SURFI Unified FInancial Reporting System Banque de France’s financial data
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Transcript of SURFI Unified FInancial Reporting System Banque de France’s financial data
19th XBRL International ConferenceJune 23th, 2009
Jean-Luc MendaDeputy Director
Sylviane DelarueHead of IT department
Commission bancaireBanque de France
SURFIUnified FInancial Reporting
System
Banque de France’s financial datacollecting system in XBRL
Secrétariat général de la Commission bancaireDirection de la Surveillance Générale du Système Bancaire
SENSITIVITY LEVEL : PUBLIC
Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
Presentation overview
1. A new Information System
2. Building the SURFI taxonomy
3. SURFI IT Project
SENSITIVITY LEVEL : PUBLIC
SENSITIVITY LEVEL : PUBLIC
Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
1. A new Information System
Main IT strategy elements :
– Implement the new COREP and FINREP reports in compliance with European harmonized framework
– Follow the CEBS recommendation to adopt XBRL in order to foster harmonization
– Change our reporting framework, promote harmonization and streamlining, launch the SURFI project
– Modernize our banks rating system and IT studies systemBanque de France – direction de la Communication
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
1. A new Information System
In this framework, progressive, but complete change of our reporting system……in 3 stages:
• COFINREP project implementing COREP et FINREP specifications: beginning of 2006 – mid 2008;
• MODEC project modernizing the civil status data gathering: June 2007 – 1st semester 2010;
• SURFI project modernizing and streamlining regulatory data gathering: April 2008 – June 2010
SENSITIVITY LEVEL : PUBLIC
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
1. A new Information System
Beginning of 2006
MODEC project
Mid-2007
MODEC project
Go live
June 2010
End of 2008SURFI Taxonomy
finalization
SURFI project v.1
Financial Agents Information System Upgrade
SURFI project
April 2008
SURFI Business studyBanking industry consultation
COFINREP project
Dec. 2010
SURFI project v.2
Taxonomies building
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
1. A new Information System
COFINREP Project
• Allowed the implementation of the Basel II and IFRS impacts on the regulatory reports…
• … following the CEBS recommandations about the use of the XBRL
standard for harmonized European COREP et FINREP reports. • Launched in 1993, the present BAFI system, using a proprietary data
format, couldn’t be upgraded to reach the new specifications.
• A finished project :
– New functionalities since September, dedicated to the supervision staff (e.g. specific reports);
– Next improvment : the implementation of the « tolerance margin ».
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
1. A new Information System
MODEC project• Offering to the banking industry a state-of-the-art interactive software
dedicated to civil status processes ;
• Being able to get live data transmission from banks and give them feedback ;
• Taking into account the new European regulatory requirements :– integrate new categories of banks, in compliance with european directives, – and reinforce the disclosures (the directive on « Systems of payment » requires the creation of an on-line registered bank database »
• Allowing the 80 IT systems of BoF to have an easy real-time acces to this system of reference (WEB site, WEB services, WEBSPHERE, ORACLE)
• End of the project : 1st semester 2010 (this system of reference is necessary for SURFI)
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
1. A new Information System
Present data collection system : BAFI
– Reporting entities : 910 MFIs – according to the French banking law, id. broad definition -, and 156 investment firms
– 840 end-users within the Commission bancaire and the Banque de France
– Coverage : data for statistical as well as prudential purposes, but BoP data partially out of the scope
– Same database, but limited harmonization of concepts and reporting formats, generating double collection of data
– On the technical side, database system based on a proprietary system developed in 1993, therefore somewhat mature
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
1. A new Information System
Modernizing the reporting system
– Result of a discussion process with the banking industry following the introduction of COREP and FINREP
– The industry requested :
• a significant reduction of the reporting burden
• the elimination of double collection of data for supervisory and statistical purposes
• a better coordination in the definition of new reporting requirements between Banque de France departments
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
1. A new Information System
Launched in June 2007, the main objectives of the project
– Harmonize data collection for supervisory and statistical purposes, in eliminating double collection of data
– Alleviate the reporting burden through the streamlining of the entire present reporting system
– Take fully into account the ECB statistical revision package and articulate our own schedule
– Switch from a template centered approach to a data centrix approach, capitalizing on our XBRL experience for COREP and FINREP.
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
1. A new Information System
Simplified scope of the project
(Tier 1) French Gaaps
( Tier 2) French Gaaps
(Tier 3) IFRS or French GaapsMonetary statistics =France (1)
ConsolidatedPrudential data (3)
Prudential data=France + branches abroad
=social accounts (2)
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
1. A new Information System
Main results in terms of harmonization
– Broad harmonization between tier 1 and tier 2 data, relying on the same accounting standards (French Gaaps) ;
– Limited between tiers 1 and 2 on the one side, and consolidated data established either on IFRS or French Gaaps, depending on the institution
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
1. A new Information System
Potential links between counterpart breakdowns
– Find bridges between the different reporting schemes (ESA95, FINREP and COREP)
– Make it easier for MFIs to manage counterparty breakdowns
– Build a table allowing to bridge ESA95 counterpart sectors with SURFI counterparts, as well as COREP and FINREP
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
1. A new Information System
Other achievements of the project
– Elimination of double collection of data : every data will be sent once either for statistical or prudential purpose
– A significant reduction in the volume of data
– A more risk-based oriented system consisting of core information sent by every institution, complemented by information sent depending on the level of activity in different areas (thresholds for interbank operations, financial instruments, credit…)
– Release the global taxonomy…
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
Presentation overview
1. A new Information System
2. Building the SURFI taxonomy
3. SURFI IT Project
SENSITIVITY LEVEL : PUBLIC
SENSITIVITY LEVEL : PUBLIC
Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
2. Building the SURFI taxonomy
– The Commission Bancaire has followed a specific method to build its SURFI taxonomy.
• to facilitate the collaboration between business-oriented staff and IT specialists,
• and accelerate the global development process.
– This method is based on four main stages :
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
2. Building the SURFI taxonomy
1st stage– Design of the SURFI future templates revised by three working
groups :
• the presentation rules have been determined • regarding the format and the header, use of a specific colour
code to identify dimension names and their values, facts, forbidden data, presentation labels
• the elements and dimensions codification will be
implemented at the same time.
– Templates validation by Monetary departments, banking commission, ultramarine departments : just finalized.
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
2. Building the SURFI taxonomy
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
2. Building the SURFI taxonomy
2nd stage– implementation of the working principles of the SURFI
taxonomy : building of «primary taxonomies and dimensions».
– « primary taxonomies» elements come from :– elements from the « accounting class data tree » – other elements resulting directly from the
templates
– each element has its own concept name, label, hierarchical links with other elements, regulatory references .
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
2. Building the Surfi Taxonomy
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
2. Building the SURFI taxonomy
• the XBRL element name was determined from the element labels belonging to the data tree or the templates.
• the normalisation of the template presentation and the data tree elements made easier the automatic initialization of most of the future taxonomies via a purpose-built tool.
• SURFI templates naming rules were validated by the users.
• templates were grouped by activity blocks (associated to a threshold or a theme).
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
2. Building the SURFI taxonomy
3rd stage
• the « dimension taxonomies », their values and their hierarchical order were elaborated.
• for each template : design of the hypercubes.
• choice of a modularized model of taxonomy architecture (FINREP 1.3), in accordance with the best practices.
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
2. Building the SURFI taxonomy
• Global architecture (templates et « primaries ») :
t-sia-2008-31-12.xsd
T-SURFI-2008-12-31.xsd
t-ste-2008-31-12.xsd t-sor-2008-31-12.xsd …
T-CARTO-2008-12-31.xsd
T-BLANCHI-2008-12-31.xsd
72 templates
Independant taxonomies
p-sia-2008-12-31.xsd
p-ste-2008-12-31.xsd
p-s02-2008-12-31.xsd
p-s08-2008-12-31.xsd
p-s04-2008-12-31.xsd
p-sxx-2008-12-31.xsd
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
2. Building the SURFI taxonomy
4th stage Implemention of all the business controls :
Determine the expected controls typology (in March), Select those that can be implemented in the taxonomy with
the «formulae» recommendation Evaluate those which will be dealt with by specific
developments Draw up the exhaustive list of business controls (by the end of
May) Set up the formulae tables and integrate them into the
taxonomy.
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
2. Building the SURFI taxonomy
4th stage Focus on the controls typology : data controls
Basic operation (+ - / *), AVERAGES, MIN, MAX, ABS EQUAL, GREATER, >=, LOWER, >=… Alternative controls : IF … THEN … ELSE … Inter-instances / inter-taxonomy controls (between COREP,
FINREP and/or SURFI) Inter-templates controls (into a single taxonomy) vs Intra-
templates controls Existence of mandatory facts Controls using fixed parameters.
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
2. Building the SURFI taxonomy
4th stage Focus on the controls typology : trigger controls
Tolerance margin (potentially depending on the control type) From a templates list reported by the bank « business card » data (including civil status data) Remittance date, Missing facts, After reception of all the data to be compared.
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
2. Building the SURFI taxonomy
4th stage Focus on the taxonomy building
Because of the deadline of the IT project and the lack of tools, we have to generate as automatically as possible the formulae tables Quite easy for :
primary item aggregation,
dimension aggregation,
(of which) checking Quite difficult for the others Some will need specific processing
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
2. Building the SURFI taxonomy
• Some figures about SURFI Taxonomy :
– 72 templates (some of them with sub templates)– 950 elements from the data logical tree– 1550 elements outside the data logical tree– 23 dimensions
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
2. Building the SURFI taxonomy
Timetable:
• End of September 2008 : 1st version of the templates . • December 2008 : release of SURFI Taxonomy version 0.1.• Beginning of April 2009 : release of version 0.2 (first
optimization)..• End of June 2009: release of SURFI Taxonomy version 1.0• June 2009 : 1st part of formulae links table building
• BUT : Supply of a technical paper, enclosing EXCEL sheets describing all the required controls
• September 2009 : complete formulae links table building
SENSITIVITY LEVEL : PUBLIC
Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
Presentation overview
1. A new Information System
2. Building the SURFI taxonomy
3. SURFI IT Project
SENSITIVITY LEVEL : PUBLIC
SENSITIVITY LEVEL : PUBLIC
Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
Current situation of IT system
FinancialInstitution
Information System
Prudential and accounting Reporting
Bâle II
IFRS
COREP Instances
FINREP Instances
SIGNECB
Insideapplications
CB/BDFAccreditation
Input Output
Civil statuts data
Configuration
Accreditation
DataControl
andmanagement
Datamining
XBRLTaxonomy management
BAFI
COFINREP
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
Focus on SURFI - IT part of the project
IT project milestones :
• Launch of the project : beginning of June 2008
• Requirements document created during the summer 2008
• Open tender publication on the 31st of October 2008
• Kick off with the chosen supplier at the end of February 2009
• Global design validation en May 2009
• Detailed studies are in progress
• Opening of the tests platform for the external actors in January 2010
• Opening of the 1st version of the SURFI portal in July 2010
• Opening of the 2nd version of the SURFI portal in December 2010
SENSITIVITY LEVEL : PUBLIC
Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
BdF Portal
OneGate
SURFI
XBRL Processor
Ubmatrix XPE
Rendering Processor
INVOKE
Output
Processor
certificate
Taxonomy
Oracle
DBInstance document
Online Form Fill in
Instance document
XBRL files
DB storage
General process of the SURFI project
SENSITIVITY LEVEL : PUBLIC
Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
Scope of the IT Project
• « infrastructure » module
• Easy navigation• Access rights management• Business Rules engine• Static data management
• « storage » module
• ONEGATE (BDF Portal) exchange• XBRL & business controls (via formula or specific processing)• Storage in ORACLE DB (XBRL files & facts by facts)• Instances aggregation• Exceptions management
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
Scope of the IT Project
• « monitoring » module
• Reporting duties defining (varying by threshold or activities)• Remittance monitoring• Mistakes or late data sending• Exceptions management
• «data use » module
• Operating monitoring• Exporting to other IT systems
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
Scope of the IT Project
• « reporting » module
• Design of :• Regulation templates• Synthesis (mono or multi-agents, mono or multi periods)• Complex reporting (with different sources of information)
• « taxonomies management » module
• No solution today : It remains to be done
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
Main orientations
• Use of formula as well for FINREP & COREP• Acceptance of partial data delivery (according to the SURFI rules of
data remittance)• Instances delivery based on the SURFI master taxonomy, with
notification of the related templates• Data aggregation and intra-instance controls will be immediately
processed• Other control reports will be processed by night batch• Use of external taxonomies will be possible ( e;g; COREP HOST)• Small credit firms will be able to type their data into specific internet
pages (instead of sending an XBRL file)• The retrieval of COFINRP data must be done
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Surfi: Unified Financial Reporting SystemBanque de France – Secrétariat général de la Commission bancaire
Thank you for your attention !