Financial Services

Swiss ORSA – The Insurance Market Reaction

Following the recent issue of a new FINMA circular on ORSA, KPMG Switzerland surveyed leading Swiss insurers to evaluate their response to the new requirements and assess preparedness to comply. Results varied significantly, but one thing is clear: there is still work to be done!

Suitability: Automatisierung als effizienter Weg

Die neuen Anforderungen des Finanzdienstleistungsgesetzes (FIDLEG), insbesondere auch in Bezug auf Suitability, werden die schweizerischen Finanzdienstleister vor einem grossen Implementierungsaufwand stellen. Eine (Teil-)Automatisierung dieser regulatorischen Pflichten wirkt dabei unterstützend, vermeidet Ineffizienzen und steigert die Compliance Sicherheit.

IFRS 16 Leases – Impact on financial institutions

As leasing is an important and flexible measure of financing, e.g. of the rental of an office building, the new leases standard IFRS 16 will improve the transparency and comparability of information on off-balance sheet leases by bringing them onto the balance sheet.

Building a strong insurance risk culture

The financial services market has not ever been as regulated as it is today. The variety of new regulations and the speed of the corresponding international developments are challenging. How companies view these – opportunities?, challenges? – may determine the winners and losers of the future.

Unpacking IFRS 4 Phase 2: New Insurance Contract Standard

While the publication date of the forthcoming insurance contracts standard, IFRS4 Phase 2, is not yet known, the majority of its requirements related to the building block approach have been tentatively agreed on by the International Accounting Standard Board (IASB), including the detailed and complex presentation and disclosure requirements.

Exposure Draft Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts

The IASB now proposes two optional approaches to assist insurance companies until the new insurance contracts standard is issued.