IFRS 17 - Insurance Contracts for Risk Managers
What does IFRS 17 - Insurance Contracts require of a Risk Manager?
IFRS 17 Insurance Contracts, issued by the IASB and effective January 1, 2023, establishes principles for the recognition, measurement, presentation, and disclosure of insurance contracts. Under IFRS 17 - Insurance Contracts, which defines 45 controls, a Risk Manager's work is deciding which controls you own outright, which you share and which belong to another team, then holding the evidence for the first group.
Which IFRS 17 - Insurance Contracts controls land on the Risk Manager
Risk Managers identify, assess, and prioritise organisational risks. They build risk registers, conduct risk assessments, define risk appetite, and ensure that compliance frameworks address the most material threats to the organisation.
IFRS 17 - Insurance Contracts defines 45 controls across 7 domains that directly affect the Risk Manager role. Understanding which controls fall within your ownership, which are shared, and which are owned by other teams is the foundation of effective compliance management.
What a Risk Manager is accountable for under IFRS 17 - Insurance Contracts
Conducting enterprise risk assessments and maintaining the risk register
Defining risk appetite and tolerance levels with executive leadership
Mapping compliance controls to identified risks for coverage analysis
Monitoring key risk indicators (KRIs) and escalating emerging threats
Integrating compliance, operational, and strategic risk management
Where Risk Managers lose time on IFRS 17 - Insurance Contracts
These are the most common obstacles Risk Managers face when managing IFRS 17 - Insurance Contracts compliance, and how to address them:
Challenge 1
Quantifying cyber risk in financial terms that resonate with executives
Challenge 2
Identifying gaps between compliance control coverage and actual risk exposure
Challenge 3
Integrating risk data from siloed tools and departments
Challenge 4
Keeping risk assessments current as the threat landscape evolves
Challenge 5
Prioritising remediation when resources are limited
A working order for a Risk Manager starting on IFRS 17 - Insurance Contracts
1. Readiness Assessment
Take a 5-minute readiness assessment to identify your organisation's current gap profile against IFRS 17 - Insurance Contracts. Get a prioritised action plan tailored to your specific situation.
2. Cross-Framework Mapping
Use our platform to map IFRS 17 - Insurance Contracts controls against other frameworks you already comply with. IFRS 17 - Insurance Contracts maps to 9 other frameworks in our database.
3. Build Your Toolkit
Equip yourself with IFRS 17 - Insurance Contracts toolkits, self-assessments, and implementation guides from our store. Resources designed specifically for Risk Managers managing compliance programmes.
4. Continuous Monitoring
Establish ongoing compliance monitoring using our platform's gap analysis tools. Track your maturity over time and demonstrate progress to stakeholders.
IFRS 17 - Insurance Contracts in your sector
Who else owns part of IFRS 17 - Insurance Contracts
Questions Risk Managers ask about IFRS 17 - Insurance Contracts
What does a Risk Manager need to know about IFRS 17 - Insurance Contracts?
How does IFRS 17 - Insurance Contracts affect the Risk Manager role?
What are the biggest IFRS 17 - Insurance Contracts challenges for Risk Managers?
How should a Risk Manager prepare for a IFRS 17 - Insurance Contracts audit?
What tools help Risk Managers manage IFRS 17 - Insurance Contracts compliance?
Risk Manager: How ready is your organisation for IFRS 17 - Insurance Contracts?
Answer 25 questions and get a professional readiness report with gap analysis, maturity scores, and prioritised action items. Results in 5 minutes.