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Getting you there. XBRL within Dutch Banks VIII European Banking Supervisors XBRL Workshop Amsterdam November 6, 2007.

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Presentation on theme: "Getting you there. XBRL within Dutch Banks VIII European Banking Supervisors XBRL Workshop Amsterdam November 6, 2007."— Presentation transcript:

1 Getting you there. XBRL within Dutch Banks VIII European Banking Supervisors XBRL Workshop Amsterdam November 6, 2007

2 Fortis | FIRE³ | 15 February 2014 | 2 Introduction XBRL within Fortis Adoption of XBRL within Dutch banks Agenda

3 Fortis | FIRE³ | 15 February 2014 | 3 Introduction Paul Rothwell KPMG, Manager Financial Services Phone: Alexander Carp Director Fortis Integrated Reporting Enablers³ Phone:

4 Fortis | FIRE³ | 15 February 2014 | 4 Introduction XBRL within Fortis Adoption of XBRL within Dutch banks Agenda

5 Fortis | FIRE³ | 15 February 2014 | 5 15/12/07 15/04/08 15/05/0815/06/0801/10/07 D e si g n B uil d QAQA NL Q1 08 GO LIVE FinRep NL (XBRL not mandatory) Design BuildQA LU Q1 08 GO LIVE FinRep LU GO LIVE Design BuildQA BE Q1 08 GO LIVE FinRep BE + Pillar II BE GO LIVE 15/03/08 FR Q4 07 GO LIVE Design BuildQA FinRep FR GO LIVE Functional requirements - regulatory deadlines

6 Fortis | FIRE³ | 15 February 2014 | 6 Which tool for which reporting ?

7 Fortis | FIRE³ | 15 February 2014 | 7 Scope - architecture Magnitude Taxonomy Designer Report Builder FinRep (BE – LU – FR – NL) + Pillar II (BE) Regulators (BE – LU – FR – NL) Download taxonomies and report templates

8 Fortis | FIRE³ | 15 February 2014 | 8 FINREP Report Financial Data Financial Data Taxonomies and report templates XBRL Database Scope - next step Magnitude ETL layer External reports

9 Fortis | FIRE³ | 15 February 2014 | 9 FINREP Report Financial Data Financial Data Taxonomies and report templates XBRL Database Interactions - possible future architecture Magnitude Operational Risk COREP Report Other systems Market Risk Fermat ETL layer Project scope BI systems Data Warehouse FRAS External reports Crew

10 Fortis | FIRE³ | 15 February 2014 | 10 Introduction XBRL within Fortis Adoption of XBRL within Dutch banks Agenda

11 Fortis | FIRE³ | 15 February 2014 | 11 Round table discussion 2 November 2007 Participants Fortis ABN AMRO Rabobank ING SNS REAAL De Nederlandsche Bank (DNB) Autoriteit Financiële Markten (AFM) XBRL Nederland Nederlandse Vereniging van Banken (NVB) KPMG Objectives Exchange experiences with XBRL Discuss the potential business case for banks Explore possibilities for working together

12 Fortis | FIRE³ | 15 February 2014 | 12 Current status of XBRL within banks General conviction that an overall information/data standard is required, XBRL could be it Many banks have considered XBRL and have decided to await further development No actions planned by banks to further explore potential unless mandatory Banks remain very interested in future national and international developments that could renew interest in XBRL and fuel the business case

13 Fortis | FIRE³ | 15 February 2014 | 13 Scenarios for using XBRL within banks Annual reports commercial clients Efficiency & speed Accuracy of risk assessment Client driven Invoicing Commercial banking Banks & Customers Total information requirement s Performanc e&complian ce driven (Sub)Group & functional level Multi- dimensional + Master Data Management Banks (internal) COREP/ FINREP IFRS/ US GAAP Tax & statistics + Reporting Banks & Supervisors

14 Fortis | FIRE³ | 15 February 2014 | 14 COREP/ FINREP IFRS/ US GAAP Tax & statistics + Reporting Banks & Supervisors Total information requirement s Performanc e&complian ce driven (Sub)Group & functional level Multi- dimensional + Master Data Management Banks (internal) Annual reports commercial clients Efficiency & speed Accuracy of risk assessment Client driven Invoicing Commercial banking Banks & Customers DNB can receive XBRL AFM will provide support NTP for Dutch GAAP, tax & statistics + Reporting Banks & Supervisors XBRL not powerful for multi- dimensional Reporting vs. data standard Mapping master data to taxonomies + Master Data Management Banks (internal) NTP for companies Credit Taxonomy Endorsed by software suppliers & accountants Commercial banking Banks & Customers Current status of the scenarios

15 Fortis | FIRE³ | 15 February 2014 | 15 Strengths International standard for reporting that is gaining momentum Endorsed by the Dutch government Someone is keeping the fire alive Threats E-Line already fills the gap that XBRL is trying to fill Master Data is a strategic asset for banks Difficult to discuss subject at Senior Management level Not a strong business case XBRL is not mandatory Opportunities Banks are following developments to build- up knowledge XBRL for operational efficiency when receiving company data Opportunity for insurers who are at the beginning of their regulatory revolution Local authorities see the benefits Weaknesses Financing the implementation, who will pay, who will benefit? Timing: already many costly initiatives that must be implemented Limited depth of taxonomies, not suitable for multi-dimensional data (storage and retrieval) National standardization is perceived as only going half-way SWOT analysis XBRL from the banking industrys perspective XBRL

16 Fortis | FIRE³ | 15 February 2014 | 16 Conclusions Less haste, less waste: how to obtain a truly international standard (i.e. taxonomy) for reporting? As long as it is not mandatory, banks and authorities alike will remain hesitant to adopt it Business case is only evident on the receiving side of the information chain, but no material advantages are expected soon Who should take the lead? Everyone is waiting for each other to start General conclusion: structure and standardization is good thing and XBRL could play an important role

17 Fortis | FIRE³ | 15 February 2014 | 17 Next steps The participating banks have agreed to meet again in half a year time to discuss these developments and their response Other departments (not only reporting) should be involved where the business case is more evident: front-office

18 Fortis | FIRE³ | 15 February 2014 | 18 Whose sweet is this anyway?

19 Fortis | FIRE³ | 15 February 2014 | 19 The train is riding, but not as fast as we thought


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