SecondFloor is a software service provider for risk and regulatory reporting solutions with a sound reputation as RegTech specialist for the financial services industry. SecondFloor offers scalable solutions that fit any size of company in the highly regulated financial sector.
The company is a member of the German cleversoft group. As a group, cleversoft services more than 300 financial institutions with 120 employees in offices across Europe.
In addition to IFRS17, SecondFloor provides a number of capabilities, including:
SecondFloor’s eFrame supports regular Pillar 3 supervisory QRT reporting in combination with all European national specific reporting. In addition, it caters for all Pillar 1 calculations and can be extended to cater for an organisation’s Internal Model. Read more…
SecondFloor includes all IORP II entry points; annual, quarterly and all the ECB variants. It facilitates data capture, creates readable reports, includes all the validations that are part of the taxonomy, and includes an up-to-date version of the XBRL to file with the regulator.
At the login dashboard, the informative home page provides useful IFRS 17 regulatory updates as well as a link to the SecondFloor help desk for any advice. SecondFloor, if required, can provide a managed service so users don’t have to worry about administering the system.
eFrame can cater for multiple entities which can be further broken down using a mixture of measurement models, products, business lines or cohorts. These can be configured into a hierarchy with consolidated reporting being performed at each node – a feature that is sometimes excluded in other compliance focussed pre-packaged solutions.
Because eFrame is a template-based tool with Excel integration, the Excel templates can be easily selected, downloaded, completed and re-uploaded for each item. Installation and integration are straightforward and very easy to start using. The user process transitions through inputs split by unit of account. Starting with accounting and actuarial inputs, then discounting methodology, calculation models, data checks and finally reports and disclosures.
An interesting feature provided by SecondFloor is a dependency logic. Here, the precedents and the dependents are easily identifiable. There are two benefits here. Firstly, this provides a logic for users to see how the data is flowing, but secondly if there are new inputs, it will show which validations are applied.
The tool’s History window provides users with a window where they see all inputs and revisions provided for a certain item. It captures who has made which changes and when. A comparison feature will then highlight any differences between any two versions uploaded.
In addition, the Audit Events Bar captures user activity, but the real value add here is that it provides a simple and efficient method of investigating why a process step has failed. The failure event creates a report highlighting what has been rejected and why with details of the blocker.
Once all actuals and cashflow projections have been entered, discounting is performed to create present values of future cashflows – eFrame then performs the reconciliations for remaining coverage and incurred claims. All calculations are performed in Excel so can be traced through. The templates provide a dashboard of data validations highlighting which category any failure occurs in. Validation passes and failures are also provided in eFrame’s handy reporting dashboard. It also includes key profit lines, KPIs and analysis by portfolio, which can be performed at any level of the hierarchy.
Summarised reports are provided in a table format. For example, a Profit and Loss, an OCI, a balance sheet and the changes in equity with a comparative period.
Finally, eFrame provides the output double entry journals. These can be entirely tailored to include your general ledger codes and descriptions with the corresponding debits and credits.
In summary, eFrame by SecondFloor provides an intuitive, straightforward package ideal for smaller organisations that need a fast deployment of an IFRS17 compliant tool. The small details, such as the guidance on the landing page, the friendly excel interface, the logical sequence of steps and the efficient error resolution methods makes for a very intuitive user journey within eFrame.
Don’t forget to read our IFRS17 Buyer’s Guide.
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