1. Define requirements at the broader business level
Although many clients are focusing on the requirements of the new IFRS17 calculation engine to determine their business needs, they should really be defining requirements at a broader program level. They should demonstrate completeness and traceability between policy and working assumptions, progress, and controls in and around the calculation engine, in addition to considering the inputs, outputs, and expected functionality of the calculation engine. The calculation engine is a valuable tool to guide design decisions and identify unanswered decisions, but it's equally important as a change management tool for the senior management team to focus on.
Define your business requirements at a program level, not just for the calculation engine, and engage experts with IFRS17 knowledge as well as analytical skills.