Rapid implementation of COREP & FINREP

Our rapid deployment COREP solution enables you to comply with the COREP reporting requirements, whilst building on your existing infrastructure.  The solution provides out of the box XBRL reporting templates, integration with existing regulatory data and enterprise quality spreadsheet management.

Existing reporting can be rapidly integrated with the system, whilst reporting gaps can be quickly filled.

The solution is designed for rapid implementation whilst fully meeting the transparency and auditability requirements.

Key benefits of the solution include:

  • The guarantee of cutting-edge XBRL technology and regulatory domain expertise trusted by major international banks and supervisory authorities including the European Banking Authority (EBA).
  • A robust solution that allows firms to meet COREP and FINREP reporting deadlines by leveraging existing infrastructure and work practices with minimal disruption
  • The flexibility of a collaborative spreadsheet-based solution within a controlled and auditable framework
  • Ability for end user to save time and cut cost through automation of manual reporting processes
  • Rapid deployment including out-of-the-box XBRL reporting templates, and the security of comprehensive regulatory maintenance in case of changes to reporting requirements
  • Minimal IT support required and a low maintenance burden

CRD IV Challenges

Implementing COREP and FINREP under CRD IV is proving to be a major challenge for many organisations. Firms are faced with a looming Q1 2014 deadline and stringent requirements including increased data granularity and reporting frequency and the use of XBRL as the mandatory data format for reporting.

The original (discretionary) guidelines on COREP and FINREP were issued by the Committee of European Banking Supervisors (CEBS) in December 2005 and January 2006 respectively. The new set of rules, which are commonly referred to as the CRD IV Package, write into EU law the international Basel III guidelines for the level of financial reserves banks need to hold to absorb potential losses and are largely applicable from Q1 2014.

Firms face a number of complex challenges in meeting their reporting obligations under CRD IV:

  • Demands for large volumes of highly granular data and an increase in the overall number of reporting schedules to be submitted
  • Multiple reference dates (COREP and FSA IRR accounting for example)
  • Data ownership between the internal Finance and Risk functions
  • Data availability and governance, including audit and attestation
  • Short implementation deadlines and reduced remittance periods, increasing the pressure on already-stretched internal teams
  • Introduction of XBRL (eXtensible Business Reporting Language) for regulatory submissions.

Solution Details

Based on standard software, the Spreadsheet XBRL Reporting Framework provides a comprehensive control framework for spreadsheet-based CRD IV reporting. By leveraging robust software and extensive domain expertise, the solution includes key controls for spreadsheet-based input, data manipulation and adjustments plus out-of-the-box XBRL reporting templates that include full support for EBA validation rules and comprehensive regulatory maintenance (in case of changes to reporting requirements).

The Spreadsheet XBRL Reporting Framework is a unique pragmatic solution that allows firms to regain control over the additional information required to meet the CRD IV reporting requirements. The convergence of cutting-edge XBRL technology, regulatory expertise and an industry-endorsed approach to spreadsheet  management means that firms now have the option of choosing a rapid-deployment and collaborative solution that is perfectly aligned with the requirements of COREP and FINREP reporting under CRD IV.

Key features include:

  • Data input control-point, supporting combined spreadsheet and database-driven reporting
  • Comprehensive spreadsheet version control
  • Embedded user activity and audit trail
  • Traceable approvals and workflow features
  • Advanced business-level data validation
  • Out-of-the-box XBRL reporting templates as defined by the European Banking Authority
  • Full support of all XBRL taxonomy-driven rules for pre-submission validation
  • Industry-endorsed regulatory maintenance service with rapid turnaround times.

For further information regarding the CRD IV Spreadsheet XBRL Reporting Framework please contact us now.