Life after the removal of Excel-based CRD IV reporting in Portugal

In June 2014, to ease the transition to its new CRD IV reporting regime, the Bank of Portugal introduced a free reporting system based upon the completion of Excel spreadsheets. Not surprisingly, very many Portuguese financial institutions took this easy way out and for the past year have been filing their CRD IV returns using this method.

Only XBRL accepted from the end of June 2015

However, as was fully explained at the time, reporting in Excel was introduced as an interim step only, and the ability to use the spreadsheet-based system is about to disappear. From the end of June 2015 the large number of filers currently using the Excel-based reporting application will have to find an alternative approach.

Seahorse, the XBRL lifeline

Seahorse®, CoreFiling’s cloud-based XBRL conversion software, will provide a lifeline to Portuguese financial institutions now that they need to find ways of converting their spreadsheet data into fully validated XBRL instance documents before submission to the Bank of Portugal. Seahorse provides an easy to use, risk-free solution to the problem of complying with the CRD IV XBRL mandate. It is a SaaS-based application, readily accessible from any internet browser. There is no software to install or maintain, and Seahorse requires no effort on the part of the user when taxonomy changes occur, as these are handled behind the scenes.

Continue reading “Life after the removal of Excel-based CRD IV reporting in Portugal”

CRD IV 2.3 taxonomy contains important new reports

New Liquidity Monitoring and Supervisory Benchmarking

The European Banking Authority (EBA) recently published version 2.3 of the CRD IV taxonomy. The announcement includes two brand new reports, supporting additional Liquidity Monitoring and Supervisory Benchmarking.

The EBA now stipulates that filings with a reference date of 30th June 2015 or later will need to be prepared against the new CRD IV 2.3 taxonomy.

Continue reading “CRD IV 2.3 taxonomy contains important new reports”

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”

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…

XBRL comes of age with Basel III reporting

Europe’s new Basel III capital regulations, newly enacted as CRD IV, will introduce XBRL-based data reporting to new sectors and markets. In what is arguably the biggest upheaval in European banking since the introduction of the Euro, CRD IV will mandate the collection of increasing amounts of banking capital and exposure data throughout the countries of the European Union. For the first time, XBRL will be at the heart of Europe’s financial regulatory systems, joining the tax authorities and business registers who have hitherto been pioneers of XBRL-based business reporting in Europe.

The main players in this drama will be present at a major conference in London on 17 June, “Preparing for CRD IV Reporting”. Chaired by Robert Driver, the British Bankers’ Association’s Policy Expert on COREP and FINREP, the conference will explore the new regulatory environment with speakers from the European Parliament and the European Central Bank, and will discuss the implications of the new regime for both banks and regulators. Presentation topics will include:

  • Regulatory objectives in processing XBRL-based big data
  • Driving financial outperformance through compliance
  • Improving ROI in financial reporting
  • The use of XBRL standards in reducing the reporting burden
  • Ensuring traceability and consistency in XBRL reporting
  • Management challenges around regulatory reporting

Further details….

So CRD IV has been agreed, what about the ITS?

The last public draft of the EBA’s model for implementing technical standards on supervisory reporting (the ITS) was issued on 15 March 2013. That was followed on 16 April with the approval of the CRD IV by the European Parliament. So the banks are expecting to have their data reporting systems ready by 1 January 2014 – but they can’t put them in place until the ITS has been finalised.

The EBA is expecting to deliver the ITS, to schedule, in good time for the banks to comply. But financial institutions wanting to start planning on the basis of the draft ITS are at risk unless they can be confident about the shape of the final version. Fortunately, help is at hand.

The EBA is supporting a major compliance conference, “Preparing for CRD IV Reporting” in London on 17 June. Andreas Weller, Head of IT at the EBA, and his colleagues Meri Rimmanen and Wolfgang Strohbach, will be present, with presentations covering their expectations for COREP and FINREP. The format of the sessions, with plenty of time for questions from the audience, will be ideal for in depth discussion of the features being planned for the final version. The conference will be a timely opportunity to put your questions to the authors of the ITS.

The EBA’s presentations will be followed by sessions with implementation experts from Deloitte, IBM and other firms covering the strategic issues around investments in compliance under the new regime.

For more details and registration: http://xbrl.org.uk/conference/

So what are the new rules for COREP and FINREP?

From 1 January 2014, banks will need to report thousands of additional risk and capital data points – a huge increase in frequency, volume and complexity when compared to previous reporting requirements.

Clarity on the regulation is vital to ensure the successful implementation of COREP and FINREP reporting under CRD IV. Step in ‘Preparing for CRD IV Reporting’. As the conference title suggests, the event aims to provide extensive support to the financial community pending the implementation of the reporting framework.

In the afternoon of June 17, the conference has scheduled two separate talks on COREP and FINREP to address the key challenges institutions face in adhering to the complex requirements of the new reporting framework. Meri Rimmanen and Wolfgang Strohbach from the European Banking Authority will provide an authoritative business overview of COREP and FINREP reporting.

Full details and registration for the 17 June event can be found at http://conference.eurofiling.info

The EBA recently published several consultations on draft guidelines and technical standards on their website: http://www.eba.europa.eu/Publications/Consultation-Papers/Open-to-responses.aspx

Preparing for CRD IV reporting

The new CRD IV banking regulation being introduced to bring Europe into line with Basel III regulation is prompting growing debate amongst regulatory authorities and banks alike.  Many aspects remain unclear, so it’s timely that a conference providing deep insight into the new regulatory landscape is taking place on June 17th at the London Hilton on Park Lane.

‘Preparing for CRD IV reporting’ is aimed at those involved in both banking regulation and preparing for the new reporting regime under COREP and FINREP and the conference will raise awareness of the issues around the imminent introduction of CRD IV compliance within Europe.

Sharon Bowles MEP, Chair of the European Parliament’s Economic and Monetary Affairs Committee, and a keen proponent of improving banking regulation at the European level, will give the keynote address, and the morning plenary session will include other high profile speakers from the European Central Bank, the European Banking Federation, the Bank of Spain and the International Monetary Fund.

After lunch, the programme will split into separate track sessions catering for delegates whose main interest is either the business or the technical aspects of CRD IV reporting.  Contributions from the EBA and top consulting firms will be followed by panel discussions and a Q&A session to broaden the debate.

Full details and registration at http://conference.eurofiling.info