PARIS, Jan. 14, 2020 - CGI (NYSE: GIB) (TSX: GIB.A) and BNP Paribas Cardif, the world leader in bancassurance partnerships and creditor insurance1, have signed a new agreement for the delivery of services to support the insurer's compliance with the International Financial Reporting Standard (IFRS) 17. Led by its operations in France, CGI will provide business consulting and system integration services for a 21-month period to help BNP Paribas Cardif comply with IFRS 17 before its January 1, 2022 effective date.
Issued by the International Accounting Standards Board, IFRS 17 redefines the way insurers calculate and report margin on insurance contracts. These new rules impact actuarial modelling, closing processes and accounting, as well as IT systems and operations. Compliance with IFRS standards is required in 100+ countries worldwide and permitted in many other countries. Covered insurers are in the process of assessing the new standard and evaluating their obligations and options as the January 1, 2022 effective date looms on the horizon.
CGI, a leading end-to-end services provider, signed a partnership in 2018 with Moody's Analytics, a leading provider of financial intelligence, to support insurance companies with the implementation of the Moody's Analytic's RiskIntegrity™ solution for IFRS 17. CGI's partnership with Moody's Analytics, combined with its business consulting and systems integration capabilities, were key to its selection for this contract. CGI will work with BNP Paribas Cardif's actuarial, finance and IT teams to implement and deploy the RiskIntegrity solution for IFRS 17 within the company, using an innovative, end-to-end methodology.
"Compliance with IFRS 17 will have a significant impact on our financial reporting and performance," said Murielle Puron Chambord, BNP Paribas Cardif's Chief Financial Officer. "This is one of our top strategic projects over the next two years, and we are confident CGI has the ability to address our challenges by delivering consulting services, methodological support and the Moody's Analytic's RiskIntegrity solution for IFRS 17 integration expertise."
"We look forward to helping BNP Paribas Cardif successfully complete this strategic project," said Pierre-Dominique Martin, Senior Vice-President, CGI Business Consulting. "Leading insurers around the world rely on CGI business consultants' in-depth knowledge and our end-to-end capabilities to complete transformation projects and meet regulatory requirements."
Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 77,500 consultants and other professionals across the globe, CGI delivers an end-to-end portfolio of capabilities, from strategic IT and business consulting to systems integration, managed IT and business process services and intellectual property solutions. CGI works with clients through a local relationship model complemented by a global delivery network that helps clients digitally transform their organizations and accelerate results. With Fiscal 2019 reported revenue of C$12.1 billion, CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Learn more at cgi.com.
1Source: Finaccord - 2018
SOURCE CGI Inc.
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