Senior Manager - IFRS 17 Reporting Accountant
- Employer
- M&G Global Services
- Location
- India
- Posted
- Nov 06, 2024
- Closes
- Nov 26, 2024
- Ref
- 4928225709
- Certification
- Other
- Work Mode
- Work from office
- Hours
- Full Time
- Organization Type
- Corporate
We are M&G Global Services Private Limited (formerly known as 10FA India Private Limited, and prior to that Prudential Global Services Private Limited). We are a fully owned subsidiary of the M&G plc group of companies, operating as a Global Capability Centre providing a range of value adding services to the Group since 2003. At M&G our purpose is to give everyone real confidence to put their money to work. As an international savings and investments business with roots stretching back more than 170 years, we offer a range of financial products and services through Asset Management, Life and Wealth. All three operating segments work together to deliver attractive financial outcomes for our clients, and superior shareholder returns.
M&G Global Services has rapidly transformed itself into a powerhouse of capability that is playing an important role in M&G plc’s ambition to be the best loved and most successful savings and investments company in the world.
Our diversified service offerings extending from Digital Services (Digital Engineering, AI, Advanced Analytics, RPA, and BI & Insights), Business Transformation, Management Consulting & Strategy, Finance, Actuarial, Quants, Research, Information Technology, Customer Service, Risk & Compliance and Audit provide our people with exciting career growth opportunities. Through our behaviours of telling it like it is, owning it now, and moving it forward together with care and integrity; we are creating an exceptional place to work for exceptional talent.
Accountabilities/Responsibilities
• Provide technical accounting support and guidance on the application of IFRS 17 principles and group methodology.
• Produce the IFRS 17 actual cashflows and generate the engine input files for the IFRS 17 engine runs. Working alongside the actuaries to compare actual versus expected cashflows and investigating any significant variances prior to engine run.
• Conduct data validations, data checks and reconciliation of actuals cashflows, investigating and resolving any discrepancies or issues that arise during the validation process.
• Determine and apply necessary overlay adjustments to the cashflow store or engine inputs to ensure alignment with IFRS 17 requirements.
• Generate IFRS 17 journal entries from the output from the engine run and post to the general ledger ensuring that entries are accurately recorded in accordance with IFRS 17 and suspense accounts cleared.
• Perform high-level analysis of engine output and control checks before handover of the IFRS 17 results to the Reporting Analysis team.
• Propose cashflow store overlays for review by Reporting Analysis team.
• Generate any accounting inputs required to support the commentary on IFRS 17 results and for the IFRS 17 deferred tax computations.
• Adhere with current accounting standards and Insurance procedures to maintain a robust financial control regime.
• Work closely with actuarial, risk and finance teams to ensure comprehensive IFRS 17 reporting.
• Assist with the evidence gathering for audit responses to resolve audit queries in a timely and accurate manner.
• Participate in ad hoc projects to support continuous improvement and process enhancement.Knowledge & Skills:
• In-depth knowledge of IFRS 17
• Ability to work to deadlines and prioritise workload.
• Effective verbal and written communication skills to liaise with accountants and actuaries, explain financial results, and document processes and adjustments.
• Ability to collaborate and work effectively as a team and independently.
• Strong problem-solving capabilities and ability to investigate and resolve complex financial
reporting issues and discrepancies effectively.
• Adept at building relationships across the teams to resolve IFRS 17 technical issues.
Experience:
• Experience reporting on an IFRS 17 basis.
• Life insurance experience preferable including deep understanding of products and policies.
• Strong experience of utilising Excel and handling large volumes of data.
Educational Qualification:
• Chartered accountant qualification (CA) or the equivalent
We have a diverse workforce and an inclusive culture at M&G Global Services, regardless of gender, ethnicity, age, sexual orientation, nationality, disability or long term condition, we are looking to attract, promote and retain exceptional people. We also welcome those who take part in military service and those returning from career breaks.
M&G Global Services has rapidly transformed itself into a powerhouse of capability that is playing an important role in M&G plc’s ambition to be the best loved and most successful savings and investments company in the world.
Our diversified service offerings extending from Digital Services (Digital Engineering, AI, Advanced Analytics, RPA, and BI & Insights), Business Transformation, Management Consulting & Strategy, Finance, Actuarial, Quants, Research, Information Technology, Customer Service, Risk & Compliance and Audit provide our people with exciting career growth opportunities. Through our behaviours of telling it like it is, owning it now, and moving it forward together with care and integrity; we are creating an exceptional place to work for exceptional talent.
Accountabilities/Responsibilities
• Provide technical accounting support and guidance on the application of IFRS 17 principles and group methodology.
• Produce the IFRS 17 actual cashflows and generate the engine input files for the IFRS 17 engine runs. Working alongside the actuaries to compare actual versus expected cashflows and investigating any significant variances prior to engine run.
• Conduct data validations, data checks and reconciliation of actuals cashflows, investigating and resolving any discrepancies or issues that arise during the validation process.
• Determine and apply necessary overlay adjustments to the cashflow store or engine inputs to ensure alignment with IFRS 17 requirements.
• Generate IFRS 17 journal entries from the output from the engine run and post to the general ledger ensuring that entries are accurately recorded in accordance with IFRS 17 and suspense accounts cleared.
• Perform high-level analysis of engine output and control checks before handover of the IFRS 17 results to the Reporting Analysis team.
• Propose cashflow store overlays for review by Reporting Analysis team.
• Generate any accounting inputs required to support the commentary on IFRS 17 results and for the IFRS 17 deferred tax computations.
• Adhere with current accounting standards and Insurance procedures to maintain a robust financial control regime.
• Work closely with actuarial, risk and finance teams to ensure comprehensive IFRS 17 reporting.
• Assist with the evidence gathering for audit responses to resolve audit queries in a timely and accurate manner.
• Participate in ad hoc projects to support continuous improvement and process enhancement.Knowledge & Skills:
• In-depth knowledge of IFRS 17
• Ability to work to deadlines and prioritise workload.
• Effective verbal and written communication skills to liaise with accountants and actuaries, explain financial results, and document processes and adjustments.
• Ability to collaborate and work effectively as a team and independently.
• Strong problem-solving capabilities and ability to investigate and resolve complex financial
reporting issues and discrepancies effectively.
• Adept at building relationships across the teams to resolve IFRS 17 technical issues.
Experience:
• Experience reporting on an IFRS 17 basis.
• Life insurance experience preferable including deep understanding of products and policies.
• Strong experience of utilising Excel and handling large volumes of data.
Educational Qualification:
• Chartered accountant qualification (CA) or the equivalent
We have a diverse workforce and an inclusive culture at M&G Global Services, regardless of gender, ethnicity, age, sexual orientation, nationality, disability or long term condition, we are looking to attract, promote and retain exceptional people. We also welcome those who take part in military service and those returning from career breaks.