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XBRL Reporting in Seahorse

Reporting to the banking regulator

The Capital Requirements legislative package ratified by the European Parliament at the end of June 2013 comes as a direct response to the crisis that sent shock waves through the global financial market over the past few years. It consists of a Regulation (CRR) and a Directive (CRD IV) and its principal aim is to reduce banking risk and to spur growth by encouraging bank lending. CRD IV represents the European implementation of the harmonised bank reporting framework established under the Basel III initiative, and becomes effective as from 1st January 2014.

The CRD IV timetable

Report Stage reached Date
COREP ITS approval 1Q2013
Taxonomy published 2nd December 2013
First report submission 1st April 2014
FINREP ITS approval 1Q2013
First report submission 11th November 2014

Key issues:

The introduction of the CRD IV directive will have immediate impact on the way banks report to their National Supervisory Authorities; they will need to provide a host of new, more detailed information at more frequent intervals. Banks must comply fully with the new arrangements to avoid penalties and adverse impact on their operations.

In summary:

  • Disclosures must include vastly increased amounts of capital, exposure and risk data
  • The frequency of reporting will increase
  • There is only a short time to prepare the new reports
  • XBRL (eXtensible Business Reporting Language), has been mandated for reporting to the EBA

Whilst there are undoubted challenges in achieving full compliance, if done correctly the outcome could lead to greater competitive advantage.

CoreFiling XBRL solutions for CRD IV disclosures

CoreFiling helps the banking community achieve its compliance obligations under CRD IV by offering a range of solutions depending upon the size and complexity of the reporting challenge you are now facing.

The XBRL disclosure management platform provides a comprehensive COREP/FINREP/Solvency II reporting framework, dealing with the issues of data collection, XBRL production and validation, XBRL document review, plus packaging the XBRL document ready for submission.

Seahorse Excel to XBRL conversion provides a simple, easy-to-use, SaaS-based solution to the problem of creating XBRL disclosures for COREP, FINREP and Solvency II under the new regulatory mandates.

A two-step approach

As the April deadline for the first report submission rapidly approaches, many organisations may be concerned about compliance, having found that traditional vendors are encountering difficulties in releasing fully functional, XBRL-enabled systems in due time to meet the tight COREP filing date.

For organisations with more complex integration needs, CoreFiling lets you:

1. use the rapid deployment SaaS solution offered by Seahorse to overcome the initial reporting hurdles;

2. progress to the fully integrated XBRL document and workflow management solution XDMP.

Together, these products provide a simple, two-step approach that will satisfy your reporting obligations in due time and with minimal stress and disruption.