Efficient reporting from an integrated reporting environment

In practice, you will see that the same data is needed repeatedly for the different reports. Investments, provisions, bank balances and other data need to be reported in the annual accounts, to the regulator and in management reports:

Visual presentation of the overlap in data needed for the different processes.

In practice people often work in silos and the same data is queried again and again. This silo-based, hand-crafted approach is not only inefficient but also leads to data redundancy and inconsistencies between reports.

Is there another way? Yes, and that involves using an integrated reporting environment in which the reporting data is stored once only and with which you can generate the regulatory and management reports, and the annual accounts.

Visual representation of an integrated reporting environment for a medium-sized insurance company.

Integrated reporting environment

• This kind of environment gives you the following benefits:
• A single integrated system for all Finance and Risk reporting.
• Reports are no longer created, they are run.
• Transparency about where the data comes from.
• Generating reports for disclosure management.
• Continuity of reports is ensured.
• Vastly improved audit trail.
• XBRL generation ensured.
• Shorter reporting time lines.
• Consistent data across all reports automatically ensured

Read more about case studies in practice in our publications.

How can we help?

• CCH Tagetik design and implementation
• Change / project management
• Operational management
• Finance and Actuarial back-fill

Why Sofia Consulting?

• Combining in-depth financial and actuarial knowledge with knowledge of regulations and of CCH Tagetik.
• Pragmatic approach.
• Leading role in almost all installations of Tagetik in the Netherlands and some overseas.
• Many examples that can be used to hit the ground running.