How do I keep up to date with XBRL taxonomy changes?
The whole process of gathering relevant data and implementing an effective workflow to turn that data into valid XBRL reports is daunting enough, but the challenges do not stop there. What happens when the underlying XBRL taxonomy changes, as it undoubtedly will? What solutions are available to help smooth the reporting process?
The impact of Solvency II taxonomy changes
Without specialist insight into the taxonomy structure it is difficult to understand what changes have occurred from one version to the next and, more significantly, how the changes might impact both technical considerations and the preparation of XBRL reports.
Compliance with EIOPA business rules
The business rules imposed by EIOPA and the NCAs may also be amended from time to time, and this could have a profound effect on the data that needs to be reported. How will your reporting systems cope with frequent updates? How will you make sure that your systems remain current, producing totally valid XBRL documents that will not be rejected at the point of submission?
Some systems rely on hard-coding and may prove inflexible, so you would do well to make sure that you will not incur massive system and cost overheads just to bring your reporting into line each time.
Over this series of blog posts we have delved into some of the issues now facing the insurance market at it prepares for Solvency II Pillar 3 reporting. Now let’s take a look at the wide variety of solutions that CoreFiling provide to help insurance companies to file Pillar 3 reports with confidence.
CoreFiling XBRL solutions for Solvency II filers
CoreFiling offer a broad range of products and services to help insurance undertakings that now need to accommodate the new Solvency II regime, not only for XBRL reporting during the full scope phase next year, but also during the preparatory phase that is starting very soon.
Professional Services to support your reporting processes
Even organisations that have already made choices about how to generate their XBRL-based QRTs may need some help. As was found recently during the introduction of the EBA CRD IV filing programme for the banking industry, not all solutions produce valid XBRL reports, and the reasons are not always obvious.
The service that CoreFiling provide encompasses much more than just a review of the XBRL documents that the firm is producing. It also carries out a full analysis of the filing processes adopted. Naturally, the Healthcheck contains a review of the XBRL, to ensure that the data has been faithfully transformed into XBRL format, but it also includes verification of the workflows, including final report sign-off, plus a commentary on the organisation’s readiness for future changes in reporting requirements. At the end of the Healthcheck the client receives a full report that sets out the current state of their reporting processes, highlights any risk factors and makes appropriate recommendations.
The Solvency II taxonomy has been subject to constant change and every indication suggests that this will continue after the release of the ‘final’ taxonomy for full scope reporting. Understanding the differences between taxonomy versions requires specialist skill, particularly to work out what effect the changes may have. CoreFiling provide a Taxonomy Impacting service for our clients based on a review of the differences between new and old versions of the taxonomy, including full explanations of the technical impact on integration teams and filers.
Rapid response filing
The time for Solvency II filing is fast approaching. Even organisations that have already embarked on filing projects may not be ready in time for the first filing deadlines. To help such companies we can call upon our Rapid Deployment Team, who offer detailed XBRL expertise along with our range of specialist Connectors to facilitate integration with existing systems for the extraction of reporting data and its conversion into fully validated XBRL ready for filing submission. This proven service has already helped a number of organisations to file in due time to meet mandatory deadlines.
We also offer in-depth training courses, for example a one-day course on the Solvency II taxonomy and a further one-day course on Solvency II Instances, though courses can be tailored to meet specific requirements.
A range of XBRL products to meet individual requirements
To provide maximum choice for our clients CoreFiling have aligned with several reporting specialists to whom we provide our professional XBRL expertise. Our tools can be embedded efficiently into other software such as Oracle, SAP, SAS and EMC to enhance your ROI.
- Run a standalone environment covering report creation, validation, workflow, security and versioning. As requirements mature then integrate into analytical and other processes using our True North® APIs.
- Use a SaaS environment (Software as a Service), for example our Seahorse® XBRL production system, for rapid deployment of specification-driven report creation, validation and review.
- Use your current reporting environment then embed True North® to handle the XBRL requirements, beginning simply by using bulk data transfer and gradually integrating further.
Solvency II XBRL taxonomy alignment
One of the key benefits of CoreFiling’s Solvency II solutions is the fact that we keep our systems fully aligned with any changes to the underlying taxonomy and the business rules imposed by the regulator. This is done totally in the background, so users do not have to be concerned about missing any important changes, which could result in reports being rejected at the regulatory portal.
Whatever your current situation, CoreFiling have the products and services to help you to meet your Solvency II needs.
This series of blog posts will also be made available as a whitepaper that can be downloaded from the CoreFiling website.