/ IFRS17
• Upgrade actuarial modelling
• Draw up/ outline the suitable roadmap for implementation, accounting and actuarial policies
• Draft the RFP for technology solution

2024 – Implementation

• Gap calculation
• CSM engine module
• Selection of the solution tools and methodologies
• Final investment for actuarial software (Prophet Enterprise) and hardware for BAU
• Actuarial Modelling
• New policy administration systems and data warehouse and CSM engine
• Draft opening balance sheet
• And implementation of solution (tool development

2025 – Parallel run and goes live

• Deployment of solution and preparation of financial statements
• Go live the solution with connectivity to other applications in MBAL
• Financial statements prepared under IFRS

• Strong project management skills and experience in managing complex projects
• Qualified Chief Actuary is preferable
• Knowledge of insurance accounting standards and IFRS 17 requirements
• Regulatory change expertise, particularly in relation to accounting standards such as IFRS 4, IFRS 9, Solvency II, and IFRS 17
• Deep understanding of actuarial knowledge
• Strong analytical skill
• Communication and stakeholder management
• Attention to detail and organizational skills