A Simpler and More Automated Way to Produce ORSA Reports and Dashboards

Actuelia and UBPartner combine to simplify the production of ORSA Supervisory, SFCR and RSR reports by using the wealth of regulatory XBRL data as the platform for further analysis

UBPartner (www.ubpartner.com) is working with the French actuarial services company Actuelia to help automate and improve the accuracy of ORSA reports. Using UBPartner’s XT Database as the platform for collecting relevant data, Actuelia analyses and prepares the required information for both external ORSA, SFCR and RSR supervisory reports and internal ORSA Dashboards.

Insurance firms have been generating ORSA (Own Risk and Solvency Assessment) reports for several years as part of EIOPA’s supervisory framework, along with regular Solvency II submissions containing detailed operational data. Many of the initial questions on what should be included in the ORSA Supervisory, Solvency and Financial Condition Report (SFCR) and the Regular Supervisory Report (RSR) have been answered, and a quick internet search will reveal plenty of advice on best practice and key risks that should be taken in to account. However, for many companies, the process of producing the reports can be very time consuming and is a largely manual exercise involving the "copying and pasting" of data from different sources. This introduces numerous inaccuracies.

Firms covered by the Solvency II regulation are also required to demonstrate that ORSA is integrated and embedded within their underlying risk management systems by developing ORSA Dashboards and undertaking regular impact analysis of the firm’s solvency assessment and strategy. Keeping this data up to date and accurate is difficult, especially if the data is managed in an ad-hoc way.

Actuelia and UBPartner have been collaborating on Solvency II reporting for many years. Extending this partnership further by helping insurance firms to use the XBRL data they have collected for ORSA reporting is a natural progression.

‘Industrialising’ ORSA Reporting

“Actuelia is already helping our clients to collect and prepare their Solvency II reports,” stated Frank Boukobza of Actuelia, “however, they were not taking advantage of this data after the reports had been submitted. So, we have worked with UBPartner and its XT Database to make this data available for further analysis and provide a robust platform for their ORSA risk management system. What we are doing is ‘industrialising’ the ORSA process, which means the data is more accurate and up to date and that trends and issues can be visualised in a much simpler way. The big plus for our consultants is that it removes a lot of the time-consuming data collection and preparation.

“As a result, our clients can focus on the strategic level analysis of key risks and we can help them undertake more detailed stress tests that may affect the company’s future solvency. For Actuelia, it enables us to do less of the ‘nuts and bolts’ of pulling the data together to deliver the higher-value advisory services. A ‘win-win’ for everybody.”

XT Database unlocking the wealth of XBRL data

“UBPartner designed the XT Database to unleash the power of XBRL data and make it available in a simple-to-use, low-cost platform. It does this by storing XBRL data in a way that keeps the semantic relationships of the XBRL taxonomy while making it quick and simple to store reports and enable standard Business Intelligence tools to access and analyse the data. Flexibility is built in so that the XBRL data can be enriched with application-specific metadata, such as EIOPA Solvency DPM codes, and combined with other datasets to provide a complete platform. XT Database is already being used by banks and insurance firms but can handle any XBRL compliant reporting framework,” explained Martin DeVille, VP business development at UBPartner.

“The adoption of XBRL by the major European financial services supervisors, EIOPA, EBA and ESMA will generate a wealth of accurate and well-structured data that can be reused to feed multiple applications, such as investment models, credit risk assessment and supplier management. The XT Database approach can provide significant benefits to market regulators but can also help improve data collection and analysis within any enterprise.“

For further information on the XT Database and other XBRL tools, contact info@ubpartner.com.

About XBRL (eXtensible Business Reporting Language)

XBRL is fast becoming the market standard for financial information exchange and reporting. Leading organisations such as the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and numerous government agencies are driving XBRL programs. The XBRL standard is maintained by XBRL International: www.xbrl.org.

About Actuelia

Actuelia offers its insurance clients access to a broad range of experts, thereby guaranteeing the best level of advice in risk analysis and helping insurance firms respond quickly to rapidly evolving competition, product complexity and regulatory reporting requirements. For further information, visit www.actuelia.com.

About UBPartner

UBPartner is a privately owned company with headquarters in Paris and offices in London. It provides a full suite of solutions and services that enable companies and regulatory agencies to realise the benefits of XBRL – from the underlying processing engine to desktop development and deployment tools, all the way to packaged solutions for regulators and government agencies. For further information, visit www.ubpartner.com.

Contact information:
Martin DeVille, VP Business Development: mdeville@ubpartner.com  
General information: info@ubpartner.com 

Source: UBPartner


Categories: Business Technology

Tags: Actuaries, EIOPA Reporting, ORSA, ORSA Dashboards, RSR, SFCR, XBRL, XBRL Data, XT Database

About UBPartner

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UBPartner is a leading provider of XBRL software and services. It works through a network of local partners in Europe and distributors across the world to deliver and embed its software in successful financial reporting applications.

Martin DeVille
VP Business Development, UBPartner
4 Avenue Laurent Cely
Asnieres sur Seine, Paris 92600