Summix for Regulatory Reporting provides a holistic and integrated solution that delivers against the all CRD IV (COREP & FINREP) requirements.
The European Union’s Basel III legislative package known as “CRD IV”, covering prudential rules for banks, building societies and investment firms, was formally published in the Official Journal of the European Union on Thursday 27 June 2013. CRD IV introduces standardized EU regulatory reporting in the form of COREP and FINREP. COREP applied from 1 January 2014, and FINREP will be phased in over the second half of 2014.
CRD IV will require the aforementioned institutions to:
These reporting requirements will specify the information firms must report to supervisors in areas such as own funds, large exposures and financial information, as well as defining the XBRL taxonomy through which institutions will be required to submit their COREP and FINREP reports to their national supervisor.
COREP, which was introduced on 1 January, 2014, increased regulatory reporting requirements for European banks significantly. Under COREP and FINREP banks will be required to offer an unprecedented level of granularity and in a fully standardized format. The quality and quantity of data disclosures required for COREP will make it necessary for banks to significantly upgrade their reporting framework. The FINREP framework instructs firms to align the accounting calendar with the calendar year - for firms using any other timeline for their accounting, this is a major upheaval of internal procedures. Similar to COREP, FINREP is transmitted using XBRL, which makes it even more crucial that firms investigate the new delivery method.
Wolters Kluwer Financial Services provides a holistic and integrated solution that delivers against the all CRD IV requirements, including COREP and FINREP. To learn more about our risk management solutions and how we can support your institution to remain compliant while also improving operational efficiency and profitability margins, then please contact Wolters Kluwer Financial Services.