CCH Tagetik IFRS17
Wolters Kluwer enables finance, legal, tax, and healthcare professionals to be more effective and efficient. They provide information, software, and services that deliver vital insights, intelligent tools, and the guidance of subject-matter experts.
Tagetik was initially founded in 1986 as a local consultancy based in Lucca, Italy. The Tagetik brand was launched in 2005 and has since earned a reputation for delivering the most trusted, comprehensive, and scalable Corporate Performance Management solutions available. It was acquired by Wolters Kluwer in 2017 and rebranded as CCH Tagetik.
The CCH Tagetik Finance Transformation Platform, powered by the Analytic Information Hub, is a unified platform that connects finance and operations and streamlines the consolidation & close, planning, reporting & analytics, disclosures and compliance.
In addition to its IFRS17 Solution, CCH Tagetik provides a number of capabilities, including:
CCH Tagetik provides a highly sophisticated consolidation solution that can address multi-entity challenges of global organisations.
CCH Tagetik’s planning solution brings together granular financial and operational data combined with driver-based modelling to deliver sophisticated planning requirements.
CCH Tagetik Lease Accounting software is a pre-configured starter kit that provides a lease accounting hub including data repository, calculation modelling, reporting, disclosures and workflow.
CCH Tagetik’s pre-packaged Solvency II solution has the templates, calculations, validations, reports and dashboards needed to accelerate Pillar 1 and 3 compliance. Read more…
CCH Tagetik’s pre-built account reconciliation solution automatically reconciles accounts and provides alerts, templates and ageing views to standardise processes.
CCH Tagetik Collaborative Office integrates with Microsoft Office to create financial, statutory, management reports and disclosures including the automation of all checks and balances, while normalising and validating data.
CCH Tagetik IFRS17
by CCH Tagetik
CCH Tagetik’s IFRS17 starter kit (or SK) is a cloud or on-premise pre-packaged solution (PPS) solution that can be purchased as a standalone tool or as an extension to the unified Finance Transformation Platform for existing CCH Tagetik customers. It’s best suited to groups or entities looking for fast compliance in a standardised model – be it using the premium allocation approach (PAA), the general measurement model (GMM) or the variable fee approach (VFA). Being based on their CPM platform, CCH Tagetik’s IFRS17 package also provides financial sub-ledger style intelligence with the option for significant configurability, so this is far more than a pure compliance solution.
This pre-packaged solution includes a set of illustrative examples, including calculations and reports straight from the standard itself.
A particularly user-friendly feature of CCH Tagetik is the cockpit which provides the submission status for both the group and on an entity-by-entity basis for each process step. A detailed guided workflow of the tasks required with links direct to those activities are provided right from set-up to input, validation, calculations, journal production and finally reporting.
Actuals, estimates of future cash flow projections, risk adjustment for non-financial risk and other required input data can be loaded using standard Excel templates, or by using the in-built ETL technology, at the cohort or even down to the contract level.
CCH Tagetik provides an array of pre-built data quality checks to ensure that the data is suitable for processing. Once the validation processes and calculation packages have been run, CCH Tagetik produces the double entry journals in Excel. The pre-packaged but configurable IFRS17 accounts can be mapped to general ledger codes for convenience. Alternatively, journals can be configured to suit the general ledger import process.
CCH Tagetik can handle multiple entities in any currency. Additional entities can easily be created in the interface or loaded on mass via Excel if required. Multiple hierarchies can easily be built to suit differing reporting requirements. User access can be defined on every dimension, including entity and workflow tasks.
A pre-packaged IFRS17 chart of accounts is provided including movements from opening to closing that is suitable for PAA, GMM or VFA and is linked through to the disclosure reporting.
There is an array of pre-built reports, from financial statements to pro-forma IFRS 17 disclosure schedules, that are accessible via the integrated Excel add-in. Reports are reusable across all scenario, period or entity combinations, with all Excel reports remaining connected to the underlying database data. Additional reports can be configured by administrators or end users, using the powerful report matrix builder that is common to the CCH Tagetik platform.
CCH Tagetik also includes seamless integration with QlikSense, so data can be analysed down to the Unit of Account level. Again, there are an array of pre-built visualisation and data reports that use standard QlikSense filtering and drill down features to offer data exploration.
In summary, CCH Tagetik’s pre-packaged IFRS17 solution is a powerful tool ideal for any organisation seeking rapid compliance with the standard. The guided workflow provides a clear, well-governed process whilst the sub-ledger style intelligence and configurability options are impressive for a pre-packaged solution.
Don’t forget to read our IFRS17 Buyer’s Guide.
Want to get under the bonnet?
Download our product factsheet and detailed product specification.