Asset Encumbrance – how ready are you?

There’s not much time left to organise your Asset Encumbrance reporting. The first reference date is 31st December, 2014, with a reporting deadline of 11th February, 2015. All firms subject to COREP reporting under the CRD IV mandate will have to submit an Asset Encumbrance report and, in common with all COREP disclosures, the new Asset Encumbrance report must be submitted as an XBRL document.

The EBA defines Asset Encumbrance as follows: “An asset shall be treated as encumbered if it has been pledged or if it is subject to any form of arrangement to secure, collateralise or credit enhance any transaction from which it cannot be freely withdrawn”. Therefore, the number of templates required will depend upon the size and nature of the reporting entity, but at least one template must be filed on a quarterly basis.

The good news is that CoreFiling’s cloud-based Seahorse® XBRL disclosure management product already contains all the required templates, reducing the stress for firms that now find they have to submit these new filings.

Bulk XBRL data conversion without the pain

Rapid production of high quality XBRL filings has been promised for a long time but, until now, rarely delivered. As many financial institutions have discovered, creating fully compliant XBRL disclosures based on vast amounts of source data takes time and expense. CoreFiling’s Seahorse® now provides a new, simpler way to tackle the problem.

Our new approach avoids manual population of Excel templates. In particular, it will help organisations that have to extract large amounts of data from BI systems, data warehouses or other operational data stores. The solution is now also available in Seahorse, our well proven cloud-based XBRL conversion solution.

Continue reading “Bulk XBRL data conversion without the pain”

Not just a COTS product company… CoreFiling offer integration expertise to assist the wider XBRL community

CoreFiling are well known as producers of excellent COTS software products for regulatory markets around the world, helping both filers and regulators to take full advantage of XBRL technology.

What is less well known perhaps is that the company has an excellent knowledge of enterprise platforms and the necessary componentry when it comes to the integration of XBRL technology into the wider organisational infrastructure, particularly other vendors’ Analytical, Business Intelligence, Data Integration or B2B Process Integration platforms. This gives CoreFiling a distinct advantage as we are able to offer:

  • in-depth expertise and advice to customers and partners in the understanding of how to undertake complex integration projects
  • SOA style integration into existing infrastructure

Continue reading “Not just a COTS product company… CoreFiling offer integration expertise to assist the wider XBRL community”

48 COREP validations – how will you know if your disclosures fail the test?

Recently the FCA/PRA announced a significant change to its COREP reporting requirements [http://www.fca.org.uk/your-fca/documents/crd-iv-validations-for-q1-reporting]. There are a number of known errors in the EBA taxonomy and consequently the UK regulator had previously indicated that it would be treating all validations as ‘warnings’ that would not result in failed submissions.

However, upon further investigation the FCA has now issued a revised notice asserting that it will be checking a total of 48 validations (relating to COREP Own Funds and Leverage, Large Exposures, LCR and NSFR) in disclosures issued to meet the impending 30th June remittance deadline. Outside the 48 validations highlighted above it will continue to ignore the other incorrect EBA validations and treat them merely as warnings for GABRIEL submission purposes.

This means that filers must be vigilant and their XBRL production systems must be able to cater for this new set of important validation rules. But, how do you know whether your XBRL documents will pass the test?

There’s one sure way to find out – by using Magnify®, our XBRL document review product. The new validations have now been incorporated into Magnify, so it’s easy to check your submissions against the new rules. If there’s a problem, Magnify will highlight the error so that you can take remedial action. The even better news is that Magnify also lets you understand what is actually contained within the XBRL document you’re about to submit; it renders the document in a human-readable format, so you don’t have to struggle with the impenetrable XBRL. So, when senior executives need to sign off the completed reports, Magnify shows clearly what is being reported.

In short, Magnify can save you time and effort – and offers peace of mind that your disclosures will not be rejected

Time is running out for submission of the first COREP filings in XBRL

It’s been a hectic week, with lots of enquiries about our Seahorse® XBRL conversion solution for COREP filings. It’s true that some callers have been under the misguided impression that the first filings need to be made by the end of May, but it’s obvious there are still lots of financial institutions out there that have still not settled on a suitable reporting solution to handle their first regulatory filings under the new CRD IV regime.

 
The deadline for submission of the first reports in XBRL was, in fact, moved back to the 30th June, but it’s still not long if you’ve not settled upon a solution.

 
If you’re still looking for a simple, cost-effective solution to the compliance issue, then do take a look at Seahorse. With its simple to understand workflow, Internet browser-based interface and highly secure environment, Seahorse provides an easy-to-use way of converting your COREP reports from an Excel spreadsheet into the XBRL document needed for filing. As a cloud-based application, several users can work simultaneously on individual report tables, creating further efficiencies and considerable time saving in the XBRL report production process.

 
The good thing, too, is that Seahorse is underpinned by the same stringent XBRL validation that is being used by the FCA/PRA in the UK for the receipt of filings into GABRIEL.

 
Take a look at the Seahorse video to see how quick and simple it can be to convert your data.

 

Magnify handles EBA rules blacklist

The EBA has now produced an official “black list” of rules that should be ignored.  The full list can be found on the EBA website.

Helpfully, Magnify®, CoreFiling’s XBRL document review product, already has black list support, so that this list (or any further updates) can be incorporated in order to suppress the blacklisted formula.

Who helps when your COREP submissions fail? (part 2)

Last time, I discussed the need for smaller financial institutions to take a serious look at the XBRL credentials of COREP software vendors offering low-end XBRL solutions and highlighted the advantages of trusting XBRL expert CoreFiling and our flexible, easy, inexpensive Seahorse® solution.  However, larger banks and financial organisations needing a tightly integrated global reporting framework will require a more strategic approach.

Here, the need for proven XBRL expertise becomes even more crucial, but many traditional banking software vendors have little or no XBRL expertise and rely on externally sourced plug-in modules to cater for the XBRL data conversion.  Such modules often rely on hard-coding methods to detect the XBRL taxonomy against which the reporting documents are created.  This may result in a lack of flexibility and agility to respond when regulations change and the taxonomy alters.

Depending on the client situation, CoreFiling deliver robust yet flexible solutions in the form of either packaged applications, the XBRL Disclosure Management Platform™ (XDMP), or commercial-off-the-shelf (COTS) components integrated into a client environment.  Our solutions are taxonomy driven and built so that new versions of the taxonomy can be dropped into the system without the need for hard re-coding each time.

For example, the XDMP solution is the culmination of a highly focused development effort by CoreFiling in conjunction with its partner EMC, experts in document management, and a major consultancy firm.  It is based on COTS components and, just like Seahorse, it is underpinned by the True North® XBRL processing and validation engine, widely regarded as the most conformant and powerful validator on the market; the UK’s Financial Conduct Authority has chosen True North for its EBA reporting requirements and validation of the COREP and FINREP filings it receives from the UK financial market.

CoreFiling’s long-standing commitment to the furtherance of the XBRL standards and our active participation in the XBRL consortium that oversees the development of the XBRL specifications means that we have an exceptional understanding of XBRL technology, which in turn informs our development process.  Based on our extensive experience and insight, we are ideally placed to help our clients implement successful, flexible and compliant solutions.

Even if your traditional vendor is still struggling to produce XBRL documents in time for you to meet your COREP obligations, there’s no need to feel stuck. CoreFiling offer a safety net in the form of Seahorse to help filers overcome the immediate XBRL reporting obstacle.

Who helps when your COREP submissions fail?

The market is rife with vendors offering ‘inexpensive’ solutions to the imminent problem of filing COREP disclosures to National Competent Authorities around Europe.  In particular, smaller firms with relatively straightforward needs may be tempted by the promise of ‘cheap and cheerful’ products.  Creating the XBRL documents is a fairly simple process, but organisations should think through the wider issues.  Licensing the right application will not be enough, whatever your vendor tells you.

Many regulators are still finalising their reporting rules, but even at this late stage the EBA’s guidelines are quite likely to change before the due date for the first submissions.  Some vendors will struggle to cope when the regulatory requirements change, not only before the initial filing date, but when further alterations occur, as they will surely do over time.  To what extent do vendors really understand the implications?  How quickly can they react to ensure that fully compliant XBRL is generated?  What happens if things go wrong?

Proven XBRL expertise is vital, especially at the service level, if vendors are to overcome any problems encountered by their clients.

What makes CoreFiling different?  We have been developing XBRL products and offering expert XBRL consultancy for well over ten years.  CoreFiling are the firm that provides XBRL support to many of the world’s leading integrators and consultancy firms.  Our expertise is built on a deep understanding of the XBRL standard.  CoreFiling are active contributors to the XBRL consortium that oversees the XBRL specifications; the company undertook most of the work in developing the key technical specification behind Eurofiling.  This affords us deep insight into the standard and informs our products and services.

Seahorse®, available via key CoreFiling partners, provides a straightforward, Excel-based solution for COREP, FINREP and Solvency II filing.  However, behind Seahorse lies over 200 man-years of intellectual property and proven expertise.

You may be thinking that Seahorse sounds fine for smaller organisations, but what about larger financial institutions with more complex needs?

More in a few days’ time…