Presentation on theme: "Finance | Ralfi Vanlaethem | 5 May 2008 | 1 5 May 2008Finance | Ralfi Vanlaethem1 Fortis Group 5 th of May 2008."— Presentation transcript:
Finance | Ralfi Vanlaethem | 5 May 2008 | 1 5 May 2008Finance | Ralfi Vanlaethem1 XBRL @ Fortis Group 5 th of May 2008
Finance | Ralfi Vanlaethem | 5 May 2008 | 2 5 May 2008Finance | Ralfi Vanlaethem2 Constraints Corporation in permanent transformation (M&A) Hence complex and heterogeneous data sources Complex regulatory report sets Limited time to market 7 countries with a mix of centrally and locally prepared figures Requirements Flexible solution Scalable solution Accessible technology Regulatory Reporting challenge
Finance | Ralfi Vanlaethem | 5 May 2008 | 3 5 May 2008Finance | Ralfi Vanlaethem3 DATA MAPPING Packaging Instance Generator Taxonomy Management FINREP / COREP Templates service One integrated information flow Data Sources Submission Workbench XBRL Factory MAGNITUDEOTHERFERMAT XBRL Gateway + …
Finance | Ralfi Vanlaethem | 5 May 2008 | 4 5 May 2008Finance | Ralfi Vanlaethem4 Interim results Fortis Group is able to : report to multiple Regulators in required formats start from data sources and report a full XBRL set in minutes, not hours handle taxonomy variances and versions add a new Regulatory Report set in a short time frame Key success factors Dedicated expert team Business driven project governance : Pragmatic approach Management buy in Mixed team with well defined tasks and responsibilities Modular & loosely coupled software components
Finance | Ralfi Vanlaethem | 5 May 2008 | 5 5 May 2008Finance | Ralfi Vanlaethem5 Lessons learned so far Standard ≠ standarD when deploying Finrep and Corep; some findings: each Regulator has modified CEBS taxonomies monolithic versus modular taxonomies one instance may refer to one SchemaRef, other to many SchemaRefs typed dimensions are not handy in large tables CEBS concepts are prohibited in the original namespace and recreated in a new namespace, sometimes with same label basic information is handled in various ways calculation linkbases are not always useful contain mostly very little of the real regulatory validation rules lots of rules apply cross-taxonomy, for which there are no formula linkbases (yet) calculation linkbases cannot handle tolerance margins A close collaboration with Regulators is key to resolve taxonomy and dataset questions XBRL is not 100% mature for full implementation at the inside We had to handle versioning outside of XBRL tools Formulae are necessary to implement the regulator’s cross-taxonomy validation checks
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