Ensure your CRDIV and Solvency II reports are correct the first time or risk a loss of reputation.

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European Financial authorities are closely monitoring the quality of CRDIV and Solvency II XBRL reports and banks and insurance companies that continually submit invalid documents risk a loss of reputation and further investigation. UBPartner announces the latest version of the XBRL Reporting Toolkit to make it as easy as possible to ensure that any XBRL document is 100% compliant, first time.

ECB: COREP and FINREP Errors

(The feedback) ... sends a clear message to submitting banks and insurance companies “we are watching” and if you are not able to manage the process of providing a quality XBRL document, then this reflects on how you are managing your organisation

UBPartner, a leading European provider of XBRL tools and services, announced today the availability of the latest version of its XBRL Reporting Toolkit, which provides a platform for banks and insurance companies to generate 100% compliant COREP, FINREP and Solvency XBRL reports.

The need for a robust approach to XBRL, offered by such tools, is evidenced by recent briefings by European Financial Services authorities. Like their counterparts at the US SEC and the AQM project, nicknamed Robocop, and the UK HMRC’s recent comments about how they are ‘mining’ the millions of data sets provided as part of UK corporate tax reports, European banking and insurance supervisors are taking advantage of maturing XBRL frameworks to look at those firms who are not delivering the expected quality in their reports.

Maturing XBRL Frameworks

“It has taken some time for the use of XBRL to mature to a level where the focus of regulators is no longer on explaining what needs to be tagged, but is now focusing on the quality of the reports’ stated Martin DeVille, Business Development director at UBPartner. “This appears to be a global characteristic of XBRL projects. The US SEC has the AQM or ‘Robocop’ initiative; the UK HMRC is analysing UK corporate tax reports for ‘white spaces’ where relevant data is not tagged, analysing the reports for key risk indicators and profiling the reporting characteristics of certain ‘high risk’ industry sectors among their quality initiatives; while the European Banking Authority, European Central Bank and Banque de France have recently provided detailed briefings on the quality of documents provided in the CRDIV and Solvency reports they have collected”.

“Surveillance is a key part of a regulator’s role and the data tagging provided by XBRL has the advantage of allowing them to monitor the quality of reports in more detail via automated systems, allowing ever greater volumes of information to be sifted and reviewed. The feedback from the European Financial Services authorities on the quality of the reports received sends a clear message to submitting banks and insurance companies “we are watching” and if you are not able to manage the process of providing a quality XBRL document, then this reflects on how you are managing your organisation”.

The key to getting XBRL right is a flexible, yet powerful set of tools that make it easy to validate the accuracy of your reports and their compliance to the latest reporting requirements. XBRL taxonomies should contain all the information to help a submitter understand what is required by the regulators, so tools that enable validation against the relevant taxonomy are a pre-requisite to getting it right. No longer does simple conversion appear to be sufficient to satisfy the increasing move by regulators to a focus on quality assessment.

Robust XBRL Tools

“The UBPartner tools use the business rules contained in the XBRL taxonomy to test the consistency of the data, identify where numbers don’t add-up or where the right information has not been supplied. Our tools provide a set of rich technical reports, but also enable a business level review of any errors found, by highlighting them in the original templates or QRTs.” according to Laetitia Boublil, head of Consulting Services at UBPartner.

”In the latest version, we have improved the reports to make it easier for users to identify any errors. This includes reports that help banks and insurance firms to identify where they are not providing the right templates and tables for a particular reporting period. There is also a new capability to ensure that the final submission file complies with the local regulator’s filing rules by: adding the appropriate header; merging multiple files into a single submission; enforcing file naming conventions; and reducing context name lengths”. More details can be found in the Product Release Notice.

The Way Forward

The UBPartner XBRL Reporting Toolkit is provided as a set of integrated components that can be deployed as part of an existing application, run as a background process, or as a simple add-in to Microsoft Office. It does not require a long and extensive implementation phase, nor does it require confidential information to be sent over networks to remote portals or services to convert or validate the data.

It has been fully proven at both large and small banks for producing COREP and FINREP reports and was 100% successful in delivering Solvency II reports for the first round of submissions made by French insurance firms to the ACPR.

The latest version of the UBPartner XBRL Reporting Toolkit and its components, version 2.7 will be made available for download from the UBPartner download website in the coming weeks for customers and partners who have current software maintenance agreements.

XBRL (eXtensible Business Reporting Language)

XBRL is fast becoming the standard for financial information exchange and reporting, as demonstrated by the XBRL programs being mandated by the European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA) and numerous government agencies. The XBRL standard is maintained by XBRL International: http://www.xbrl.org

About UBPartner

UBPartner's technology and tools are used today in many advanced and demanding XBRL environments such as market regulators, government agencies and major corporations in France, Belgium, UK, Ireland, Poland, Norway, and Luxembourg and by leading software vendors, such as Oracle, SAP and Infor. Its solutions are provided and supported via a network of partners, including leading system integrators, regulatory reporting specialists and major software developers to deliver a wide range of XBRL based solutions.

For further information, visit http://www.ubpartner.com

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Martin DeVille
UBPartner
+44 208 995 6917
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