Enhance XBRL preparation, validation and rendering
Solvency II Pillar 3: XBRL reporting solutions
Solvency II is implemented in Europe through a combination of the earlier Solvency II Framework Directive and the later Omnibus II Directive. The framework requires each applicable national regulator to transmit data in XBRL (used as a common format and common data model) to the European Insurance and Occupational Pensions Authority (EIOPA). Regulated institutions must report to their national level regulator, typically in XBRL although some countries’ regulators have chosen alternate formats for data collection (in these countries the regulator takes responsibility for transforming the filer data into XBRL).
The XBRL data model and rules (taxonomy) are changed regularly by EIOPA to include new information. Regulated firms need to stay on top of the regulatory pipeline and determine:
- whether changes in regulation apply to them;
- what data they already have to meet the regulations;
- adjustments to their systems to meet new data requirements;
- compliance with the XBRL technical standards;
- compliance with the EIOPA data quality rules embedded within XBRL;
- compliance with additional national regulator validation;
- costs associated to complying;
- risks associated to failure to capture compliance errors.
CoreFiling financial services project credibility
The key performance measures for any reporting solution and service will be impacted by the expertise of the organisation responsible for its development and delivery. Broad experience provides the foundation, IT capability manages risk, and business collaboration ensures usability.
CoreFiling have historically pushed the boundaries with innovation, but most importantly never failed to meet a requirement or a client deadline… ever. XBRL reporting is in our DNA.
- Around the world, many regulators and filers rely on our tools and services, including all the principal regulators in the UK
- We have completed highly successful reporting engagements for government agencies and financial institutions such as Bank of Ireland, HSBC, BaFin, Bank of England, HMRC and Barclays
- Our products are already embedded within regulatory infrastructures, which enhances our value and reliability in the eyes of our clients
Our IT capability
- The largest XBRL capability globally, covering both development and professional services
- On site and hosted solutions enabling all business needs
- Authored the majority of the XBRL specifications for XII compliance
- Invented iXBRL
- Underpin the largest XBRL reporting project in the world
- Development and maintenance of taxonomy, process, creation, XBRL processing and validation tools
- Broad XBRL expertise from taxonomy build through to report health checks
- Historically built tools and services with clients
- Work with many of the Big 6 including Deloitte, Accenture and EY
Standalone and embedded processes
The reporting processes required for Solvency II Pillar 3 are very broad, with familiar requirements such as workflow and security coupled with specialist requirements such as XBRL preparation, validation and rendering. Decisions need to be made: whether to create a standalone environment or embed reporting into current architecture; whether to rely on process professionals to provide the specialist XBRL capabilities which may be outside their core competence.
To provide maximum choice for our clients CoreFiling have aligned with many 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 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.
CoreFiling support both the preparatory and full phases of Solvency II reporting and provide solutions to both regulators and filers alike with accurate software, appropriate partners and enabling services. CoreFiling are proud both to underpin key European regulators (as their sole XBRL solution partner) such as the Bank of England (UK) and BaFin (Germany) and to enable compliance for clients through partners such as the accounting firms Deloitte and BDO.
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