Transcript XBRL within Dutch Banks

Getting you there.
XBRL within Dutch Banks
VIII European Banking Supervisors XBRL Workshop
Amsterdam
November 6, 2007
Agenda
Introduction
XBRL within Fortis
Adoption of XBRL within Dutch banks
Fortis | FIRE³ | 20 July 2015 | 2
Introduction
Alexander Carp
Director Fortis Integrated Reporting Enablers³
Email: [email protected]
Phone: +31 30 2263863
Paul Rothwell
KPMG, Manager Financial Services
Email: [email protected]
Phone: +31 20 656 8095
Fortis | FIRE³ | 20 July 2015 | 3
Agenda
Introduction
XBRL within Fortis
Adoption of XBRL within Dutch banks
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Functional requirements - regulatory deadlines
Design
Build
FR Q4 07
GO LIVE
QA
Design
D
e
si
g
n
Build
B
uil
d
Q
A
Design
01/10/07
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15/12/07
FinRep FR
GO LIVE
QA
NL Q1 08
GO LIVE
Build
15/03/08
15/04/08
LU Q1 08
GO LIVE
FinRep LU
GO LIVE
FinRep NL
(XBRL not
mandatory)
QA
15/05/08
BE Q1 08
GO LIVE
15/06/08
FinRep BE
+ Pillar II BE
GO LIVE
Which tool for which reporting ?
Reporting
FINREP
COREP
Central Bank
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Level of reporting
Production
XBRL output
Statutory
Consolidated
Statutory
Consolidated
Statutory
FRS
Magnitude
FRS
UBMatrix
Fermat
Fermat
Magnitude
UBMatrix
Scope - architecture
Magnitude
FinRep (BE – LU – FR – NL) +
Pillar II (BE)
Report Builder
Download taxonomies and report
templates
Regulators (BE – LU – FR – NL)
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Taxonomy Designer
Scope - next step
Magnitude
Financial
Data
Financial
Data
ETL layer
XBRL Database
Juil. 1999
Taxonomies and report templates
ALE
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Bénéf ic ia ir es du RM I3
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Août 1999
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External
reports
Interactions - possible future architecture
Other systems
Project scope
Fermat
Magnitude
Crew
Market
Risk
Operational
Risk
Financial
Data
Financial
Data
ETL layer
FRAS
BI systems
Data Warehouse
XBRL Database
Juil. 1999
Taxonomies and report templates
ALE
Jeunes à 6 m ois hor
1 s RM I 0
M ACO N
FINREP
Report
Ent r é
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ent r ées
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per so
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Jeunes CLD à 12 m0ois
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Adult es CLD à 24 m
21ois
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2
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8
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2
14
2
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3
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19
10
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12
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7
Tot al Public s m enacés
23 par excl
38 u sio n
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32
4
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TO TAL Public
7
4
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21
36
5
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Aut r es publics
COREP
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Adult es à 12 m ois hor
5 s RM I 9
Bénéf ic ia ir es du RM I3
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Août 1999
Ent r ée Ent r ée
Ent r ée
Appui Accom pa Accès à
em ploi gnem ent
la
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6
External
reports
Agenda
Introduction
XBRL within Fortis
Adoption of XBRL within Dutch banks
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Round table discussion
2 November 2007
• Participants
•
•
•
•
•
•
•
•
•
•
Fortis
ABN AMRO
Rabobank
ING
SNS REAAL
De Nederlandsche Bank (DNB)
Autoriteit Financiële Markten (AFM)
XBRL Nederland
Nederlandse Vereniging van Banken (NVB)
KPMG
• Objectives
• Exchange experiences with XBRL
• Discuss the potential business case for banks
• Explore possibilities for working together
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Current status of XBRL within banks
• General conviction that an overall information/data
standard is required, XBRL could be it
• Many banks have considered XBRL and have decided to
await further development
• No actions planned by banks to further explore potential
unless mandatory
• Banks remain very interested in future national and
international developments that could renew interest in
XBRL and fuel the business case
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Scenario’s for using XBRL within banks
Commercial
banking
Master Data
Management
• Annual
reports
commercial
clients
• Efficiency &
speed
• Accuracy of
risk
assessment
• Client driven
• Invoicing
• Total
information
requirement
s
• Performanc
e&complian
ce driven
• (Sub)Group
& functional
level
• Multidimensional
Banks &
Customers
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+
Banks (internal)
Reporting
+
• COREP/
FINREP
• IFRS/ US
GAAP
• Tax &
statistics
Banks &
Supervisors
Current status of the scenarios
Commercial
banking
Master Data
Management
• Annual
reports
• NTP for
commercial
companies
clients
• Credit
• Efficiency &
Taxonomy
speed
• Endorsed by
• Accuracy of
software
risk
suppliers &
assessment
accountants
• Client driven
• Invoicing
• Total
• XBRL not
information
powerful for
requirement
multis
dimensional
• Performanc
• Reporting
e&complian
vs. data
ce driven
standard
• (Sub)Group
• Mapping
& functional
master data
level
to
• Multitaxonomies
dimensional
Banks &
Customers
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+
Banks (internal)
Reporting
+
• DNB can
receive
• COREP/
XBRL
• FINREP
AFM will
• IFRS/
provideUS
GAAP
support
• Tax
NTP&for
statistics
Dutch
GAAP, tax &
statistics
Banks &
Supervisors
SWOT analysis XBRL from the banking industry’s
perspective
Strengths
 International standard for reporting that is
gaining momentum
 Endorsed by the Dutch government
 Someone is keeping the fire alive
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XBRL
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Opportunities
Banks are following developments to buildup knowledge
XBRL for operational efficiency when
receiving company data
Opportunity for insurers who are at the
beginning of their regulatory ‘revolution’
Local authorities see the benefits
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

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Weaknesses
Financing the implementation, who will
pay, who will benefit?
Timing: already many costly initiatives
that must be implemented
Limited depth of taxonomies, not
suitable for multi-dimensional data
(storage and retrieval)
National standardization is perceived
as only going half-way
Threats
E-Line already fills the gap that XBRL is
trying to fill
Master Data is a strategic asset for
banks
Difficult to discuss subject at Senior
Management level
Not a strong business case
XBRL is not mandatory
Conclusions
• Less haste, less waste: how to obtain a truly international
standard (i.e. taxonomy) for reporting?
• As long as it is not mandatory, banks and authorities alike
will remain hesitant to adopt it
• Business case is only evident on the receiving side of the
information chain, but no material advantages are expected
soon
• Who should take the lead? Everyone is waiting for each
other to start
• General conclusion: structure and standardization is good
thing and XBRL could play an important role
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Next steps
• The participating banks have agreed to meet again in half a
year time to discuss these developments and their
response
• Other departments (not only reporting) should be involved
where the business case is more evident: front-office
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Whose sweet is this anyway?
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“The train is riding, but not as fast as we thought”
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