Think right to left
Don’t make changes to comply with IFRS 17 without first knowing your end goal. Articulate and document what that end goal looks like for the organisation and then work backward from systems and structure all the way to the platform needed for reporting. Otherwise, there will be a lot of last-minute scrambling to achieve goals.
Establish governance
Take your top brains from each relevant function within your company and put them in charge of the soft design to ensure the design effort does not become fragmented. For change to occur, people must be assigned to the task, empowered to make decisions and held accountable.
Assess what “good” looks like and be pragmatic
There is no one-size-fits-all approach. Assess what “good” looks like for your organisation, in the context of how you currently operate. Decide where you need to be best in class and where you should make incremental or tactical changes that will keep the organisation flexible going forward. Be pragmatic about the compromises you will need to make.
