Solvency II QRT Reporting Solution
Reporting under the Insurance and Reinsurance Solvency II Directive
Under the Omnibus II proposals, the European Insurance and Occupational Pensions Authority (EIOPA) is required to draft implementing technical standards (or ‘binding technical standards’) which will cover the detailed requirements for Solvency II Pillar III disclosure and reporting. Effective from 1 January 2016, but with local supervisors requiring a demonstration of reporting capabilities and significant interim disclosures in a Preparatory Phase, this requires insurance undertakings to file a range of detailed quarterly and yearly information to their National Competent Authorities (NCAs), including Quantitative Reporting Templates (QRTs) and other quantitative and/or qualitative reports.
Undertakings required to comply with the new arrangements will need to provide increased amounts of data, more frequently, more quickly and, in the case of QRT’s, the local requirement is for submissions to be filed in the XBRL format.
Report Authority is AMOSCA’s document authoring solution which supports integrated Solvency II QRT XBRL reporting.
Reporting and Submission
Report Authority contains dedicated data point modelling functionality and imbedded XBRL to produce valid submissions for filing with the gateways of each of the 31 EEA member state National Competent Authorities.
Report Authority supports the six referencable groups (sub-frameworks) of the conceptual reporting modules of the Solvency II reporting templates (framework):
- Annual disclosure group (ADG) and solo (ADS)
- Annual reporting group (ARG) and solo (ARS)
- Quarterly reporting group (QRG) and solo (QRS)
Integration with Source Data
Report Authority can be used in conjunction with the Excel reporting templates issued by the EBA as a simple XBRL collection and conversion tool. Alternatively, Report Authority facilitates a fully integrated solution with direct links to other data sources:
- Excel Report Authority links automatically to your prefilled EBA reporting templates. In addition, it can also map to any combination of excel calculations workbooks and maintain these mappings across multiple entities or when rolling into new periods.
- Oracle Hyperion EPM products For thousands of companies globally, Oracle’s Hyperion EPM products are the de facto standard for data collection, validation and management, regulatory and compliance reporting. The Report Authority software contains functionality to dynamically link to these products. Our solution can extract data either from custom-built applications developed in-house such as Oracle’s Essbase and Hyperion Financial Management (HFM) products. It also includes adaptors to Oracle’s Quantitative Management and Reporting (QMR), a pre-configured ‘out-of-the box solution’ to produce the full data set required by the EIOPA’s implementing technical standards. Report Authority completes this solution by providing the Reporting and XBRL layer and capability of integrating with Oracle FDM.
- Other Data Sources Report Authority is capable of expansion to link to other data sources, including relational databases, OLAP cubes and text files.
Regulatory Reporting Expertise
AMOSCA offers expertise in regulatory reporting provided by consultants with Big 4 backgrounds, leadership roles in the XBRL International consortium and advisory links to EIOPA, UK PRA and other NCAs.
Report Authority Functional Overview
Ease of Use
- Report Authority was designed by business users to support the regulatory reporting process without the addition of unfamiliar and technical concepts that dominate XBRL specialised tools
- Ordinarily complex connections incorporating HFM or Essbase dimension members can be created using a single drag and drop action
- Easy, quick and intuitive interface using wizards and resizable and dockable panels for arranging the GUI to the task at hand
- Report Authority automatically generates XBRL tagged tables using the taxonomies supplied by EIOPA
- Data points can be linked to source data using a simple and intuitive drag and drop interface
- Data adaptors can be easily replicated and modified to each dimensional instance of that table
Powerful Data Connection Capabilities
- A set of tables can be linked to multiple data sources including Excel, Oracle HFM and Essbase
- Report Authority uses live meta-data extracted from HFM, FDM and Essbase each time a set of tables is opened
- Reports for Solo / Group, different periods and currencies can be generated by simply changing the point of view
- Source values can be scaled appropriately with functionality to automatically detect and correct rounding differences
- Report Authority incorporates all validation rules included in the taxonomies ensuring acceptance at the Competent Authority’s gateway
- These can be supplemented by user defined custom rules to account for entity specific circumstances
- Taxonomy and custom rules together generate interactive and easy to understand messages
- Selecting validation failures will automatically select the problem table and data point
- A set of templates can be reused in future periods by simply updating the source data or changing the point of view
- New tables are instantly and accurately generated from updated taxonomies
- Existing data mappings are automatically migrated to tables based on new taxonomies