Wolters Kluwer Financial Services’ SVENSON solution uses a uniform data model - the DataStore - in which enriched individual transactions form a multi-dimensional data matrix. Mandatory reports also known as “Smart Cubes” are derived from this matrix, supplemented by additional key data.
The Austrian regulatory landscape is undergoing a radical change. The system under which financial data are reported to the Austrian Central Bank, Oesterreichische Nationalbank (OeNB), has been restructured to reflect developments in financial statistics and in the IT environment in recent decades, as well as higher demands on data quality and quantity in the wake of the financial crisis. A key requirement now is the need to produce Smart Cubes to submit data to the OeNB, beginning with the WP Cube (Wertpapier Cube, i.e. Securities Cube), which is required from mid-2015.
Smart Cubes are multidimensional “data cubes” that increasingly replace parts of classic reports. To produce these Smart Cubes, data for individual transactions needs to be readily available as well as enriched data. All data required for the production of Smart Cubes are summarized in a “Basic Cube”. This basic cube is therefore not a single cube, but a set of tables with all the necessary basic data. The SVENSON reporting system solution also gives a Basic Cube view in which relevant reporting data can be updated at the level of individual transactions before they are enriched and then transferred to Smart Cubes.
However, the introduction of Smart Cubes is only the first in a series of changes in the reporting system, whilst broader changes are being triggered still by Basel III, CRD IV, or the expected adaptation to Europe-wide regulatory standards such as IFRS and FINREP, demands on future reporting system solutions are increasing and are giving rise to a variety of requirements in terms of functionality, data management and technology.