Some helpful advice on where to start looking for
an IORP II solution
When looking for a solution to a new issue, it is always best to look at what people have done before and the lessons they have learned.
In terms of XBRL reporting and for complying with EIOPA's IORP II / Pension Fund regulations, there is an obvious example to look at – the adoption of Solvency II by insurance companies.
Below is a quick review of the lessons learned from the adoption of Solvency II, plus some things to do (… and some of the dont’s).
The path to successful IORP II Implementation
Start small, grow BIG
So, look for solutions that are quick and easy to implement, that have familiar interfaces for Users to get started, e.g. Excel spreadsheets, then as you learn, extend the system to cover the more advanced things that you want it to.
Recognise that reporting requirements, the XBRL Taxonomy and you needs will evolve, so, select a system that is both flexible and adaptable, in which Taxonomies are updated easily, and the system can be deployed in a range of different environments to suit the growing needs.
Build-in 100% Compliance
Regulatory reports are a reflection of your organisation so getting the information correct, first time is important. XBRL has one great advantage in that it can validate the information before you send it, so use a system that uses these directly and that is fully certified against the XBRL standard.
Make sure expert help is available
We all need a bit of help from time to time, so, select a provider that provides good technical and knowledgeable support, evidenced by its experience and ability to maintain its customers.
So does such a solution exist?
Easy answer – Yes!
The UBPartner XBRL Toolkit (XT) is a simple to deploy and flexible solution to IORP II reporting. It can use Excel Templates or CSV files to collect the data; can be used on a PC via an Excel-Add-in, accessed via a web-based Portal, or even easier still, just log in to the XT Cloud Service.
Yet it also has many advanced and powerful features and it can be extended and customised to support any type of reporting process. While UBPartner’s support team has been cited by customers as exceptional and have many years’ of relevant experience working on similar projects.
XT is also proven to work, as it is already being used for Solvency II reporting by regulators, major insurance and actuarial consultancies and hundreds of insurance companies.
|Can start small with Excel Add-in or Cloud Service|
|Can grow BIG with integrated system using SDK or XT Portal|
|Simple to update via download of Taxonomy Packages|
|Fully Certified XBRL Software and advanced validation|
|Excellent rated support services and highly experienced staff|
|Annual Subscription fees per reporting entity, no user limits|