Eni SPA Achieves 50% Time, 30% Cost Savings in ESEF iXBRL Compliance

A case study on how Eni S.p.A, one of the early adopters of the ESEF mandate, chose IRIS CARBON® for their ESEF iXBRL reporting and compliance.

ENI

ESEF Reporting

Eni SPA Achieves 50% Time, 30% Cost Savings in ESEF iXBRL Compliance

Eni, a leading Italian multinational oil and gas supermajor, boasts a vast operational footprint spanning 68 countries. With an extensive network of 16 subsidiaries, Eni holds a significant presence in both domestic and international markets. Eni effectively used IRIS CARBON® for ESEF iXBRL tagging in their 2019 Annual Report, highlighting the solution's cost-effectiveness and efficiency for this industry leader.

Eni Case Study

Business Challenge

Eni’s journey with ESEF reporting began in 2020 when filing with their Officially Appointed Mechanism (OAM),
the Companies and Stock Exchange Commission (CONSOB), was still voluntary.

Business Challenge

Eni’s journey with ESEF reporting began in 2020 when filing with their Officially Appointed Mechanism (OAM), the Companies and Stock Exchange Commission (CONSOB), was still voluntary.

There were 3 broad challenges facing them at the time:

There were 3 broad challenges facing them at the time:

Navigating ESEF Novelties
Navigating ESEF Novelties

Eni faced uncertainties in tackling the nascent ESEF iXBRL mandate for their Annual Financial Report (AFR) in 2020.

Choosing Compliance Routes
Choosing Compliance Routes

Selecting either a Disclosure Management solution or a standalone ESEF platform presented a notable hurdle for Eni’s reporting team. It entailed determining the most efficient compliance route and acclimating the reporting team to a different format.

Ensuring Seamless Integration
Ensuring Seamless Integration

Eni needed a solution that seamlessly integrated with existing systems to avoid disruptions during the transition to ESEF reporting.

ENI’s ESEF Reporting Goals

The IRIS CARBON® team meticulously outlined specific objectives for Eni's financial reporting team at different stages during their ESEF filing project
ESMA Compliance Achievement
ESMA Compliance Achievement

The primary focus was on achieving compliance with the European Securities and Markets Authority (ESMA) by successfully transforming Eni’s Annual Financial Report (AFR) into the recommended iXBRL format.

Internal Staff Training
Internal Staff Training

The goal involved empowering internal staff with the requisite knowledge to grasp the intricacies of AFR production in ESEF iXBRL. This is aimed at fostering effective collaboration with the platform.

Collaborative Error-Free Package Creation
Collaborative Error-Free Package Creation

The overarching objective was to utilize the IRIS CARBON® platform in collaboration with the customer success team, ensuring the creation of an error-free ESEF iXBRL package. This collaborative effort is aimed at ensuring both compliance and accuracy in financial reporting.

Streamlined Maiden Voluntary Filing
Streamlined Maiden Voluntary Filing

Executed high-quality iXBRL tagging to facilitate a seamless and hassle-free maiden voluntary filing with their Officially Appointed Mechanism (OAM).

“The Iris Carbon platform exceeded our expectations by seamlessly generating output in line with our requirements while seamlessly integrating with our internal systems. This capability was a significant positive for Eni, contributing to a successful and streamlined financial reporting process.”

Roberto Nardi
Head of Consolidated Financial Statements and Reporting

The IRIS CARBON® Way

Setting Eni apart in the realm of ESEF iXBRL compliance, IRIS CARBON® stands out with its distinctive features tailored specifically for Eni’s needs.
In contrast to traditional software alternatives, our offering includes

The IRIS CARBON® Way

Setting Eni apart in the realm of ESEF iXBRL compliance, IRIS CARBON® stands out with its distinctive features tailored specifically for Eni’s needs. In contrast to traditional software alternatives, our offering includes
Comprehensive ESEF Reporting
Comprehensive ESEF Reporting

End-to-end solution for iXBRL report creation, smart tagging, review, and audit.

AI_ML-enabled Tagging
AI/ML-enabled Tagging

Automated tagging using artificial intelligence/machine learning for faster compliance; rollover feature for subsequent years.

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Error-free Filings with Validation

XII certified Bushchat validator for real-time error spotting and issue resolution.

Cloud
Cloud-based Collaboration

Centralized document work for team collaboration, enhancing visibility and control.

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Integrated iXBRL Viewer

In-built viewer link for easy access, suitable for hosting on corporate websites.

Robust Data Security
Robust Data Security

SOC 1 & 2 certification ensures the security of your financial data throughout the compliance process.

24x7 Free Expert Support
24/7 Global Assistance at No Extra Charge

Access to 400+ iXBRL experts with 17 years of experience, supporting in all 23 EU languages, even outside regular EU vendor hours.

Cost-Effective & Efficient
Cost-Effective and Efficient

Competitive and transparent fixed pricing with no hidden fees, while saving hours of reporting time.

“Our experience with Iris Carbon was transformative – their adept approach seamlessly converted our AFR into ESMA’s recommended ESEF iXBRL format. The collaborative effort, coupled with internal staff training, made our maiden voluntary filing smooth and error-free.”

Roberto Nardi
Head of Consolidated Financial Statements and Reporting

Results Achieved

ENI SPA's financial reporting team, having realized significant time and cost savings through IRIS CARBON® in ESEF iXBRL compliance, expressed great contentment with their overall filing experience.

They specifically applauded the platform's seamless integration into their existing processes, highlighting its superiority over other considered vendors. Additionally, the team commended IRIS CARBON® for its extensive knowledge of accounting best practices and ESEF iXBRL filings.
  • Strategic ESEF Approach Finalized
  • Empowered Teams for Seamless Filing
  • Achieved 50% Time Savings in ESEF iXBRL
  • Attained 30% Cost Savings
  • Successful Dry Runs for 2020 Report
  • Timely Accomplishment of ESEF Filing for 2021

“I wish to express my gratitude to the IRIS team for their engagement and professionalism in supporting Eni with the ESEF mandate. They were quick to understand our internal processes and align with them. This synergy between us led to a really positive filing experience.”

Roberto Nardi
Head of Consolidated Financial Statements and Reporting

Eni Case Study

Download ENI SPA Case Study