Capital Requirements Directive IV (CRD IV) Financial Reporting (FINREP)

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AxiomSL provides full support for Financial Reporting (FINREP) on a platform that includes native XBRL functionality. New taxonomy versions are made available to users within a month of their publication by the European Banking Authority (EBA).

AxiomSL’s ‘one platform’ model means the same system can be used for all other regulatory calculation and reporting requirements, greatly reducing the cost and complexity of compliance.

FINREP: The requirements and challenges

As part of FINREP, banks in the European Union (EU) that use International Financial Reporting Standards (IFRS) at the consolidated level must report large volumes of granular financial data. This includes information about their balance sheets, income and equity, and off-balance sheet activities.

Banks face a significant challenge to source all of the required data, much of which has not previously been used for external reporting. They must put in place processes to ensure high standards of data quality and to satisfy the many validation and reconciliation rules mandated by the EBA.

Firms are required to submit their FINREP returns to their domestic regulator using XBRL. They must be able to quickly adopt the latest versions of the XBRL taxonomy that are published by the EBA at regular intervals, while retaining access to earlier iterations.

Lighter versions of the requirements (Simplified FINREP, Oversimplified FINREP and FINREP Data Points) are now being rolled out to a wider group of banks. Institutions that are in the scope of these requirements will need to report a subset of the full FINREP data.

The AxiomSL solution

AxiomSL’s solution supports the preparation of FINREP reports for multiple internal entity structures. It aggregates and normalizes the required data from disparate sources and gives users the ability to manually add attributes. Data can be loaded in any format.

Once loaded, the data is fed into the relevant reports in a fully automated process. Numerous reconciliations are then performed. These include reconciliations between general ledger data and the data in source systems, and reconciliations between COREP, FINREP and other regulatory returns.

Users also benefit from a robust adjustment process. They are given the ability to review their reports, drill down to the source data and make topside adjustments, if required. Once they have signed off on their reports, they are submitted directly to the regulator.

The FINREP solution includes native support for XBRL. As a result, firms do not need to implement a separate XBRL ‘translator’ and can avoid the associated capital and operational costs. The solution’s XBRL rendering functionality allows users to see the data they have submitted to the regulator in report format.

AxiomSL provides the latest iterations of the EBA’s XBRL taxonomy while continuing to give firms access to earlier versions, which they need when rerunning or resubmitting reports. AxiomSL releases the new taxonomies within a month of their publication by the EBA. This unrivalled delivery time is possible because regulatory update releases are separated from software releases.

AxiomSL’s FINREP solution is built on the same platform as all of its other regulatory calculation and reporting solutions. This means firms can use their FINREP data to prepare not only their annual accounts and management information (MI), but also their statutory and other regulatory reports.

Key benefits

  • A single platform that can be used not only for FINREP, but also for all other regulatory calculation and reporting requirements
  • Native XBRL functionality
  • New EBA taxonomies delivered within a month
  • Archiving of earlier taxonomy versions
  • XBRL rendering functionality
  • Regulatory update releases separated from software releases
  • A robust adjustment process
  • Full support for reconciliations with COREP and other regulatory returns
  • Direct submission of reports to regulator

AxiomSL Solutions - FINREP Diagram (March 2016)

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AxiomSL | EMEA

+44 203 823 4600
info@axiomsl.com



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