OLDWICK, N.J.--(BUSINESS WIRE)--In this A.M.BestTV episode, attendees at the 11th Annual Asian Insurance CFO Summit in Hong Kong said International Financial Reporting Standard (IFRS) 17 will require companies to rebuild their information systems, and change how they capture and manage data and respond to regulations. Click on http://www.ambest.com/v.asp?v=asiacfo1617 to view the entire program.
Attendees said one of the greatest challenges facing chief financial officers (CFO) today is to understand and manage the technical requirements of IFRS 17, which becomes effective in 2021.
“I think for the finance industry it is going to have a huge impact,” said Kevin Lee, president, Actuarial Society of Hong Kong. “We are going to have to revamp all of our systems to be able to produce numbers in the new format.”
“The industry is going to have to fundamentally change the way it captures data and how it is reported,” said Lyndon Oliver, senior vice president, Asia and regional chief financial officer, MetLife, Inc. “Presently, we are looking at all the back office systems to make sure we can get to what IFRS 17 is looking for quickly and efficiently.”
For full video coverage of the 11th Annual Asian Insurance CFO Summit, including exclusive executive interviews, visit http://www.ambest.tv/asiacfo17.
Other people that appear in this episode:
- Paul Davis, regional chief financial officer for Asia, Allianz;
- Peter Hirs, head of finance, APAC, Zurich Insurance Company;
- Frederick Pineda, first vice president and chief financial officer, Malayan Insurance Co., Inc.;
- Palitha Jayawardena, director, Ceylinco Life Insurance Plc; and
- Louis Lee, chief financial officer, Scor Global Life Asia-Pacific.
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