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Smart Cube Reporting Overview
AxiomSL is perfectly placed to help banks in Austria manage Smart Cube reporting requirements because the design of its platform closely matches that of the system prescribed by Austria’s central bank, the Oesterreichische Nationalbank (OeNB), and includes all of the necessary data mapping, transformation, drilldown and reporting functionality.
AxiomSL’s ‘one platform’ model means the same architecture can be used for all other regulatory reporting requirements, greatly reducing the cost and complexity of compliance.
AxiomSL provides an end-to-end solution for Smart Cube reporting. Market participants can upload their data to the AxiomSL platform in any format. It will then be mapped to OeNB-approved attribute fields in the Basic Cubes.
Once mapped, the AxiomSL platform automates the process of grouping and connecting data from different Basic Cubes, according to the rules specified by the OeNB. The required data is then retrieved from the Basic Cubes and used to run algorithms. The outputs of these calculations populate the Smart Cubes.
Users can review the data in the Smart Cubes. They have the ability to produce management information reports, conduct variance analysis and export data in a PDF of an Excel file. Once happy with their Smart Cubes, they can sign off on them and transform them into XML files that are ready to be submitted to the OeNB.
A dashboard allows users to monitor the entire reporting process, including the submission of Smart Cube files. Users can also drill down from their Smart Cubes to the algorithms and Basic Cubes they used, and even down to their master data.
AxiomSL monitors changes to the OeNB’s requirements on an ongoing basis and updates its solution accordingly. Version controls allow users to track changes to the regulations and compare differences.
As well as Smart Cube reporting, AxiomSL’s solution can be used to comply with all other major reporting requirements globally. This ‘one platform’ approach ensures consistency across reports submitted for different regulations and reduces the cost and complexity of compliance.
Smart Cube Reporting Benefits
AxiomSL’s Smart Cube solution offers:
A single platform that can be used not only for Smart Cube reporting, but also for all other reporting requirements globally
Data can be uploaded in any format
Validation look-up functionality
Powerful data modelling capabilities
The ability to review and sign off on Smart Cubes
Drilldown from Smart Cubes to algorithms, Basic Cubes and master data
Continually upgraded to reflect changes to the OeNB’s requirements
Cost-effective preparation of regulatory reports
MI reports and variance analysis
Smart Cube Reporting Challenges
The OeNB is introducing a new regulatory reporting system that consists of Basic Cubes and Smart Cubes. The Basic Cubes provide a standardized data model. Each bank must aggregate and transform data from the Basic Cubes to create a series of Smart Cubes that cover topics such as assets and liabilities, collateral and exposures. Smart Cubes must be submitted to the OeNB in XML.
The regulator’s new data model is large and complex and involves managing sources that have more than 100 fields. Like all new regulations, the Smart Cube requirements are likely to evolve. Financial firms therefore need a way to continually monitor for changes and implement them quickly.
Smart Cube reporting represents an additional burden for market participants that must already support a multitude of requirements across Europe, including the different versions of the European Banking Authority’s (EBA’s) XBRL taxonomy for Common Reporting (COREP) and Financial Reporting (FINREP).
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