IFRS 17 Technical Analyst

Job description

Role Title: IFRS 17 Technical Analyst

Business: Accounting and Finance

New or Existing Role? New

Grade: GCB5

Role Purpose

· IFRS 17 is the new accounting standard for insurance contracts, which is due to be implemented on 1 January 2021. This is a significant accounting change for insurers and a joint risk-finance implementation programme has been established to manage the required changes across HSBC's Insurance global operations.

· The role holder will:

· Support the analysis, interpretation and understanding of the requirements of the standard and the impact on HSBC's insurance business

· Support in drafting technical papers on the key elements of the requirements

· Provide technical support on the implementation of IFRS 17 to Finance and Business teams through the Subject Matter Expert (‘SME') groups

· Support the formulation of Group accounting policies, providing detailed practical guidance on policies around IFRS 17

Key Accountabilities

Impact on Business

· The role holder will act as a part of the key technical area of expertise for the IFRS 17 analysis and interpretation to support the key decisions to be made by Group Insurance in the initial stages of the implementation of the standard.
· The role will require good knowledge of insurance products and the technical accounting considerations under current IFRS and be able to apply that to the interpretation of the standard.
· The role will be varied in terms of its activities and will require an individual who is interested in fully understanding the nature of HSBC's insurance products to support the drafting of policy papers and recommendations that are specific to the requirements of HSBC.

Customers / Stakeholders

· There will be a requirement to support the interaction with multiple stakeholders across the insurance business to ensure that all matters are considered and the impacts understood of IFRS 17.
· In order to achieve this, it is vital to promote and maintain effective working relationships and engage with all internals stakeholders to ensure delivery of solutions to specification.

Leadership & Teamwork

· The jobholder must work effectively with other teams with strong communication to ensure the key aspects of the new standard are understood by our stakeholders.
· Manage the activity for project deliverables to meet the required milestones and standards required.

Operational Effectiveness & Control

· To continually reassess the operational risks inherent in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructurings, and the impact of new technology.

Role Requirements

· The Group's insurance manufacturing operations have c. $100bn in assets, and a net asset value of c. $10bn

· The role will focus on the technical interpretations for the Group insurance as a whole but will need to ensure that implications and impacts for each of our manufacturing sites are understood at a high level.

Management of Risk

· The jobholder will also continually reassess the operational risks associated with the role and inherent in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructurings, and the impact of new technology.
· This will be achieved by ensuring all actions take account of the likelihood of operational risk occurring.

Observation of Internal Controls

· Maintains HSBC internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators.
· Understands, follows and demonstrates compliance with all relevant internal and external rules, regulations and procedures that apply to the conduct of the business in which the jobholder is involved, specifically Internal Controls and any Compliance policy including, inter alia, the Group Compliance policy.

Desired profile

Qualifications :

Knowledge & Experience / Qualifications

· 2 years post qualified accountant with a recognised UK institute such as ICAEW or overseas equivalent.

·  Life insurance experience including a solid understanding of policy administration, actuarial and accounting systems
·  Experience in IFRS technical accounting skills from industry or professional practice, including experience of drafting technical accounting papers and challenging current practice in order to drive improvement

· Post qualification experience of financial reporting, auditing, and ideally technical accounting in IFRS (greater levels of experience at higher grades).

· Preparation/audit of financial statements under IFRS with either an audit practice (Big Four audit firm preferable) or an insurer in the UK.

·  Drafting skills: a high standard of English grammar and spelling
·  Strong interpersonal skills with proven ability of planning and problem solving.
·  Ability to work effectively under pressure with competing and rapidly changing priorities.
·  Ability to develop cohesive working relationships with internal/external stakeholders.
·  Ability to bring analytical rigour and structure and effective solutions to poorly-defined problems

We are an equal opportunity employer and are committed to creating a diverse environment.