Invoke's e-Filing solution enables regulated firms in Ireland to comply with CBI's Taxonomy 2.0. reporting requirements, and submit their PIMD in XBRL format.
The Probability and Risk Impact System, known as PRISM, is the Central Bank of Ireland's (CBI) risk-based framework created to monitor and mitigate risks posed by regulated firms to the economy and the consumer.
Under the framework, firms with the potential to have the greatest impact on financial stability are closely supervised. Firms with less potential to have an adverse impact are supervised more reactively, with thematic assessments.
Regardless of the category of risk they fall under, all regulated firms are required to submit Prism Impact Metrics Data (PIMD) to the Central Bank's ONR (Online Reporting System).
In 2021, the CBI published their Taxonomy 2.0, which requires investment firms and fund service providers to submit their PIMD and FINREP reports in XBRL format. This reflects the current industry trend of making filings digital and available in computer readable languages, so that data is easier and quicker to analyse.
Whereas previously PIMD was Excel-driven, firms are now faced with the challenge of producing and submitting reports in a new and potentially unfamiliar way.
Invoke's e-Filing solution is already proven and ready to use with CBI's Taxonomy 2.0. It enables firms to be fully compliant with the new reporting requirements by allowing users to quickly, easily and securely validate and convert the Excel spreadsheet into XBRL format, which can then be uploaded to the ONR platform.
The specialised full web portal lets you directly input and import Excel files to be generated in XBRL format, whilst adhering to the filing schedule imposed by the authority. Built-in validation ensures you comply with all the necessary requirements and data checks of CBI. You can track, control, sign and archive regulatory submissions within the same solution, with no technical knowledge or expertise needed.
For more information on how Invoke e-Filing can make XBRL simple for your organisation, contact us here.