Financial Product Subledger - The tool for IFRS17
During the last few years, I’ve had the opportunity to be part of an extraordinary journey that led to the biggest transformation in financial reporting for insurance companies in decades. The shift towards the new IFRS17 accounting standard meant a complete redesign of actuarial and accounting processes, not to mention the impact on IT.
The new standard provides much-needed clarity around the calculation of liabilities and profitability while ensuring the numbers better reflect how an insurance business is managed. The move to IFRS17 drove greater efficiency in internal processes, easier decision-making, and increased transparency of information for investors and other stakeholders.
To me, IFRS17 has been synonymous with Financial Products Subledger (FPSL) since the beginning. I started my adventure with msg global on an intensive FPSL training program and later supported several of our biggest IFRS17 implementation projects.
Being at the center of such crucial activities in some of the most prestigious companies in the financial world has been a real rollercoaster experience. From the pressure to meet critical milestones to the celebrations once the solution is in production, it’s always great to see the collective effort of the project team pay off, and our client now has a successful system up and running.
But since there’s always room for improvement, the journey should not stop here. To harness the full potential of FPSL, we must go beyond mere regulatory reporting and embrace new and exciting opportunities.
Financial Products Subledger for Forecast, Planning and Simulation
The FPSL module for Forecast, Planning, and Simulation (FPS) enhances your financial reporting, offering valuable insight into the future and making uncertainties more manageable. Whatever your business requirements may be, the FPSL FPS solution and the highly experienced msg global team can help turn your ideas and aspirations into reality.
The solution offers a range of capabilities, including scenario simulation, stress tests, sensitivity analysis, and projections of future business developments over short- to mid-term periods.
All of this is closely integrated with regulatory reporting implementations, aligning data models and calculation logic to leverage significant synergies.
The msg global team and I have had the opportunity to delve into FPS by supporting an innovative reinsurance institution in its journey toward a cutting-edge finance function. Our hands-on experience confirmed our expectations. A smooth implementation, facilitated by the well-known data model and the ability to cross-validate outputs between the actual and the FPS closing, delivered top-quality results to our client through a lean and efficient process.
Over the past months, the msg global team backed several of our clients on this journey, and we aim for your company to be the next. Together, we can build stronger and more efficient finance operations. Let’s collaborate and get to work!
