Manager, IFRS 17 Implementation & Reporting
Kalos Consulting, Inc.
- Frederick, MD
• Very well-established company thats been around over 150 years.
• One of the world's largest insurance and investment management companies with assets are over $1 trillion worldwide.
• Company was certified as a “great place to work” which was based off of a survey from over 350 employees which over 90% said they take pride in their work and feel good about the company’s contribution to the community.
• Greater Baltimore area
• Health, Dental, Vision, Life, Group Term, spending accounts, disability, 401k.
• "floating" holidays, personal leave, health leave, bereavement, military.
• Tuition reimbursement, study program, seminars, industry committees,associations, societies.
• Sponsor sports teams, host family picnics, offer days off PTO yearly for volunteer work.
• One of the most affordable and livable cities on the east coast!
• Low crime area.
• Highly educated local population, great public schools.
• High quality dining, hiking, and other lifestyle opportunities, great place for active outdoor lovers!
Responsible for the overall management of the accounting and financial reporting aspects of the entities’ International Financial Reporting Standard (IFRS) 17, Insurance Contracts (IFRS 17), implementation and for coordination with all other company departments with respect to overall IFRS 17 implementation. Responsible for coordination of implementation of facets of other IFRS that interact with IFRS 17, such as IFRS 9, Financial Instruments. Direct development of written policies, procedures, and internal controls specific to IFRS 17. Periodically prepare reports for Senior Management, Audit Committee or Boards of Directors, or others, with respect to IFRS 17 project implementation progress and other considerations as warranted.
Interpret and ultimately apply IFRS 17 to any products developed during the implementation timeframe. Liaise with internal and external parties, as warranted, to identify any issues and set any IFRS 17 positions arising from strategic initiatives of the Company.
Direct Financial Reporting external audit-related interface with respect to IFRS 17.
- Manage defining IFRS 17 Chart of Accounts (COA) requirements for SAS and updates to Epicor General Ledger COA. Liaise with various teams to ensure COA deliverables are appropriately robust, delivered timely, and ultimately satisfy the L&G Group Finance directed reporting requirements. Advise how best to incorporate IFRS 17 COA needs into proposed 2020 general ledger system upgrade. Ensure design of SAS and Epicor general ledger COAs incorporate agreed level of detail to produce IFRS 17 required financial statement line items and disclosure detail at both the L&G Group and individual audited entity level. Define, develop and direct/test detailed account postings from SAS to general ledger.
- Develop detailed IFRS 17-related disclosures requirements. Produce functional and data requirements. Recommend and implement agreed best practice approach to disclosure reporting. Engage with Group regarding proposed disclosures and identify similarities and differences to LGA and FBBRC III audited financial statement disclosures. Identify, develop and implement most efficient completion of disclosure requirements on an on-going basis. Author policies and procedures as warranted
- Coordinate methodology for allocating expenses in accordance IFRS 17 requirements. Manage cross-functional team revisions of existing expense (unit cost) allocation programming and/or direct development of new approach and system programming to streamline processes and effectively produce and interface expenses to SAS or other designated actuarial and ledger systems. Direct testing of approach. Produce expense allocation policies, procedures, and internal control documentation and provide staff training.
- Manage development of, co-author, or review for relevance to Reporting all IFRS technical position papers and other technical documents related to implementation. Present impact assessments in conjunction with Financial Planning & Analysis, Actuarial Valuation and Modeling colleagues. Coordinate one response among departments, as necessary.
- Manage and direct the implementation and on-going maintenance of robust internal control practices, procedures, and reporting for IFRS 17 and related implementations. May include periodic department process walk-throughs, reviewing and recommending changes to controls and periodically preparing reports for Senior Management and the Audit Committee.
- Manage the public accounting firm audits with respect to implementation of IFRS 17 and related areas, as applicable.
- Assess the impact of IFRS 17 on forecasting of capital requirements reports under Bermuda solvency capital requirements reporting.
- Manage Finance portion of implementation testing.
- Determine and implement revisions to monthly, quarterly, half-year and annual closing processes as a result of IFRS 17.
- Provide staff training, as needed.
Certified Public Accountant (CPA), or equivalent (ex: UK Chartered accountant)
BS in Accounting or equivalent degree
10 years financial reporting experience
Public Accounting experience strongly preferred
Life insurance industry financial reporting experience required
Knowledge of IFRS required, US GAAP and US Statutory preferred
IFRS accounting technical skills
Knowledge of SAS preferred; IFRS 17 accounting systems skills
Project Management skills a plusInterpersonal skills
Thursday, November 21, 2019