/R E P E A T -- BNP Paribas Cardif selects CGI for worldwide support in complying with new IFRS 17 regulation/
Issued by the International Accounting Standards Board, IFRS 17 redefines the way insurers calculate and report margin on insurance contracts. These new rules impact actuarial modelling, closing processes and accounting, as well as IT systems and operations. Compliance with IFRS standards is required in 100+ countries worldwide and permitted in many other countries. Covered insurers are in the process of assessing the new standard and evaluating their obligations and options as the
CGI, a leading end-to-end services provider, signed a partnership in 2018 with Moody's Analytics, a leading provider of financial intelligence, to support insurance companies with the implementation of the Moody's Analytic's RiskIntegrity™ solution for IFRS 17. CGI's partnership with Moody's Analytics, combined with its business consulting and systems integration capabilities, were key to its selection for this contract. CGI will work with BNP Paribas Cardif's actuarial, finance and IT teams to implement and deploy the RiskIntegrity solution for IFRS 17 within the company, using an innovative, end-to-end methodology.
"Compliance with IFRS 17 will have a significant impact on our financial reporting and performance," said
"We look forward to helping BNP Paribas Cardif successfully complete this strategic project," said Pierre-Dominique Martin, Senior Vice-President,
Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 77,500 consultants and other professionals across the globe, CGI delivers an end-to-end portfolio of capabilities, from strategic IT and business consulting to systems integration, managed IT and business process services and intellectual property solutions. CGI works with clients through a local relationship model complemented by a global delivery network that helps clients digitally transform their organizations and accelerate results. With Fiscal 2019 reported revenue of
1Source: Finaccord - 2018