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:
Reduces TCO of ECB and EU NCB compliance with automated, transparent reporting that accommodates jurisdictional and entity structure nuances
Native XBRL functionality enables direct submission of reports to regulator for timely and transparent compliance
Regulatory update releases are separate from software releases ensuring continual compliance
Banking entities operating in EU jurisdictions can satisfy FINREP and NCB reporting requirements in the most efficient manner
Reconciliations with COREP and other regulatory returns ensure confidence in submissions and efficient audit response
Automatically archives earlier taxonomy versions for comprehensive auditability
How taking the right approach to regulatory reporting in the cloud gives you a clean bill...
The idea of “green” data stems from recognizing the challenges of the broadening and thickening...
As a newly minted chief data officer at a financial institution, you recognize that rivers...