With the announcement that the UK will not implement EIOPA taxonomy 2.7.0 for Solvency II reporting, what direction will the PRA take to support UK firms in their reporting, beyond taxonomy 2.6.0?
To what extent will the Solvency II review change the framework and reporting requirements for undertakings? That's the question we're asking and answering, in our upcoming white paper. In the meantime, we're sharing excerpts from the paper, to give you a more general overview of the impact of the review.
ESG reporting is set to become mandatory in the UK and EU. With EFRAG due to release the standards, it's important to understand the requirements, and what future obligations might look like in order to prepare. Here, we give an overview to help you better understand future ESG issues in terms of reporting.
Insights from Siong Ho Wang Yin, Founding Partner of Paris-based audit and consulting agency, SIKIMA CONSEIL.
Good knowledge and understanding of XBRL can turn your mandatory ESEF submission into an opportunity to transform the way your data is presented, and avoid common errors. Here, our ESEF Product Manager, Pierre Pottier, shares why XBRL education is so important, and how issuers can achieve a higher level of knowledge.
What lessons can be learned from the first year of ESEF reporting? We've identified the most important ones and put them in our new expert paper, along with what you need to know to make ESEF reporting easier in 2022, and common tagging errors to avoid to make your next ESEF submisson as smooth and seamless as possible!
Find out how you can easily and effortlessly produce an ESEF-compliant financial report every year, leveraging the previous year's work, with this video from our ESEF Product Manager, Pierre Pottier.
Ahead of filing their annual financial report in ESEF, companies are navigating the new regulatory requirements. Tagging errors are common, but are easily avoided. Here are some of the most common tagging mistakes to be aware of.
IFPR (Investment Firms Prudential Regime) is the new, UK-specific reporting regulation being introduced by the Financial Conduct Authority. The new regulation will be implemented in January 2022, so firms that fall under its scope have just a few months left to prepare. Understanding the new regulation is an integral part of firms being ready to comply when the regulation is enforced. This overview of IFPR explains why the new regulation is being introduced, what is expected of firms within its scope and how they can prepare.
The Bank of England is changing the way it collects data. The existing OSCA platform is set to become BEEDS. Here's what you need to know about the changes.
In connection with the European Parliament’s adoption of the IORP II Directive (Institutions for Occupational Retirement Provision), the EIOPA and the European Central Bank (ECB) issued measures in 2018 specifying the new regulatory requirements for Institutions for Occupational Retirement Provision (IORP). Starting on the Q3 2019 reference date, eligible entities will be required to report a series of regulatory schedules (Quantitative Reporting Templates, or QRT) in XBRL format on an annual and quarterly basis and submit them to their national competent authority. What issues are raised by this reporting, and what major points should be taken into account by affected IORPs?
A new reporting obligation has been introduced for pension funds, as part of the IORP II Directive (IORP - Institutions for Occupational Retirement Provision). Starting in Q3 2019, a part of the pension funds population in Ireland will be required to file a specific set of reporting templates in XBRL format to their National Competent Authorities (NCA), namely detailed data on members, assets and liabilities, on both a quarterly and annual basis. What should pension funds focus on to achieve timely compliance with the new regulation?
The European Single Electronic Format (ESEF) will oblige the market issuers to use a single digital standard for their financial statements by 2020. Invoke White Paper explains this new regulation, its features, and its challenges by means of 10 key questions.
The financial crisis we experienced ten years ago resulted in a substancial amount of public money being injected into banks to save them from failing and thus letting the taxpayers carrying the burden. The crisis revealed the need to overhaul the regulatory framework for banks and gave rise, via the Bank Recovery and Resolution Directive, to a new cross-border resolution mechanism for the Banking Union.
Antoine Bourdais, Director of the Banking and Insurance Division at Invoke, discusses the evolution of regulatory reporting and how the focus is moving to the qualitative elements.
In the wake of its publication, the IFRS 16 standard has caused a ripple among financial departments who expect to see major changes, not only in finances and accounting, but also in terms of data processing. Reporting & Consolidation Expert Adeline Arana gives us a glimpse of what’s new and explains the challenges of the new regulation.
The AnaCredit project is an entirely new concept for the euro area owing to the level of detail required by the European Central Bank. Jean-Marie Trespaillé-Barrau, Manager of Invoke’s Regulatory Monitoring unit, explains this new regulation to us by means of 10 key questions.
Solvency II one year on: what are the main remaining challenges today with regards to Solvency II reporting? Antoine Bourdais, Director of Banking and Insurance, looks back on Invoke's experience of Pillar 3 reporting implementation, and develops his approach to upcoming challenges.
Interviewed by Sarfraz Thind for Insurance ERM, Antoine Bourdais, director of banking and insurance at Invoke, describes some of the key challenges and solutions around Solvency II pillar 3 reporting.
Published by Clear Path Analysis, the 6th annual Insurance Risk & Operations, Europe report brings together Heads of Solvency II, Chief Risk Officers and Chief Operating Officers to discuss the operational implications of Solvency II. Interviewed amongst other expert contributors, Antoine Bourdais gives his feedback and vision on how to master pillar 3 reporting, understanding the real challenges and developing future-proofed, industrialised processes.
The road to Solvency II reporting has not been easy. For Lloyd’s syndicates, complying with the additional challenges of the Lloyd’s market regulations, things are perhaps even tougher. Managing agency Asta explains to Sarfraz Thind how it is preparing for lift-off next year.
In this expert opinion article, Invoke's Anne Leslie-Bini looks at how successfully managing the reporting and disclosure aspects of Solvency II involves mobilising a cohesive, cross-competency skill-set. She draws on Invoke's extensive industry experience to offer a number of recommendations aimed at de-risking the delivery of the very specific outputs that Pillar 3 demands by encouraging firms to maximise their agility through future-proofed infrastructure and data governance mechanisms that will support their businesses over time.
Pillar 3 of Solvency II has long been considered the 'forgotten child' of the Directive, paling in perceived importance compared with Pillars 1 and 2. It is only since the publication of the Interim Guidelines by EIOPA on 27 June 2013 that the wider insurance industry has really begun taking the issue seriously.
Having dedicated the equivalent of over 15-person years to the development of a unique suite of native XBRL applications for managing the entire regulatory data value-chain for COREP and FINREP (that covers creating, visualizing, editing, validating, storing and re-using XBRL instance documents), Invoke has all the functional, technical and domain experience needed for advising and accompanying firms in managing the transition to COREP and FINREP reporting in XBRL.
Since the publication of the finalized CRD IV Package in the Official Journal on 27 June 2013, the European Banking Authority (EBA) now has a clear timeline for managing the unenviable task of getting Europe’s 8,300 credit institutions and 32 National Competent Authorities (NCAs) to all ‘speak the same language’.
Europe’s CRD IV regime will substantially increase reporting requirements for banks in Europe, but will also enable firms to report more efficiently in future. At the same time, the overhaul is prompting firms to think about centralising and standardising data, which is also the cue for a rigorous evaluation of the technology used to support firms’ data strategies.
Solvency II imposes extensive reporting demands on insurance companies both in the speed and frequency with which they are required to generate reports and the information they must provide. Insurers are facing difficult choices about what to do in the face of uncertainty surrounding the directive and how far to automate the reporting process, as well as practical challenges such as how to collate the data required for reporting and how to staff and organise themselves for the new regime.