Presentation on theme: "SURFI Unified FInancial Reporting System"— Presentation transcript:
1 SURFI Unified FInancial Reporting System Secrétariat général de la Commission bancaire Direction de la Surveillance Générale du Système BancaireSURFIUnified FInancial Reporting SystemBanque de France’s financial datacollecting system in XBRL19th XBRL International ConferenceJune 23th, 2009Jean-Luc MendaDeputy DirectorSylviane DelarueHead of IT departmentCommission bancaireBanque de France
2 Presentation overview A new Information SystemBuilding the SURFI taxonomySURFI IT ProjectSENSITIVITY LEVEL : PUBLIC
3 1. A new Information System Main IT strategy elements : Implement the new COREP and FINREP reports in compliance with European harmonized frameworkFollow the CEBS recommendation to adopt XBRL in order to foster harmonizationChange our reporting framework, promote harmonization and streamlining, launch the SURFI projectModernize our banks rating system and IT studies systemBanque de France – direction de la CommunicationSENSITIVITY LEVEL : PUBLIC
4 1. A new Information System In this framework, progressive, but complete change of our reporting system……in 3 stages:COFINREP project implementing COREP et FINREP specifications: beginning of 2006 – mid 2008;MODEC project modernizing the civil status data gathering: June 2007 – 1st semester 2010;SURFI project modernizing and streamlining regulatory data gathering: April 2008 – June 2010SENSITIVITY LEVEL : PUBLIC
5 1. A new Information System MODEC projectSURFI projectCOFINREP projectMODEC projectGo liveSURFI project v.1SURFI project v.2SURFI Business studyBanking industry consultationTaxonomiesbuildingFinancial Agents Information System UpgradeBeginning of 2006Mid-2007April 2008End of 2008SURFI Taxonomy finalizationJune2010Dec.2010
6 1. A new Information System COFINREP ProjectAllowed the implementation of the Basel II and IFRS impacts on the regulatory reports…… following the CEBS recommandations about the use of the XBRL standard for harmonized European COREP et FINREP reports.Launched in 1993, the present BAFI system, using a proprietary data format, couldn’t be upgraded to reach the new specifications.A finished project :New functionalities since September, dedicated to the supervision staff (e.g. specific reports);Next improvment : the implementation of the « tolerance margin ».
7 1. A new Information System MODEC projectOffering to the banking industry a state-of-the-art interactive software dedicated to civil status processes ;Being able to get live data transmission from banks and give them feedback ;Taking into account the new European regulatory requirements :– integrate new categories of banks, in compliance with european directives,– and reinforce the disclosures (the directive on « Systems of payment » requires the creation of an on-line registered bank database » Allowing the 80 IT systems of BoF to have an easy real-time acces to this system of reference (WEB site, WEB services, WEBSPHERE, ORACLE)End of the project : 1st semester 2010 (this system of reference is necessary for SURFI)
8 1. A new Information System Present data collection system : BAFIReporting entities : 910 MFIs – according to the French banking law, id. broad definition -, and 156 investment firms840 end-users within the Commission bancaire and the Banque de FranceCoverage : data for statistical as well as prudential purposes, but BoP data partially out of the scopeSame database, but limited harmonization of concepts and reporting formats, generating double collection of dataOn the technical side, database system based on a proprietary system developed in 1993, therefore somewhat mature
9 1. A new Information System Modernizing the reporting systemResult of a discussion process with the banking industry following the introduction of COREP and FINREPThe industry requested :a significant reduction of the reporting burdenthe elimination of double collection of data for supervisory and statistical purposesa better coordination in the definition of new reporting requirements between Banque de France departments
10 1. A new Information System Launched in June 2007, the main objectives of the projectHarmonize data collection for supervisory and statistical purposes, in eliminating double collection of dataAlleviate the reporting burden through the streamlining of the entire present reporting systemTake fully into account the ECB statistical revision package and articulate our own scheduleSwitch from a template centered approach to a data centrix approach, capitalizing on our XBRL experience for COREP and FINREP.
11 1. A new Information System Simplified scope of the project(Tier 1) French Gaaps( Tier 2) French Gaaps(Tier 3) IFRS or French GaapsMonetary statistics =France (1)Prudential data=France + branches abroad=social accounts (2)ConsolidatedPrudential data (3)
12 1. A new Information System Main results in terms of harmonizationBroad harmonization between tier 1 and tier 2 data, relying on the same accounting standards (French Gaaps) ;Limited between tiers 1 and 2 on the one side, and consolidated data established either on IFRS or French Gaaps, depending on the institution
13 1. A new Information System Potential links between counterpart breakdownsFind bridges between the different reporting schemes (ESA95, FINREP and COREP)Make it easier for MFIs to manage counterparty breakdownsBuild a table allowing to bridge ESA95 counterpart sectors with SURFI counterparts, as well as COREP and FINREP
14 1. A new Information System Other achievements of the projectElimination of double collection of data : every data will be sent once either for statistical or prudential purposeA significant reduction in the volume of dataA more risk-based oriented system consisting of core information sent by every institution, complemented by information sent depending on the level of activity in different areas (thresholds for interbank operations, financial instruments, credit…)Release the global taxonomy…
15 Presentation overview A new Information SystemBuilding the SURFI taxonomySURFI IT ProjectSENSITIVITY LEVEL : PUBLIC
16 2. Building the SURFI taxonomy The Commission Bancaire has followed a specific method to build its SURFI taxonomy.to facilitate the collaboration between business-oriented staff and IT specialists,and accelerate the global development process.This method is based on four main stages :
17 2. Building the SURFI taxonomy 1st stageDesign of the SURFI future templates revised by three working groups :the presentation rules have been determinedregarding the format and the header, use of a specific colour code to identify dimension names and their values, facts, forbidden data, presentation labelsthe elements and dimensions codification will be implemented at the same time.Templates validation by Monetary departments, banking commission, ultramarine departments : just finalized.
19 2. Building the SURFI taxonomy 2nd stageimplementation of the working principles of the SURFI taxonomy : building of «primary taxonomies and dimensions».« primary taxonomies» elements come from :elements from the « accounting class data tree »other elements resulting directly from the templateseach element has its own concept name, label, hierarchical links with other elements, regulatory references .
21 2. Building the SURFI taxonomy the XBRL element name was determined from the element labels belonging to the data tree or the templates.the normalisation of the template presentation and the data tree elements made easier the automatic initialization of most of the future taxonomies via a purpose-built tool.SURFI templates naming rules were validated by the users.templates were grouped by activity blocks (associated to a threshold or a theme).
22 2. Building the SURFI taxonomy 3rd stagethe « dimension taxonomies », their values and their hierarchical order were elaborated.for each template : design of the hypercubes.choice of a modularized model of taxonomy architecture (FINREP 1.3), in accordance with the best practices.
23 2. Building the SURFI taxonomy Global architecture (templates et « primaries ») :T-CARTO xsdT-BLANCHI xsdT-SURFI xsdt-sia xsdt-ste xsdt-sor xsd…Independant taxonomies72 templatesp-sia xsdp-ste xsdp-s xsdp-s xsdp-s xsdp-sxx xsd
24 2. Building the SURFI taxonomy 4th stageImplemention of all the business controls :Determine the expected controls typology (in March),Select those that can be implemented in the taxonomy with the «formulae» recommendationEvaluate those which will be dealt with by specific developmentsDraw up the exhaustive list of business controls (by the end of May)Set up the formulae tables and integrate them into the taxonomy.
25 2. Building the SURFI taxonomy 4th stageFocus on the controls typology : data controlsBasic operation (+ - / *), AVERAGES, MIN, MAX, ABSEQUAL, GREATER, >=, LOWER, >=…Alternative controls : IF … THEN … ELSE …Inter-instances / inter-taxonomy controls (between COREP, FINREP and/or SURFI)Inter-templates controls (into a single taxonomy) vs Intra-templates controlsExistence of mandatory factsControls using fixed parameters.
26 2. Building the SURFI taxonomy 4th stageFocus on the controls typology : trigger controlsTolerance margin (potentially depending on the control type)From a templates list reported by the bank« business card » data (including civil status data)Remittance date,Missing facts,After reception of all the data to be compared.
27 2. Building the SURFI taxonomy 4th stageFocus on the taxonomy buildingBecause of the deadline of the IT project and the lack of tools, we have to generate as automatically as possible the formulae tablesQuite easy for :primary item aggregation,dimension aggregation,(of which) checkingQuite difficult for the othersSome will need specific processing
28 2. Building the SURFI taxonomy Some figures about SURFI Taxonomy :72 templates (some of them with sub templates)950 elements from the data logical tree1550 elements outside the data logical tree23 dimensions
29 2. Building the SURFI taxonomy Timetable:End of September 2008 : 1st version of the templates .December 2008 : release of SURFI Taxonomy version 0.1.Beginning of April 2009 : release of version 0.2 (first optimization)..End of June 2009: release of SURFI Taxonomy version 1.0June 2009 : 1st part of formulae links table buildingBUT : Supply of a technical paper, enclosing EXCEL sheets describing all the required controlsSeptember 2009 : complete formulae links table building
30 Presentation overview A new Information SystemBuilding the SURFI taxonomySURFI IT ProjectSENSITIVITY LEVEL : PUBLIC
31 Current situation of IT system BAFIFinancialInstitutionInformationSystemAccreditationInputOutputCivil statuts dataConfigurationPrudential and accounting ReportingInsideapplicationsCB/BDFBâle IISIGNECBCOREP InstancesDataControlandmanagementIFRSDataminingFINREP InstancesXBRLTaxonomy managementAccreditationCOFINREP
32 Focus on SURFI - IT part of the project IT project milestones :Launch of the project : beginning of June 2008Requirements document created during the summer 2008Open tender publication on the 31st of October 2008Kick off with the chosen supplier at the end of February 2009Global design validation en May 2009Detailed studies are in progressOpening of the tests platform for the external actors in January 2010Opening of the 1st version of the SURFI portal in July 2010Opening of the 2nd version of the SURFI portal in December 2010
33 General process of the SURFI project Online Form Fill inOracleDBBdF PortalOneGatecertificateInstancedocumentXBRL filesDB storageInstancedocumentXBRL ProcessorUbmatrix XPETaxonomyOutputProcessorRendering ProcessorINVOKEThis slide shows the general process of the SURFI project for monetary and prudential reporting :XBRL Instance documents (with digital signature) can be send to OneGate BdF Portal over the Web or directly by Online Form fill in. Taxonomy is used by the portal to proceed basic XBRL2.1 controls.Instance Documents (after certificate compliance checking) are transferred to SURFI.SURFI includes a full XBRL processor, which proceeds the XBRL controls linked to the taxonomy (including Formulae2009). Valid instance documents are stored as XBRL files in Oracle DB, data contained are extracted and stored at the same time.Users can look at Data, concepts, controls results after transformation by a rendering processor, mostly in XML or Excel2007 formats.Data can be spread to BdF other applications (including statistics) or external partners (banks, financial institutions) after filtering/processing/conversion by output processor into XML, PDF or Excel files.SURFI
34 Scope of the IT Project « infrastructure » module « storage » module Easy navigationAccess rights managementBusiness Rules engineStatic data management« storage » moduleONEGATE (BDF Portal) exchangeXBRL & business controls (via formula or specific processing)Storage in ORACLE DB (XBRL files & facts by facts)Instances aggregationExceptions management
35 Scope of the IT Project « monitoring » module «data use » module Reporting duties defining (varying by threshold or activities)Remittance monitoringMistakes or late data sendingExceptions management«data use » moduleOperating monitoringExporting to other IT systems
36 « taxonomies management » module Scope of the IT Project« reporting » moduleDesign of :Regulation templatesSynthesis (mono or multi-agents, mono or multi periods)Complex reporting (with different sources of information)« taxonomies management » moduleNo solution today : It remains to be done
37 Main orientations Use of formula as well for FINREP & COREP Acceptance of partial data delivery (according to the SURFI rules of data remittance)Instances delivery based on the SURFI master taxonomy, with notification of the related templatesData aggregation and intra-instance controls will be immediately processedOther control reports will be processed by night batchUse of external taxonomies will be possible ( e;g; COREP HOST)Small credit firms will be able to type their data into specific internet pages (instead of sending an XBRL file)The retrieval of COFINRP data must be done