— SERVICES · REPORTING & CAPITAL READINESS
TURN THE MODEL INTO THE NUMBER THAT CLEARS THE ROOM.
A model’s output is not a decision until someone acts on it — and between the model and the decision sits a disclosure, a return, a board paper, a lender pack. We build the last mile: the reporting that satisfies a regulator and the business case that persuades a board, built on the same number and the same truth.
— THE PROBLEM
THE MODEL IS DONE. THE HARD PART IS THE ROOM.
Most institutions can build the model. Far fewer can turn its output into a number that survives the room it has to clear — an audit committee, the Prudential Authority, a board weighing a capital decision, a credit committee deciding whether to fund. The last mile is where good numbers quietly fail: technically correct, but not made legible, not made defensible, not made persuasive.
It is also where the pressure lands. IFRS 17 and IFRS 9 disclosures, solvency and Pillar 3 returns, and the actuarial-to-finance handover all converge on the same deadline, through systems that were never designed to talk to each other. And when a business case reaches the board anchored to the optimistic scenario, or a lender pack cannot answer the question the credit committee actually asks, the model was never the problem. The room was.
— WHAT WE DO
TWO ROOMS. ONE DISCIPLINE.
We turn models and numbers into the reporting that satisfies regulators and auditors, and the business cases that persuade boards, investment committees, and lenders — across insurance, banking, mining, retail, and project finance.
IFRS 17 & IFRS 9 Disclosure Reporting
The disclosure machinery beneath your financial statements: IFRS 17 measurement reconciliations, the risk-adjustment and CSM movement disclosures, and IFRS 9 expected-credit-loss and staging disclosures. Built to the standard, reconciled, and documented so the numbers hold together and the audit questions are answered before they are asked.
Lender & Funder Packs
The bankable model and the information memorandum behind it. Sources and uses, debt-service cover and the ratios a credit committee lives by, with assumptions benchmarked to withstand the scrutiny — and the independent challenge — a lender will bring. Built so a funder can get to “yes” without getting to “what about…”.
Regulatory Capital & Solvency Reporting
The returns that go to the regulator: SAM solvency and SCR reporting for insurers, Pillar 3 and capital disclosures for banks, and the supplementary returns the Prudential Authority now requires. We build the reporting so it ties back to the model, survives examination, and does not become a quarterly fire drill.
Transaction, Fundraise & Valuation Support
The financial case behind a raise, an acquisition, or a disposal. The model, the valuation, and the narrative that connect them — structured to hold up through due diligence and to tell sponsors, buyers, and funders an honest version of where the value and the risk truly sit.
Board & Investment-Committee Business Cases
The decision paper that survives challenge. We build the driver-based model behind a capital request, an investment, or a strategic bet — with the assumptions on the table, base, upside and downside scenarios modelled honestly, and the return framed against the hurdle rate the committee actually uses. The headline that clears the room, and the evidence that holds when every assumption is tested.
– HOW WE WORK
THE NUMBER IN THE ROOM. THE EVIDENCE UNDERNEATH.
Every reporting pack and every business case is built backwards from the room it must clear — because a number is only finished when the person who has to sign it, file it, or fund it can stand behind it.
01
Start with the decision and the audience
Before the model, the room. Who has to conclude what — and what will they challenge? A regulator’s disclosure, a board’s capital call, and a lender’s credit paper demand different evidence. We build to the decision, not to a template.
02
Make the drivers and assumptions visible
The business case is built on a driver-based model that shows what actually moves the number. Every material assumption is on the table, sourced and justified — because the fastest way to lose a room is an assumption nobody can defend.
03
Model the downside honestly
Base, upside, and downside — with sensitivity on the assumptions that matter. We do not anchor a board or a committee to the optimistic case; the case that shows its own risks is the one that survives the meeting and the year after it.
04
Build in two layers
The headline that clears the room, and the detailed model, reconciliations, and sensitivities underneath it for when the pack is opened and the questions come. Governance rigour is not decoration — it is what converts a number into a decision.
05
Make it defensible and repeatable
For reporting, an audit-ready trail that ties every figure back to the model. For a business case, defined success metrics and a basis for tracking actuals against plan. Either way, a number you can stand behind long after the room has emptied.
— WHO THIS IS FOR
FOR THE PEOPLE WHO CARRY THE NUMBER INTO THE ROOM.
This work is for CFOs, financial controllers, and heads of finance who own IFRS 17 and IFRS 9 disclosures under deadline; for chief actuaries and heads of actuarial function responsible for solvency and capital reporting; for CEOs, CFOs, and heads of strategy who must take a business case to a board or an investment committee and have it approved; for project sponsors and deal leads who need a lender or funder pack that clears a credit committee; and for the boards and committees who receive these numbers and have to act on them.
It spans insurance, banking, mining and resources, retail, and project finance and infrastructure — anywhere a model’s output has to become a decision, and the decision runs through a room that has to be satisfied or persuaded.
— THE ALETHEIA DIFFERENCE
THE PERSUASIVE NUMBER AND THE TRUE ONE SHOULD BE THE SAME NUMBER.
Most firms sit on one side of the line: compliance reporting, or deal advisory. We do both, because both are the same discipline — taking what a model knows and making it legible and defensible to the room that matters. And we build the case that is true, not merely the one that is flattering, because in our experience they should be the same number. An optimistic business case that gets sent back, or blows up a year later, was never persuasive; it was just premature.
That is where founder-led delivery earns its place. The rare combination on this work is someone who can build the model and frame the decision — who understands the assumptions because they built them, and understands the room because they have sat in it. Grounded in actuarial science, with the discipline of the audit chair and product-owner’s grasp of what a business actually needs to decide, we make the number ready for the room. It does not flatter. It illuminates.
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IS YOUR NEXT BIG NUMBER READY FOR THE ROOM IT HAS TO CLEAR?
A 30-minute discovery call. No obligation. A scoped proposal within 48 hours.
ALETHEIA PARTNERS
Analytics. Modelling. Truth.
A specialist analytics and modelling consultancy, grounded in actuarial science. Based in Johannesburg, working with corporates, project sponsors and investors across Africa.
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