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IFRS 17 Transition Workstream manages the implementation for transition and determine the opening balance sheet (OBS) as at transition date, determine the optimal transition approach, ensures the compliance with the IASB Standard and meets Group's financial & strategic objectives.
The key responsibilities of the role are mainly to take the lead in the data management for IFRS 17 Transition, produce & review opening balance sheet, ensure proper processes, governance and controls, and also perform parallel run for results disclosure comparatives.
Data Management for IFRS 17 Transition: Develop in-depth understanding in the existing Operation/ Finance source systems; Manage the Operation/ Finance source systems to identify applicable data and ensure its granularity for IFRS 17 Transition and after implementation; Work closely with Actuarial and IT Teams to ensure the robustness of data in line with the transition methodology and approach.
Produce & Review Opening Balance Sheet: Assist to perform analysis on the transition tool assessment for opening balance sheet; Leverage the transition tool and solution built to produce the opening balance sheet for IFRS 17 Transition, under both local and group reporting basis; Review the historical income statements and balance sheets to facilitate results analysis; Review the reasonableness of the opening balance sheet under IFRS 17 reporting basis;
Processes, Governance and Controls: Ensure proper processes, governance and controls and compliance with internal control policies and audit standard; Handle auditor's queries and provide evidence on proper controls in producing the opening balance sheet; Provide inputs on the optimal future financial reporting process/ controls and work with BAU reporting team to finalize "To-Be" process documents
Parallel Run for Results Comparatives: Assist to perform the parallel run for results disclosure comparatives, include the journals posting and use of sub-ledger; Perform end-to-end (E2E) testing on the systems & extract, transform and load (ETL) tools if necessary.
University degree holder in Accounting, Finance, Business Administration or other related degree
Solid experience in financial reporting function in insurance industry is highly preferred
Professional accounting qualification is preferred
Strong knowledge in life insurance industry or financial accounting reporting
Extensive knowledge and understanding of operation/ finance systems for life insurance business
Strong sense in processes, governance and controls for financial reporting
Proficiency in computer skills such as Access Database or SQL is an advantage
Knowledge or exposure to IFRS 17 or IFRS 4 is a plus
A team player with good interpersonal skills, able to work independently and under pressure
Good command of both spoken and written English and Chinese