Accurately meet regulatory requirements and solve industry-specific problems in external reporting with FINMA Reporting
What is FINMA reporting and why is the SAP Analytics Cloud BI tool suitable?
What is FINMA and FINMA Reporting?
- FINMA is the Swiss Financial Market Supervisory Authority - FINMA for short.
- FINMA Reporting is a model for standardised FINMA reporting based on IBCS®.
The particularly strict regulations of the Swiss insurance industry require insurers to give detailed accounts in the form of reports - both to the public and to FINMA. FINMA, which has an equal reporting obligation, plays a central role as the official supervisory body.
The strict requirements result in corresponding demands on external reporting: The information design of the reports (incl. visualisation) must meet the highest standards.
At the same time, investors demand the most meaningful information possible on business development as a basis for trust. In addition, global competition is getting stronger and stronger: Today, companies have to use their existing information about customers and competitors as efficiently as possible in order to survive on the market.
Why FINMA Reporting with SAP Analytics Cloud (SAC)?
Combined with the high performance of the SAP cloud platform, the standardised dashboard notation concept based on IBCS® ensures that all FINMA reporting requirements can be met with maximum accuracy and efficiency - combined with active support for business objectives through additional functionalities.
-> With the SAC FINMA panel, we offer you a quick and safe entry into analytics, while you benefit from all the advantages of IBCS® standardisation.
In view of this, the SAC FINMA panel from s-peers presents itself as an optimal, efficient and up-to-date solution in the form of a uniform reporting platform (dashboard).
The underlying database and data model summarises the annual financial statements (balance sheet and income statement; lines of business: life, non-life, health and reinsurance) published by FINMA for all 148 Swiss insurers.
The KPI evaluation based on the same structure (FINMA) and currency (CHF) is historically possible for all financial years - coupled with the option to generate performance-relevant insight knowledge by integrating further data sources.
FAQs FINMA Reporting
The design of the SAC FINMA panel is based on the International Business Communication Standards (IBCS®) on the basis of the SUCCESS reference framework by Prof. Rolf Hichert. The internationally established IBCS® are conceptual, perceptual and semantic guidelines for visual presentation in reporting and formal business communication.
Thanks to the targeted application of this standardised notation concept, the dashboard conveys the information in such a way that factors relevant to decision-making are made available to the report recipients in a precise, transparent and addressee-appropriate manner.
Optimal diagram selection based on the IBCS® significantly increases the informative value of the individual reports and thus of the entire dashboard. At the same time, the visualisation is reduced to the relevant information so that the most important aspects can be quickly absorbed and interpreted despite high complexity.
FINMA reporting based on IBCS® thus provides you with a true, accurate and transparent picture of the situation:
- Reduction to the essentials
- High information density (incl. comparison possibilities)
- Consistent standardisation through uniform visual language
- Consistent structures and clear messages
- Fast acquisition and pattern recognition for the reader
From a technological perspective, the FINMA panel is based on SAP Analytics Cloud (SAC): this new SAP product allows the full use of business intelligence (BI) and analytical technologies throughout the organisation - including functions that also enable end users in the specialist departments to perform quick analyses themselves via self-service BI.
The bundling of analysis and reporting functionalities in a single platform with a uniform database enables seamless exchange between diverse organisational roles (supported by collaboration and commenting functions, among other things).
SAP guarantees the operation and support of the cloud solution. Thanks to the SaaS model (Software-as-a-Service), the software is obtained as a service, with a rental price per user. This includes release updates, support from the SAP hotline (365 days/24 hours), mobile apps for tablets/smartphones, process documentation, eLearning and WIKI. At the same time, there are no additional costs or investments for operation, maintenance and IT infrastructure (hardware, DB).
The increasing quantity and complexity of legal regulations and data volumes is making it more and more difficult to guarantee the necessary reporting quality in external reporting in the Swiss insurance industry. In addition, the development of the company and the actual business situation are often not depicted precisely or clearly enough. In general, the following basic problems can be observed:
- Use of distorted representations
- Use of inappropriate diagrams
- Forms of presentation that are difficult to understand
- Renunciation of standardisation
The SAC FINMA Panel by s-peers addresses these deficits in external reporting by analysing and visualising the FINMA KPIs of the Swiss insurance market according to a standardised procedure. The most important information is filtered out of a large number of data and variables and presented in a way that is appropriate for the target audience.
Standardisation on an IBCS® basis therefore plays a central role: only with suitable preparation and presentation can information be understood as quickly and accurately as possible - and thus lead to better (planning) decisions in the operational or strategic field.
This is actively supported by the possibility of including competitive data, geographic data and/or even socio-demographic information in addition to the company's own data in order to create success-relevant insight knowledge. Transaction data for current data can be imported easily and quickly. Simultaneously, all regulatory requirements of the Swiss insurance industry are optimally fulfilled.
SAC FINMA Panel
Standard Package
CHF 8,000 plus VAT
