Since 1 January 2016, Insurance firms and groups comply with continuously evolving regulatory requirements set by Solvency II Directive and report to Prudential Regulation Authority (PRA). On the 26th of July 2018, PRA confirmed the change of the reporting format from Microsoft Excel workbooks to XBRL (eXtensible Business Reporting Language) standards for the following returns:
- National Specific Templates (NSTs)
- Internal model outputs (IMO)
- Market risk sensitivities (MRS)
- Standard formula reporting for firms with an approved internal model (Model Drift)
Invoke, the European leader in regulatory reporting has already supported clients in processing and production of Solvency II Pillar 3 reports for PRA. Hence, to enable S2 firms in the UK to respond rapidly and regularly to new reporting requirements, Invoke has extended its product line to comply with NSTs, Model Drift, MRS and IMO.
Minimal impact in the event
of regulatory changes
Full maintenance of the complete standard configuration, coupled with an optimised application architecture, guarantees unrivalled lead times when regulations change.
Simple and easy-to-use solution thanks to a 5 key step workflow process: data collection, display, control, validation and XBRL generation.
A standard package for quick implementation
The standard multi-regulation platform encapsulates all SII firms’ data (QRT, NST and IMO) in a single solution and reduces the cost of implementation. Invoke maintains and guarantees al standard features with every regulatory change.
Formulas included in the templates based on XBRL validations
Comparing to XBRL Utility (XBRL-enabled Excel worksheet), the solution provides better data quality as it integrates formulas in the templates based on validations.