CRD IV reporting - services and solutions
CRD IV is a pan-European regulatory framework for banking and financial services. The framework requires each applicable national regulator (and the ECB) to transmit data in XBRL (used as a common format and common data model) to the European Banking Authority (EBA). Regulated institutions must report to their national level regulator (or the ECB directly, for those that are "systemic"), typically in XBRL although some countries' regulators have chosen alternate formats for data collection (in these countries the regulator takes responsibility for transforming the filer data in to XBRL).
The CRD IV framework is broad and every year since its approval, new and updated regulations have been implemented through it (for example, Asset Encumbrance reporting is new in 2015Q1). Regulated firms need to stay on top of the regulatory pipeline and determine:
- whether changes in regulation apply to them;
- what data they already have to meet the regulations;
- adjustments to their systems to meet new data requirements;
- compliance with the XBRL technical standards;
- compliance with the EBA data quality rules embedded within XBRL;
- compliance with additional national regulator validation;
- costs associated to complying;
- risks associated with failure to capture non-compliance errors.
CoreFiling credibility in the banking sector
The key performance measures for any reporting solution and service will be impacted by the expertise of the organisation responsible for its development and delivery.
Broad experience provides the foundation, IT capability manages risk, and business collaboration ensures usability. CoreFiling have historically pushed the boundaries with innovation, but most importantly never failed to meet a requirement or a client deadline... ever.
XBRL reporting is in our DNA.
- All over the world many regulators and filers rely on our tools and service, including all the principal financial regulators in the UK
- We have completed highly successful reporting engagements with government agencies and financial institutions such as Bank of Ireland, HSBC, HMRC and Barclays
- Of the major global banks and financial institutions, 40% rely on CoreFiling for European reporting tools and services
- Our products are already embedded within regulatory infrastructures, which enhances our value and reliability in the eyes of our clients
Our IT capability
- The largest XBRL capability globally, covering both development and professional services
- On site and hosted solutions catering for all business needs
- Authored the majority of the XBRL specifications for XII compliance
- Invented iXBRL
- Underpin the largest XBRL reporting project in the world
- Development and maintenance of taxonomies, XBRL processing and validation tools
- Broad XBRL expertise from taxonomy build through to reporting health checks
- Historically built tools and services with clients
- Work with many of the Big 6 including Deloitte, Accenture and EY
Standalone and embedded processes
The reporting processes needed for CRD IV reporting are very broad, with familiar requirements such as workflow and security coupled with specialist requirements such as XBRL preparation, validation and rendering. Decisions need to be made: whether to create a standalone environment or embed reporting into current architecture; whether to rely on process specialists to provide specialist XBRL capabilities which may be outside their core competence.
To provide maximum choice for our clients CoreFiling have aligned with many reporting specialists to whom we provide our professional XBRL expertise. Our tools can be embedded efficiently into other software such as Oracle, SAP, SAS and EMC to enhance your ROI.
- Run a standalone environment covering report creation, validation, workflow, security and versioning. As requirements mature, integrate into analytical and other processes using our True North APIs.
- Use SaaS (Software as a Service) for rapid deployment of specification-driven report creation, validation and review
- Use your current reporting environment, then embed True North to handle the XBRL requirements, beginning simply using bulk data transfer, gradually introducing further integration.
CoreFiling support all CRD IV reporting modules under COREP and FINREP and provide solutions to both regulators and filers alike, offering accurate software, appropriate partners and proven enabling services.
CoreFiling are proud both to underpin key European regulators (as their sole XBRL solution partner) such as the FCA and PRA in the United Kingdom, and to enable compliance for regulated customers such as Barclays, the Bank of Ireland and HSBC.