Bank of England (BOE) Reporting Overview
AxiomSL’s statistical reporting submission solution has been recognized by the BOE since 2004 and can also be used for central bank disclosures in other countries across the world. The solution gives users complete control over establishing and maintaining reporting logic to any degree of complexity. Users are provided with access to AxiomSL’s Visual Business Rules to individually define mapping logic to meet reporting and accounting requirements. The resulting reports can be produced within minutes.
Before submitting a report, the solution checks all values are valid and performs reconciliations with reports submitted to other authorities. Users are given the ability to conduct plausibility and variance analysis. If tolerance levels are exceeded, drilldown functionality enables users to identify the source of the issue and make the necessary adjustments.
The sophistication of AxiomSL’s auditability capabilities means that, as well as accessing the reports they have submitted to the BOE, users can drill down into the template, logic and source data they used for individual submissions. This reduces cost and increases efficiency.
As well as central bank statistical disclosures, AxiomSL’s solution can be used for all other major reporting requirements facing firms in the UK and globally today, including FCA reporting, COREP and FINREP. This ‘one platform’ approach helps market participants control costs and ensure consistency across the reports they send to different regulators.
Financial institutions have been using AxiomSL’s submission solution for Bank of England (BOE) statistical reporting since 2004. AxiomSL relieves reporting institutions of the burdensome tasks of continually monitoring changes to the BOE’s requirements and producing the necessary updates. AxiomSL’s ‘one platform’ model means the same solution can also be used for all other regulatory reporting requirements, greatly reducing the cost and complexity of compliance.
Bank of England (BOE) Reporting Benefits
AxiomSL’s BOE submission solution offers:
A single platform that can be used not only for central bank statistical submissions, but also for all other major regulatory reporting requirements globally
Audit trail or log
Support for OSCA
Drilldown from reported values to source data
Data query (linear or conditional) e.g. top five deals or customers
Graphing (two or three dimensions)
Aids the identification and resolution of suspense items
Bank of England (BOE) Reporting Challenges
In the UK, financial institutions must report statistical returns on their activities to the BOE at regular intervals. The reports require firms to aggregate granular data and submit it to the BOE in a timely manner.
The three main forms to be submitted ask institutions to provide information about their balance sheets, effective interest rates and profits and losses. Linked to these are a number of other reports that cover a variety of topics, including lending to UK businesses, quarterly derivatives returns and sectoral information. Reporting institutions must cross-validate the data in their reports and reconcile them with other financial and prudential reports.
When this is done, financial institutions submit the information in XML files via the Online Statistical Collection Application (OSCA) – the BOE’s submission mechanism.
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