One of the key challenges in any IFRS17 implementation is to ensure that the technology used to underpin the new business processes is an enabler and not a barrier to success. CFOs should be challenging their CTOs to help them break out of traditional reporting process thinking by demonstrating how technology can better connect data to deliver more responsive, data-enabled, and integrated reporting processes.
IFRS17 will typically create far larger data sets than current regulatory and reporting processes need to manage. This means that traditional technologies and manual workarounds will no longer suffice.
A core part of any successful IFRS17 technology build will include an allocation engine. For those reporting functions that are used to ad hoc and often manual allocation routines, it is now imperative to upgrade to a scalable solution necessary to handle the data volumes and processing capacity to meet reporting timelines.
An allocation engine will enable you to apply percentages to an aggregated number to allocate it to a more granular level. It needs to give you the flexibility to easily update for each reporting process, provide modelling capability during the build phase, and provide version control to be fully audit compliant. A key success factor is for your allocation engine to be able to handle significant data volumes and deliver true processing efficiency.
The XyTec Allocation Engine provides companies with a fast and scalable solution that enables you to quickly apply allocation rules across large and growing datasets. The solution offers:
- Fully user-configurable and granular allocations across multiple processes
- Enhanced and scalable processing power to handle high data volumes
- Easy conversion of budget scenarios into the actuals process
- Integration of outputs into regulatory reporting processes
- Integrated control as part of a fully audit-compliant solution
Please get in touch if you would like to know more about how the Xytec Allocation Engine can help you deliver your IFRS17 implementation.