RNPK on time submitted a pilot report on taxonomy 4.0 from the "XBRL Factory"

2020

Taxonomy 4.0 Reporting Pilot

On March 3, 2021, Sintegro Consulting announced that the RNPK had submitted a pilot report on taxonomy 4.0 from the XBRL Factory on time.

The pilot project was initiated by the Bank of Russia in December 2020 to test the latest version of the taxonomy and work out errors based on feedback, immediately after the release of the correction version of the final taxonomy 4.0. for SSD.

Reporting on taxonomy 4.0, insurance companies must submit taking into account Regulation 710-P "On certain requirements for financial stability and solvency of insurers."

This supervisory and statistical reporting is more complicated than the previous one, and the period for preparing the pilot reporting was only 2 weeks. To make it on time, Sintegro Consulting offered their help to colleagues from the RNPK.

Part of the data for reporting was obtained from reports already submitted, part was prepared separately. The main difficulty was to assemble the form of OKUD 0420154, since reporting involves the presence of a calculation and algorithmic part of the preparation of reporting indicators and the use of a date-oriented approach.

The Sintegro Consulting team helped us make calculations taking into account the requirements of Regulation 710-P using the 710-P Indicator program, and then generate, check the reporting in the XBRL Factory and send it through the Personal Account. The preparation of the "pilot" reporting has helped to define further priorities to automate the reporting process and to understand a number of technological aspects of taxonomy 4.0. There is reason to believe that the next pilot collection in March 2021 will be easier and more productive for us, "the RNPK noted.

Implementation of "XBRL Factory"

RNPK JSC generates a report for 45 minutes using the XBRL Factory. This was announced on July 14, 2020 by Sintegro Consulting.

Russian National Reinsurance Company is a 100% subsidiary of the Central Bank of the Russian Federation.

We understood that other insurers would rely on our approach to automation. It was important for us that both the project and its result become reference examples, "says Olga Borisovna Krymova, Deputy Chairman of the Management Board of RNPK JSC, Head of the Financial Block.

The selection of an automation partner took 3 months. It included a pilot project to prepare monthly oversight reports. Despite the fact that not all the requirements of RNPK JSC were initially implemented in the system, the specialists of Sintegro Consulting LLC showed a good understanding of the tasks, speed of work and enthusiasm.

{{quote 'As an analyst, I particularly appreciated the flexibility of setting up the transfer of data from Excel and CSV to XBRL key figures and analytics. This is convenient in the case of changes on the part of the Bank of Russia, including when changing the version of taxonomy - the system does not need to be radically reconfigured. In addition, the system has implemented many convenient functions of visualization and intermediate control of loading and conversion of indicators, "said Elena Valerievna Lobacheva, Financial Analyst of RNPK JSC. }}

An important task of the accounting department was to reduce the timing of reporting.

As part of the project, we automated the processes of loading, converting and validating reporting indicators, with the condition of a strict limitation on the timing of reporting procedures: 15 minutes for loading and conversion processes, data 20 for validation. We also prepared a set of reports for publication on the website and transfer to auditors and management using printed forms implemented in the system, "says Natalya Vilyamovna Borovkova, chief accountant of RNPK JSC.

The project took place remotely, methodologists and developers of Sintegro Consulting were always in touch, but during the reporting period they were present in our office for operational support. Although the subject area and tasks were difficult for all of us, the Sintegro Consulting team did well.

2019: Contractor approval for implementation of "XBRL Factory"

On May 17, 2019, Sintegro Consulting announced that the Russian National Reinsurance Company approved Sintegro Consulting as a contractor for the implementation of the XBRL converter - the XBRL Factory system - and its further maintenance for 36 months.