From 2013 SOVEGA works on a new asset about activities and projects focusing on the exchange of financial information in XBRL international standard protocol. Furthermore, since the beginning of 2014, SOVEGA was associated with XBRL Italy, participating simultaneously in projects for the definition and development of taxonomies aimed at different uses in the financial and insurance Italian and European markets.
In order to consolidate this new front, we established a Consulting Area headed by Eugenio Virguti, professional banking and insurance advisor, who interfaces daily with constantly changing reality. Eugenio has an international experience and he is the reference in Italy for various collaborations on European standards in the field of finance, accounting and risk management. The collaboration began designing a software for due diligence activities for the assessment of non-performing loans. The project is still ongoing.
The first objective achieved by this new Area is the participation in the XBRL- Confidi (Credit Guarantee Consortia) project.
XBRL- Confidi involves the use of XBRL in the exchange of financial information between the banking system and consortia in order to allow correct and complete reports to the Bank of Italy supervision. SOVEGA, participating in the working group promoted by ABI (Italian Bankers Association) and Assoconfidi (Credit Guarantee Consortia Association), took office to create, develop and maintain the Data Point Model and XBRL Taxonomies shared with the working group.
At the same time it was realized XBRL- Confidi. The product was designed for all Italian banks as a solution for creating XBRL instances or financial information flows to Confidi established by the ABI-Assoconfidi Memorandum of Understanding.
It is currently available for all banking institutions.
In addition, since the end of 2014, in association with KPMG Advisory SpA, SOVEGA participates to an international framework, in the insurance industry, for the provision of taxonomies development and maintenance services for the EU body EIOPA.