RiskIntegrity for IFRS 17

We provide affordable, best-in-class solutions for our clients.

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Table of Contents

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IFRS 17 CONSORTIUM

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OUR IFRS 17 EXPERTISE

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HOW WE’VE ASSISTED OUR CLIENTS

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WE ARE THE RISKINTEGRITY EXPERTS

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SEAMLESS END-TO-END SOLUTIONS

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WHY CHOOSE US? BEST-IN-CLASS SOLUTIONS

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WE ARE THE AXIS EXPERTS

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OUR APPROACH - EXCEPTIONAL SERVICE

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MEET THE MANAGEMENT TEAM

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MEET THE TEAM

IFRS 17 CONSORTIUM

The Consortium can help you achieve IFRS 17 compliance.

In order to provide all of the necessary skills and expertise required to support our clients IFRS 17 requirements, we’ve partnered with industry leading firms that bring a unique value proposition, pragmatic approach and most cost-effective solutions to address the complexities of IFRS 17.

Valani Global

Valani Global

Valani Global (Valani) specializes in supporting insurance companies
in achieving their financial risk management goals through a focus on actuarial modeling, financial reporting and implementations of Moody’s Analytics solutions. Collectively our team has over 100 years of experience with AXIS with an emphasis in end to end AXIS implementation services. Valani is a powerhouse of AXIS experts who focus exclusively on
Moody’s risk management software, Valani Global supports insurance companies in achieving their financial risk management goals through implementations of Moody’s Analytics solutions including AXIS and RiskIntegrity for IFRS 17.

BDO

BDO

With access to a global knowledge base and professional expertise, BDO offers extensive value to our clients across all segments of the insurance and financial services industry. BDO has established data, analytics, and process automation accelerators for IFRS 17, including our Insurhub platform offering enhanced data ingestion, integration and financial reporting. Purpose built for IFRS 17, Insurhub outperforms other industry solutions offering the most pragmatic, cost-effective approach’s to addressing the complex data & technology requirement of IFRS 17.

Optimus SBR

Optimus SBR

One of North America’s largest independently owned management consulting firms with a focus on Financial Services and Insurance Industries. Optimus has extensive experience working with Canadian and Caribbean insurers, helping to drive value and ROI. Optimus also manages several IFRS17 Implementations, providing cross-functional program management, business architecture, business analysis & requirements creation, accounting and chart of accounts design, business optimization and change management and critical data and lineage work.

OUR IFRS 17 EXPERTISE

Domains of Expertise

IFRS 17 will result in a complete overhaul of financial statements for insurers, although the impact reaches the entire organization, including risk, actuarial, and IT. IFRS 17 will require the transformation of data, organizational roles, technology, and business processes.

Because of the inherent complexities required to deliver such a large and complex program successfully, four domains of expertise must be engaged: IFRS 17 subject matter expertise (both accounting & actuarial), program management & business transformation, and data and technology.

HOW WE’VE ASSISTED OUR CLIENTS

Our experts can assist companies across the globe with RiskIntegrityTM for IFRS 17, LDTI, Principle-Based Reserving (PBR) for life and variable annuities (VM20 and VM21), and PBR documentation and reporting requirements (VM31).

  • Business requirements, model design, and model implementation
  • Efficient setup of Moody’s Analytics AXIS and a single model approach for IFRS 17, LDTI, PBR, and other reporting requirements
  • Storage and maintenance of multiple assumption sets
  • Assumption setting – designing experience studies for efficient use of resources and data
  • Design of efficient production process
  • Model and documentation peer review Documentation requirements
  • Assistance with experience studies

Customer Satisfaction

We perform projects in stages, with each phase having a timeline and budget. We involve client staff along the way so we can train on an ongoing basis, not all at the end. Our senior professionals know what they are doing and will go out of their way to ensure that clients are satisfied with our work.

WE ARE THE RISKINTEGRITY EXPERTS

  • The majority of our consultants are fully certified in RiskIntegrityTM for IFRS 17.
  • Juan Manuel is the RiskIntegrityTM expert. Prior to joining Valani Global, he was the in-house expert on RiskIntegrityTM at Moody’s. He continues to collaborate with Moody’s on the development and testing of RiskIntegrityTM through Valani Global.
  • Serge Boutet worked with many accountants and actuaries to help design and improve RiskIntegrityTM for IFRS 17 (in his previous role at Moody’s). As such, we are unique in being able to offer deep subject matter expertise in RiskIntegrityTM.
  • Valani Global is a niche consulting firm that solely focuses on Moody’s risk management software solutions. We are also part of the Moody’s Global PartnerAlliance program which is an expert network that offers delivery and support options for Moody’s Analytics clients.
  • Using our expertise, we have performed 100+ transformations from different data sources to Moody’s software solutions including AXIS and RiskIntegrityTM.

SEAMLESS END-TO-END SOLUTIONS

  • We are at the forefront of the standards and guidance on IFRS 17 and have advanced insight into potential amendments. Nazir Valani is on the Canadian Institute of Actuaries (CIA) Actuarial Guidance Council which approves all IFRS 17 Education Notes.
  • We were featured in an article with Moody’s on IFRS 17 P&C Insurance Issues & Challenges.
  • Our team consists of highly qualified and experienced AXIS IFRS 17 consultants who have been involved in several IFRS 17 projects. We do not hire juniors who learn on the job at your expense.
  • Once a resource is allocated to a client they will remain dedicated to the project until completion.
  • The success and satisfaction of our clients is paramount to us. We will work hard to ensure that our work meets or exceeds your standards.

WHY CHOOSE US? BEST-IN-CLASS SOLUTIONS

At Valani Global, we offer end to end AXIS implementation services for mid and large-sized clients. We provide the best industry consultants with the appropriate certifications and technical competencies for their roles, offered at very reasonable hourly rates.

All our actuarial consultants have a long-standing relationship with Moody’s support staff, being experts and having specialized in AXIS solutions.

Valani Global works closely with Moody’s under the Moody’s Analytics Partner Alliance which invites best of breed consultancies, system integrators, and technology vendors to bring 

Moody’s Analytics award-winning capabilities to customers, creating world-class solutions for critical financial risk management problems.

WE ARE THE AXIS EXPERTS

Valani Global was established in 2019 by Nazir Valani and Sarah Valani to support life insurance companies in achieving their financial risk management goals through a focus on actuarial modeling, financial reporting, and implementations of Moody’s Analytics solutions. Collectively our team has over 100 years of experience with AXIS, with an emphasis in end to end AXIS implementation services.

We are building a powerhouse of AXIS experts who focus exclusively on Moody’s risk management software, which includes:

      • AXISTM
      • AXIS IFRS 17 Link
      • AXIS US GAAP Link
      • RiskIntegrityTM for IFRS 17
      • RiskIntegrityTM for LDTI

OUR GROWTH

We are in our 5th year

Now in our 5th year, we continue to work with our clients on IFRS 17, LDTI, Appointed Actuary work, Peer Reviews, and performed AXIS conversions for large and small blocks, including Solvency II best estimate liabilities.

We service 40+ clients across the US, Canada, Caribbean, and Europe.

Our team of 30+ consultants have worked alongside our client’s IT, Accounting, and Actuarial staff to implement AXIS datasets by participating in their reconciliation with former systems, integration with existing processes, as well as refining governance and controls. We have developed best practices that include how to most efficiently create and maintain “Master AXIS Datasets” while addressing multiple functional needs and have also developed best practices on governance, including separate environments for development, testing, and implementation into production.

OUR APPROACH

Exceptional Service

We take pride in our results. Consistently following our proven implementation methodology has garnered repeated successes, and is why our team has earned many industry awards and accolades.

Our commitment to applying the latest in modern project management processes, controls, and tools has allowed us to manage risk, scope, and successfully deliver clients on goals and project objectives. 

Successful delivery takes the skill of our experienced project managers and their team of professionals who have experience implementing large-scale AXIS modeling projects.

Risk

Risk

The identification, analysis, and response planning of each project risk that occurs during the project. Risk can be related to an uncertain event and may have a positive or negative impact on the project.

Knowledge Transfer

Knowledge Transfer

Is provided informally through collaborative discussions and information sharing sessions. This information includes but is not limited to technology, methodologies, and best practices. We will also provide written documentation for work performed.

Monitoring & Reporting

Monitoring & Reporting

Our approach is time and material with an approved budget by phase, and with weekly monitoring and reporting, so there are no surprises. The reporting would include: the remaining budget from last week, consulting cost for the week, a description of the work performed over the week, and the week’s end remaining budget.

Meet The Team

BENNIE ZHUANG

CONSULTING ACTUARY

Bennie has over 15 years of experience in life and pensions with a focus in AXIS modelling, financial reporting, and audit, working with clients across major insurers and reinsurers in Canadian, U.S., Caribbean, and China markets. Prior to joining Valani Global, he worked for actuarial consulting firms and life insurance companies.

Bennie has extensive experience in AXIS modeling including liability, asset, and capital models, covering a variety of life and annuity products under different accounting bases. He has been involved in projects such as IFRS 17 AXIS implementation, AXIS conversion, AXIS re-build, AXIS model vetting, etc.

Bennie is a Fellow of the Society of Actuaries, a Fellow of the Canadian Institute of Actuaries, and a Member of the American Academy of Actuaries. He holds a Bachelor of Science degree in Actuarial Science from the University of Toronto. He also holds a Bachelor of Science degree in Computer Science from Shenzhen University (China).

NAZIR VALANI

PRESIDENT & CO-FOUNDER

In 1998, Nazir started a life actuarial consulting firm and developed it from a one-person operation into an industry-leading consulting firm, the second largest life actuarial practice in Canada. After 14 years, his consulting firm was acquired by KPMG LLP. Following the acquisition, Nazir continued to work with KPMG for 6 years, where he was the North American Leader for Moody’s AXIS implementation and National Leader for the Actuarial Practice at KPMG before starting Valani Global in 2019.

Nazir currently leads a team of seasoned actuaries specializing in Moody’s Analytics solutions. He uses his skills in Moody’s software to perform conversions and actuarial transformations, appointed actuary work, and other actuarial modeling work.

Nazir has a bachelor’s degree in Science, Mathematics from the University of Western Ontario. He has been involved in many actuarial committees at the Society of Actuaries (the Employers’ council, the Canadian Institute of Actuaries, Actuarial Guidance Council (presently), and the Committee on Life Insurance Financial Reporting (CLIFR.) He is a Fellow of the Canadian Institute of Actuaries and the Society of Actuaries. Nazir also finds time for social involvement as a member of the board of the Society of Actuaries, Hospice Toronto, and The Neighborhood Organization.

SARAH VALANI

CO-FOUNDER & VICE PRESIDENT

Sarah Valani is the Co-Founder and Actuarial Consultant at Valani Global. She specializes in Moody’s/GGY’s AXIS, IFRS 17, software conversions, actuarial transformations, life products, and annuities. 

Before Valani Global, Sarah worked at an insurance company and was also a consultant. Sarah has been heavily involved with the Actuarial Society of Greater New York (ASNY) for several years and served as a board member and Vice President of Meetings for ASNY from 2017-2020.

Sarah holds an Honours Bachelor of Mathematics with a Business Specialization and Computer Science minor from the University of Waterloo.

SCOTT HOUGHTON

VICE PRESIDENT & CONSULTING ACTUARY

As Vice President & Consulting Actuary at Valani Global, Scott specializes in Moody’s AXIS software conversions, appointed actuary work, and other actuarial modeling using Moody’s solutions. He has significant experience in life products and annuities and extensive knowledge of US statutory, US GAAP, and IFRS 17.

Before joining Valani Global, Scott was a Principal in the US operations of Oliver Wyman and has spent most of his consulting actuary career working for major consulting practices. He has made significant contributions to the Actuarial community through his numerous papers that have been published in actuarial publications, as well as his participation in the Society of Actuaries Modeling section as a member, Vice-Chair and Chair. He also has had many speaking engagements in various Society of Actuaries seminars. Scott holds a Bachelor of Science, Mathematics from Dickinson College, and is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries.

Nazir Valani

Nazir Valani

Sarah Valani

Sarah Valani

Scott Houghton

Scott Houghton

Bennie Zhuang

Bennie Zhuang

Yasmin Valani

Yasmin Valani

Nevina Kishun

Nevina Kishun

Spencer Bateman

Spencer Bateman

Nicolas Ortiz Bernal

Nicolas Ortiz Bernal

Juan Manuel Martinez

Juan Manuel Martinez

Nikhil Asnani

Nikhil Asnani

Youn Kim

Youn Kim

Andrew Good

Andrew Good

Shari Rowan

Shari Rowan

Alexander Loscerbo

Alexander Loscerbo

Miga Kim

Miga Kim

Kritika Agarwal

Kritika Agarwal

Hans Harris

Hans Harris

Shafik Jutha

Shafik Jutha

Tim Noble

Tim Noble

Chau Dang

Chau Dang

Rena Kuliyeva

Rena Kuliyeva

Serge Boutet

Serge Boutet

Jeanette D'Mello

Jeanette D'Mello

Jonathan E. Stinson

Jonathan E. Stinson

Wayne Tao

Wayne Tao

Ishaan Ahuja

Ishaan Ahuja

Natalie Huang

Natalie Huang

Jeffrey Chen

Jeffrey Chen

Steven Easson

Steven Easson

Stamen Hristov

Stamen Hristov

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