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