A solution to meet the demanding challenges of the new Solvency II reporting framework
Paris, France (PRWEB UK) 1 June 2015 -- zeb (http://www.zeb.eu), a leading supplier of IT systems to the financial services industry, and UBPartner (http://www.ubpartner.com), the leading European provider of effective and low-cost XBRL solutions, announced today that their partnership is delivering a working solution for Solvency II reporting that delivers a standardized approach and 100% compliant XBRL documents.
The new Solvency II Directive will officially start in 2016, with larger firms joining a preparatory phase starting this month. The new reporting rules will set a high bar for European insurance companies demanding more detailed data, greater quality checks and potential reputational risks for those firms which fail to deliver valid reports.
zeb.control offers insurance companies an integrated solution for coping with the inevitable challenges, providing a range of import interfaces to enable consolidation of the required data to be reported; dedicated calculation processes and implementation of the Solvency II standard model approach for computing all required risk and reporting measures; generation of all forms related to regulatory reporting requirements under Pillar 3 (in particular, QRT reports); and automated and secure reporting to the European supervisory authorities via a standardized interface. The system is audit-proof, plus is based upon well-proven processes for data storage, data transfers and manual corrections.
“Speaking to European banks and insurance firms facing the new regulatory frameworks and XBRL requirements, you find that they not only want something that manages the complete process, but they also expect a solution that hides the complexity of XBRL. zeb have been utterly dedicated to delivering such a system and the two teams have worked closely together to ensure that zeb.control can meet any possible challenges that surface over the coming years.” said Martin DeVille, VP Business Development at UBPartner.
Delivery of 100% correct XBRL documents
zeb has embedded UBPartner’s XBRL technology into its zeb.control insurance application, enabling both the generation and validation of XBRL documents and allowing zeb.control to deliver advanced XBRL features and error reporting.
“Our clients and partners are telling us that the next 18 months is a critical period for them in terms of implementing the Solvency II framework” said Jürgen Hübner, Senior Manager at zeb. “The new XBRL reporting requirements will significantly extend the demands placed upon insurance firms, but there are few real XBRL experts available. We embarked upon an extensive phase of talking to the leading XBRL consultants and testing different XBRL technology platforms to ensure that zeb.control was ready to deliver the best performance in class and to be 100% compliant with the new taxonomies. At the end, we found with UBPartner and XPE the right product that fits all of our requirements.”
Next Steps
The preparatory phase of reporting will allow firms to check how their current systems operate under the new requirements. “Some will stumble” continues Martin DeVille. “Recent feedback from the ECB on the adoption of XBRL by banks showed that some had to resubmit their reports over 70 times before they got it right. This will risk the reputation of these organizations and their financial supervisor may even question the ability of their management if they cannot deliver 100% compliant reports. By working together, zeb and UBPartner have eliminated this risk by delivering an integrated solution that ticks all the boxes”.
XBRL (eXtensible Business Reporting Language)
XBRL is fast becoming the standard for financial information exchange and reporting demonstrated by the XBRL programs being driven 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 zeb and zeb.control
zeb is Europe’s leading management consultancy in the financial services sector. zeb’s services include the development of ultra-modern IT solutions, IT strategy consulting and the provision of support to clients during software implementation projects.
zeb.control is a complete insurance reporting system and can be integrated with existing IT systems without problems.
Our IT consultants have a comprehensive understanding of business processes in the financial services sector and they are able to develop information technology solutions that optimally support the client in these business processes.
For further information, visit http://www.zebcontrol.com
About UBPartner
UBPartner is a privately owned company with headquarters in Paris and offices in London. It provides a full suite of solutions and services that enable companies and regulatory agencies to realize the benefits of XBRL – from the underlying processing engine, to desktop development and deployment tools, all the way to packaged solutions for regulators and government agencies.
UBPartner’s tools and technology 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.
For further information, visit http://www.ubpartner.com
Martin DeVille, UBPartner, http://www.ubpartner.com, +44 208 995 6917, [email protected]
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