One of the most consultative fronts we are most proud of is that linked to the activities and projects XBRL, the international standard protocol on the exchange of financial information.
In fact, since the beginning of 2014 we have been associated with XBRL Italia and, together with KPMG Advisory SpA, we participate in an international framework for the provision of services for the development and maintenance of Solvency II taxonomies for the European organization EIOPA (European Insurance and Occupational Pensions) Authority), the European Insurance and Occupational Pensions Authority which oversees insurance companies and European pension funds.
In fact, EIOPA conferred on SOVEGA, in partnership with KPMG, the important task of carrying out a Quality Assurance activity on these XBRL Solvency II taxonomies, in order to verify its correct functioning, the validity of the calculation rules and, in short, to perform an overall validation of the taxonomic system.
On 15 July 2016, in fact, the EIOPA published the official XBRL taxonomies and the schemes relating to the so-called Solvency II. These schemes fall within the scope of the prudential supervisory reports, aimed at reporting the risks that insurance companies assume in the exercise of their business, and to verify the adequacy of their assets with respect to these risks.
We are also continuing to work on the offer of our XBRL – Confidi product for all Italian banks as a solution for the generation of XBRL instances or financial information flows to Confidi based on the ABI-Assoconfidi agreement protocol.