Each bank, financial institution or insurance company has to prepare obligatory reports, but the reporting process does not finish with sending the report to the National Supervisor (NCA). The NCA is obligated to validate the received file and send it to the EBA/EIOPA, or send it back if a mistake occurs. This process of verifying reports prepared by filers is very similar in most European countries.
All European supervisors must send reports on behalf of supervised entities to the EBA or EIOPA using XBRL format, even when this format is not obligatory for entities.
The most crucial part of the reporting process is data correctness – if any technical or data-related mistake occurs, the report has to be edited and corrected by the entity – never by the supervisor. That is why supervisors need complex yet user-friendly tools that will automate individual stages or the whole process, which may include:
- Publishing taxonomies and validating rules
- Collecting reports prepared by entities
- Validating reports sent by entities
- Providing feedback with XBRL messages related to errors
- Sending back the report to the entity if a technical or data-related problem occurs
- Transformation of the corrected report into XBRL format if the entity is not obligated to use this format
- Sending the correct report in XBRL format to the EBA or EIOPA
Considering different supervisors’ needs we offer specialized products:
Validating XBRL instances and getting precise error messages
inSISt – an XBRL validator for EBA ITS and EIOPA taxonomy. Its function is to verify if an XBRL report is in accordance with the taxonomy. It enables verification of the report before its delivery to the EBA or EIOPA. Validation does not only include the form of the report but also compliance with XBRL Formulae and specific filing rules.
Analyzing situation and threat to sector stability
axSIS – an application which was created for the storage of XBRL reports from many entities and analysis of data in XBRL format. The user can verify and compare all of the received XBRL reports. The feature mostly appreciated by users is the automation of the data analysis process based on defined templates of analytical reports.
The system enables the review of an individual XBRL report, analysis of the structure of an individual report, score rating for groups and individuals, statistical calculations, and analysis of the dynamics of the reports, i.e. changes in time. Reports in axSIS can be adjusted in several ways, depending on the user’s needs. Each analytical report may be exported to one of the preferred formats (CSV, Excel) or printed.
Data gathering and process management
tranSIS – an XBRL system for supervisory activities such as collecting, validating, verifying and analyzing reports with a centralized report repository installed in the supervisor’s premises.
aSISt – an XBRL filing and data reconciliation tool, installed locally in the headquarters of reporting entities.