PVI expedites IFRS compliance journey with accelerator solution

The joint solution combines the SAS solution for IFRS17 and a globally-tested methodology developed by one of the world’s leading insurance groups.

KPMG IFRS17 Express provides insurers with a more efficient and cost-effective path to compliance, replete with a fully functional IFRS17 calculation and posting engine as well as pre-defined data models and extensive postings, fostering automation and integration.

Its singular, traceable platform ensures auditability and transparency while also facilitating collaboration between insurers’ actuarial, risk management, and finance teams.

For PVI, technological and methodological security, as well as the rapid implementation timeline, were decisive factors in choosing this solution. During the process, KPMG and SAS remain engaged with PVI, helping orient its teams and familiarise them with the robust and preconfigured IFRS17 compliance engine.

Deputy CEO of PVI Holdings Vietnam Kien Tuan Phung said, "Combining the experience and expertise of these global market leaders, propelled by SAS’ industry-proven analytics infrastructure, is a convincing concept that lives up to expectations."

"With KPMG IFRS17 Express, we achieved the onboarding of a robust and traceable calculation engine and subledger for IFRS17 – with capabilities for ongoing tuning – in less than 12 weeks," added the deputy CEO.

Troy Haines, senior vice president of Risk Research and Quantitative Solutions at SAS emphasised, "It's hard to imagine a more powerful fusion of industry leadership and capabilities – SAS technology fueling a globally market-tested methodology and driven by KPMG’s industry-forged know-how and processes.”

“As global insurers confront the most disruptive regulatory shift to ever affect the industry’s financial reporting, KPMG IFRS17 Express is proving a potent and reliable solution for tackling IFRS17 requirements in a highly compressed timeframe,” Haines continued.

Vietnamese businesses’ conversion and adoption of the International Financial Reporting Standards are among the most significant measures towards pushing for greater transparency, particularly for publicly traded entities, according to a number of senior executives.

The Ministry of Finance has taken a major step forward in its efforts to raise the bar for the country’s financial status with the future integration of International Financial Reporting Standards – the most widely-used accounting language across the globe.

Preparation for the conversion to and adoption of International Financial Reporting Standards (IFRS) by Vietnam-based companies is one of the most important steps towards propelling economic development with greater transparency. However, various challenges still colour the landscape.