As part of the Capital Requirements Directive IV (CRD IV), the European Banking Authority (EBA) has introduced a harmonized European reporting framework for prudential information (COREP) and financial information (FINREP). FINREP is based on international financial reporting standards (IAS/IFRS) in the EU.
Financial institutions (FIs) face a significant challenge to source the required data, much of which has not previously been needed for external reporting. They must ensure BCBS 239 driven high data-quality standards and satisfy the many EBA-mandated validation and reconciliation rules.
Each FINREP implementation for an entity operating in the EU is uniquely nuanced with respect to each National Central Bank (NCB) within the EU. This creates increased operational risk for FIs that must report in the EU against FINREP requirements, but also adhere to each nation’s central bank reporting requirements.
AxiomSL enables firms to satisfy their EBA-mandated Financial Reporting (FINREP) requirements on ControllerView ― a single platform that accommodates multiple internal entity structures and jurisdictions. The solution also enables NCB reporting leveraging data sets already being processed for EBA reporting.
Implement once, replicate across reports and jurisdictions.
The FINREP solution is powered by: