EIOPA completes Solvency II interim taxonomy supported by CoreFiling and Accenture expertise
Oxford, 31st July 2014. CoreFiling, the leading XBRL software and services company, have announced the successful completion of their project to develop and complete the Solvency II interim taxonomy, now publicly released by the European Insurance and Occupational Pensions Authority (EIOPA). In completing the new taxonomy CoreFiling worked together with Accenture, the global management consulting and technology services company.
EIOPA's interim taxonomy project covers the data items, business concepts, relations and validation rules outlined by the Data Point Model and which support EIOPA's stated goal of improving the efficiency and consistency of the regulatory supervision of European financial institutions. The taxonomy is intended to provide a staging post for National Competent Authorities (NCAs) and users pending the release of the final taxonomy, expected to be issued towards the end of 2015 prior to the full Solvency II mandate which comes into force from 1st January 2016. Regulators in some countries are already encouraging their financial institutions to start submitting their reports in XBRL using the newly released interim taxonomy.
CoreFiling's role within the project consisted of the data modelling, quality assurance, development and improvement of the XBRL taxonomies supporting EIOPA's Solvency II Pillar 3 reporting project, including testing, technical review and the drafting of technical documentation. In particular, CoreFiling used its expertise in Data Point Model development to streamline and automate the development process.
CoreFiling also worked closely with the consultancy firm Accenture, which contributed industry expertise and provided tight governance, auditing the taxonomy outputs and assistance in defining the project success factors.
Patrick Hoedjes, Director of Oversight and Operations at EIOPA, said: "CoreFiling went the extra mile to make the taxonomy project a success. Their commitment was exemplary and we appreciated the way they worked with us, providing invaluable advice and guidance to ensure a positive outcome".
Philip Allen, CoreFiling's Executive Chairman commented: "CoreFiling have contributed deep XBRL expertise and professional services experience in a number of highly successful large regulatory projects. Working alongside EIOPA and Accenture we were able to draw on this experience to build the new taxonomy".