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Information Systems
Lessons learned implementing XBRL in the Bank of Spain
Maite Sainz
Head of the Management Systems Division II, Bank of Spain
XBRL Week
Madrid 2015
INFORMATION SYSTEMS2
10 YEARS OF XBRL IN BANK OF SPAIN
AppraisalCompanies
(COREP extension)
SolvencyInformation
(COREP extension)
(FINREP extension)
SectorialStatements
(FINREP extension)
Taxonomy development
2004
Public Statements(IFRS)
2006 2008 20092007 2010 20112005 2012 2013 2014 2015 2016
IAC.01 Mutual guaranteeExchange offices
Remuneration statements
Protection of mortgage
debtors
of Practice guidelines Statistics Code
of Practice guidelines
EBACOREP
EBAFINREP
EBAAE, SBP, …
FINREPSOLO
INFORMATION SYSTEMS3
10 YEARS OF XBRL IN BANK OF SPAIN
AppraisalCompanies
(COREP extension)
SolvencyInformation
(COREP extension)
(FINREP extension)
SectorialStatements
(FINREP extension)
Taxonomy development
2004
Public Statements(IFRS)
2006 2008 20092007 2010 20112005 2012 2013 2014 2015 2016
IAC.01 Mutual guaranteeExchange offices
Remuneration statements
Protection of mortgage
debtors
of Practice guidelines Statistics Code
of Practice guidelines
EBACOREP
EBAFINREP
EBAAE, SBP, …
XBRL Standards / practices evolution
XBRL 2.1
XBRLDimensions
XBRLFormulae
TableLinkbase
DPMMethodology
EnumerationsExtensible
Enumerations
Multi instanceMulti-instancevalidation
FINREPSOLO
INFORMATION SYSTEMS4
10 YEARS OF XBRL IN BANK OF SPAIN
AppraisalCompanies
(COREP extension)
SolvencyInformation
(COREP extension)
(FINREP extension)
SectorialStatements
(FINREP extension)
Taxonomy development
2004
Public Statements(IFRS)
2006 2008 20092007 2010 20112005 2012 2013 2014 2015 2016
IAC.01 Mutual guaranteeExchange offices
Remuneration statements
Protection of mortgage
debtors
of Practice guidelines Statistics Code
of Practice guidelines
EBACOREP
EBAFINREP
EBAAE, SBP, …
XBRL Standards / practices evolution
XBRL 2.1
XBRLDimensions
XBRLFormulae
TableLinkbase
DPMMethodology
EnumerationsExtensible
Enumerations
Multi instanceMulti-instancevalidation
FINREPSOLODPM Architect
Remuneration statements
XBRLPrototype
Basic XBRLInfrastructure
System forPublic Statements
XBRL Formulaintegration
Taxonomyviewer
XBRLForms
Metadata oriented version of the system
Legacy SystemMigration
+ MI Validation
Application / infrastructure
INFORMATION SYSTEMS
CHANGES IN THE LANDSCAPE OF EUROPEAN SUPERVISION
EBA
ITSs
SSM
XBRL
DPM
5
- Important Institutional and organization changes:
- CEBS- EBA- SSM
- XBRL’s been just a small piece leveraging this changing process
- But changes produce resistance…
INFORMATION SYSTEMS
LESSONS LEARNED: IMPORTANCE OF PROPER COMMUNICATION PLANS
6
Key in any process of change
A good understanding of the process will produce benefits very soon
-What?
-When?
-Why?
Consider a wide audience:
-Credit institutions
-Providers and the software industry
-Your team!
INFORMATION SYSTEMS
LESSONS LEARNED: THE QUALITY OF THE TAXONOMY KEY
7
Credit institutions
Supervisor
Highquality data
The purpose of reporting processes is to collect data:- Accurate- High quality- Traceable (avoiding manual intervention)
INFORMATION SYSTEMS
LESSONS LEARNED: THE QUALITY OF THE TAXONOMY KEY
8
Credit institutions
Supervisor
Clear communication of reporting
requirements
To obtain accurate data:- Reporting requirements must be clearly defined- Financial concepts must have an unambiguous definition- The definition of quality controls is an effective mechanism
to identify problems in the exchange of data
Focus in increase efforts in XBRL validations:- Credit institutions can make data validation in origin- The definition of quality controls is an effective mechanism
to identify problems in the exchange of data- The analysis-correction time is reduced- Mind error messages!
This is the purpose of XBRL taxonomies and the DPM approach- Don’t spare efforts in the development of the taxonomy- High quality taxonomies produce high quality data- Mistakes in taxonomies or lack of stability in design criteria
have a high cost in the reporting process
INFORMATION SYSTEMS
LESSON LEARNED: YOU CANNOT DO IT ALONE
9
By using standards we benefit from the efforts of a whole community…
Collaboration with public institutions and
organizations
• EBA
• ECB
• IFRS Foundation
• XBRL International
• Eurofiling community
• XBRL Europe
• XBRL Spain….
XBRL Specs tailored to European
Supervisors needs
• Dimensions
• Formulae
• Table Linkbase
• Extensible Enumerations
• …
Many solutions available in the market
• Software companies
• Consultants
• Training
• …
INFORMATION SYSTEMS
LESSONS LEARNED: BUSINESS ORIENTATION TO PROVIDE THEM AUTONOMY
10
Our ultimate purpose is to provide better solutions- To make our business processes more efficient- To improve the quality of data in supervision flows- To reduce costs (both in our institutions and the banking industry)- To give autonomy to our business users
Don’t get lost in a quest for technical excellence:- Think first of the benefit to end users- Perfect is the enemy of good- Early delivery of simple and small solutions is more effective- Empathy with the end users is important to understand their needs
Business orientation… but also business involvement!- Early and continuous business implication- XBRL internals is IT stuff, but business users must lead the
construction of a unified financial vocabulary
Information Systems
THANKS FOR YOUR ATTENTION
Maite Sáinz
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