15 May Solvency II Pillar 3 reporting simplified with practical XBRL Spreadsheet Reporting Framework
London 15th May 2014 – Finsbury Solutions announced today availability of its latest Spreadsheet Reporting Framework for Solvency II regulation. The framework provides a practical Solvency II Pillar 3 reporting solution including Quantitative Reporting Templates (QRT’s), XBRL validation and fast start spreadsheet templates for Pillar 1 and 2 calculations and Pillar 3 reporting. The system is designed to work with existing spreadsheets and data sources and offers a practical and lower cost alternative to strategic data warehouse reporting solutions.
Solvency II is a European Union Directive around insurance regulation and the amount of capital that EU insurance companies must hold to reduce the risk of insolvency. With the new standards having to be met by January 2016, insurance firms are prioritising activities around Pillar 3 reporting. A large part of Pillar 3 reporting is data preparation which requires significant aggregation and formatting of liability and other data from multiple source systems. The data is often provided in disparate formats and requires multiple steps of cleansing, enrichment and adjustment. Whilst it is possible to use a reporting solution most insurance firms will use spreadsheets for some or all of the reporting process. Spreadsheets are flexible and can be quickly changed as requirements evolve, and by using the Finsbury Spreadsheet Reporting Framework the key control features of version history, automation and security required for a robust, reliable and repeatable reporting process are provided.
Finsbury Solutions, a leading spreadsheet management vendor, and its partner Muller Beukes Edvardsen, a specialist actuarial advisory firm, have brought together significant industry and domain knowledge to address these issues and provide a practical Pillar 3 Spreadsheet and XBRL Reporting Framework. Key benefits include:
- A robust solution that allows firms to meet Pillar 3 by leveraging existing infrastructure and work practices with minimal disruption
- The flexibility of a collaborative spreadsheet-based solution within a controlled and auditable framework
- Best practice spreadsheet templates for Pillar 1 and 2 calculations and Pillar 3 reporting
- Rapid deployment including out-of-the-box XBRL reporting templates, and comprehensive regulatory maintenance in case of changes to reporting requirements
Notes to Editors
Finsbury Solutions is a leading provider of enterprise spreadsheet risk management solutions. It provides fast and effective spreadsheet data management, business process and control solutions to the insurance and financial sector. Further information is available at: www.finsburysolutions.com.