Deloitte introduces CRD IV Health Checker service to European banks
Oxford/Utrecht, March 2015. Deloitte Netherlands has announced a quality service known as the CRD IV Health Checker to assess the quality of CRD IV filings banks and investment firms have to submit following the CRD IV regulations. The service is powered by software developed by CoreFiling, a renowned developer of XBRL (eXtensible Business Reporting Language) software products.
Under the CRD IV mandate, European financial institutions are required to submit more frequent, highly granular reports in XBRL format. This allows National Competent Authorities (NCAs) and the European Banking Authority (EBA) to use this dataset to identify entities which might be at risk of failure.
The service enables financial institutions to verify that the COREP and FINREP reports they submit pass the stringent scrutiny to which they will now be subjected. The CRD IV Health Checker services confirms the report’s adherence to the EBA rules, country specific rules and to a set of additional checks to spot data points that require special attention prior to submittal to the regulator.
The CRD IV Health Checker is an integral part of Deloitte’s advisory services to support financial institutions in preparing for these reporting requirements and the data collection and data quality challenges associated with this.
Dave van den Ende, Deloitte’s XBRL Leader, commented: “At the end of the CRD IV Health Checker service, clients receive a detailed document containing all the data in the CRD IV report and highlighting technical validation errors and data points that might prompt closer inspection, giving them the opportunity to make timely corrections before final report submission.”
Philip Allen, CoreFiling’s Executive Chairman, said: “We are delighted to collaborate with Deloitte on their CRD IV Health Checker service, bringing benefit to the banking community by helping report filers to produce valid, consistent documents. By using CoreFiling technology to create custom business rules, a huge amount of additional data can be gathered and analysed leading to further business efficiencies.”
Deloitte has already gained its first clients for the CRD IV Health Checker service.
CoreFiling specialise in XBRL. Regulators, government agencies and corporations around the world rely on CoreFiling for XBRL-based performance reporting solutions. Senior management and developers are active members of the XBRL consortium which oversees the development of the XBRL specifications.
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