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?
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.
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.
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.