AxiomSL provides full support for Common Reporting (COREP) on a platform that includes native XBRL functionality. New taxonomy versions are made available to users within a month of their publication by the regulator. AxiomSL’s solution aggregates and normalizes all of the data required for COREP from the disparate sources in which it is maintained and also gives users the ability to manually add attributes that are not held within a source system. Data can be loaded in any format. The solution includes all of the required capital and liquidity calculations. Once loaded, the data is used to run these calculations and the results are fed directly into the relevant COREP reports in a fully automated process. Reconciliations are then performed between COREP, FINREP and other reports. 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.
AxiomSL’s COREP solution is built on the same platform as all of its other solutions. This gives firms a unique opportunity to reduce cost and complexity by using a single platform to meet all of their regulatory calculation and reporting requirements. 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. This ‘one platform’ approach also ensures consistency between the reports submitted as part of compliance with different regulations.
Native Support for XBRL
The COREP solution includes native support for XBRL. As a result, firms do not need to implement a separate XBRL ‘translator’ tool and can avoid the associated capital and operational costs. The solution’s XBRL rendering functionality enables 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 AxiomSL separates regulatory update releases from software releases.
- One platform that can be used for COREP and all other regulatory calculation & 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 FINREP and other regulatory returns
- Direct submission of reports to regulator
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).
In order to comply with COREP, banks, building societies and investment firms must report large volumes of granular data about their capital adequacy, large exposures, liquidity and leverage ratios.
Firms face a significant challenge to source all of the required data, much of which has not previously been needed 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 COREP 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.
COREP Solution Diagram
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