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The Regional manager, IFRS17 will carry out accounting technical policy development work and project implementation. Following implementation, IFRS 17 will transition into BAU and there will remain an ongoing need for skilled IFRS 17 resource.
In May 2017, the International Accounting Standards Board published IFRS 17, a new accounting Standard which will fundamentally change the approach to insurance liability valuation and accounting.
The Standard is effective on 1 January 2022 and adoption is required for both Group and local reporting, in the majority of territories in which PCA operates.
This is an excellent opportunity for a strong (IFRS) technical accountant with project delivery experience and excellent communication skills to join an advanced and dynamic IFRS 17 team and be at the forefront of designing cutting edge IFRS 17 technical solutions.
This role offers interaction with GHO actuarial and finance specialists and will also interface with LBUs. This means that in practice the candidate will be allocated various technical topics to lead the interaction with GHO, LBUs and other project workstreams with the purpose to analyze what the possible practical solutions are to facilitate decision making by senior stakeholders.
Job Responsibilities : Understand the group high level IFRS 17 principles and translate those into practical solutions applicable and most appropriate for LBUs.
Engage with LBUs to get their buy in and at the same time validate what the most appropriate solutions or technical interpretations are, through the following activities : Develop clear and concise guidance helping LBUs implement the new requirements.
Argue for technical interpretation which are optimal for PCA LBUs and at the same time are compliant with the requirements (i.
e. write concise and clear technical accounting memo’s). Supporting local business units (LBUs) with any local IFRS 17 requests e.
g. regulatory or accounting body related. Upskilling LBUs on IFRS 17, delivering / assisting with preparation of training materials for PCA and LBUs.
Work with the solutions team towards the agreement of appropriate business requirements as a basis for system development and data and processes finetuning.
Support Group Accounting Policy development from a more operational stand point through addressing specific follow-up questions or requests for topic-based testing’ to inform Group technical decisions.
This would mean that the candidate would drive a variety of projects to gain a more in-depth understand of the Standard before build.
Support the definition and development of future management information and analysis required. Work together across disciplines (accounting, actuarial, reporting, data and systems, etc.
to come up with a holistic analysis of possible solutions and pros and cons, supporting management decision. Work on accounting and reporting related matters, for example : support the designing of posting logic’ or new Chart of Accounts with as a starting point the group requirement and input Work on pro-forma and disclosure related matters which need more clarification to LBUs or need additional guidance based on Group principles.
Assist with the management of transitioning the overall accounting responsibilities for IFRS 17 to BAU, both at Regional Head Office and in the LBUs.
Job Requirements : Chartered accountant of equivalent qualification and Big Four trained’. At least two year of a pure technical accounting role (only specializing in addressing IFRS issues and writing technical accounting memo’s), either at a Big Four (for example a national office or on the technical department) or in the industry (for example working on the accounting policy team).
Significant knowledge of the life insurance industry in Asia is preferable Overall at least 7+ years of accounting working experience (preferably) mostly within a life insurance industry company combined with some experience in a professional services firm.
A demonstrable interest in IFRS 17, where knowledge on Solvency II and / or European Embedded Value knowledge would be very beneficial.
Knowledge on reporting and closing processes within a life insurance company. Excellent written and spoken English skills with strong verbal and interpersonal abilities.
Technically strong with excellent attention to detail. A team player with ability to work under pressure and manage multiple tasks.
Proficiency in Excel and PowerPoint is expected. High level knowledge of actuarial principles and reserving would be an asset but not essential.
Excellent organizational and project / task management skills. Comfortable working with uncertainty and in an environment of change, highly adaptable.
Ability to speak one or more Asian languages desirable Willing to travel (although not extensively). Able to translate complex concepts into laymen explanations and present to stakeholders without a strong finance or actuarial background.