Having basic knowledge of this topic will sadly not be enough.
The team needs to be highly educated on the Pillar 2 calculation model to even start thinking about facing Pillar 2.
Pillar 2 Safe Harbours Module
Is your company’s global turnover over 750 million? Then Pillar 2 is a must!
We’ll guide you through Pillar 2 Safe Harbours, saving you from complex calculations and filings. Our dashboard gives you a clear overview of everything you need to know.
The importance of Pillar 2 Safe Harbours
Pillar 2 Safe Harbours is a complex new system, but essential! Tackling Pillar 2 without it will need a lot of resources like: education, time and effort. Wonder what happens if you ignore Safe Harbours completely? Let’s go over the work you have to complete without Safe Harbours:
Education
Full analysis
This is the part where quite some time will be spent. You need to perform the full Pillar 2 analysis.
This entails 300+ datapoints which need to be gathered by the finance department.
Repeat
Doing all of this once won’t be enough, you will have to do this for every single country you are established in.
Depending on the size of your company, this can add a lot of work.
Why should you avoid handling this yourself?
While it’s possible to calculate your Safe Harbour position yourself, it can come with its challenges. Let’s take a look at what those might be:
Resources and errors
Safe Harbour challenges
These are the challenges that you’ll face:
Education on Relevant Knowledge
Your team needs to be educated on the key details about Pillar 2 Safe Harbours, which can take time.
Manual Errors in Excel Calculations
Even with everyone on the same page, manual errors are inevitable. Using an automated system can significantly reduce this issue.
Missing Stakeholder Reports
Whenever the calculations are done, the work does not stop. Having a management report in place is necessary to defend your Pillar 2 Safe Harbour position to stakeholders (e.g. auditors, CFO).
How Coperitas can solve these challenges
Navigating Safe Harbours can be complex, but with the right solutions, it doesn’t have to be a hassle. Let’s see how Coperitas helps you:
Dashboard and Data
The solution
With Coperitas, you get a dashboard that shows all the countries where you qualify for Pillar 2 Safe Harbours. This frees you from further Pillar 2 obligations.
In other words, an absolute lifesaver if you’re not getting internal resources. Plus, it takes the pressure off your finance team when it comes to gathering the 300+ data points.
Pillar II Safe Harbour module introduction
Want to See the Pillar II Safe Harbour module in action? Down below you’ll find a quick interactive introduction to this module. If you have any questions about it, just give us a call!