360° Coverage : CRD IV COREP & FINREP 2014 Reporting Deadlines Made...

1 Updates

CRD IV COREP & FINREP 2014 Reporting Deadlines Made Attainable with New XBRL Spreadsheet Reporting Solution

Oct 16 2013, 2:55pm CDT | by PR.com

Many financial organisations are facing a major challenge to meet the Q1 2014 implementation timeline for the COREP and FINREP reporting requirements under the new pan-European Capital Requirements Directive and Regulation (generally referred to as the CRD IV package). However, the task has just become substantially easier thanks to a new XBRL spreadsheet reporting solution from leading vendors Invoke and Finsbury Solutions.

London, United Kingdom, October 16, 2013 --(PR.com)-- The CRD IV package requires financial firms to provide significantly more granular data to regulators (with up to a nine-fold increase in the...

Filed under: news

YouTube Videos

 
 
 

1 year ago

CRD IV COREP & FINREP 2014 Reporting Deadlines Made Attainable with New XBRL Spreadsheet Reporting Solution

Oct 16 2013, 2:55pm CDT | by PR.com

Many financial organisations are facing a major challenge to meet the Q1 2014 implementation timeline for the COREP and FINREP reporting requirements under the new pan-European Capital Requirements Directive and Regulation (generally referred to as the CRD IV package). However, the task has just become substantially easier thanks to a new XBRL spreadsheet reporting solution from leading vendors Invoke and Finsbury Solutions.

London, United Kingdom, October 16, 2013 --(PR.com)-- The CRD IV package requires financial firms to provide significantly more granular data to regulators (with up to a nine-fold increase in the number of individual reporting schedules) and with a much greater frequency. Furthermore, many National Competent Authorities around Europe now require that both COREP and FINREP reports under CRD IV be submitted in XBRL (eXtensible Business Reporting Language) format. From a firm's perspective, all of this leads to significantly more work in very tight timescales.

Compiling COREP and FINREP reports, which include capital requirements, exposure and other financial information, involves a detailed process of consolidating data from multiple sources. The data is often downloaded into spreadsheets and then manipulated, reconciled and adjusted prior to conversion into the correct regulatory reporting template. The whole process is time-consuming, error-prone and resource-intensive. However, the reality is that due to the tight timescales imposed by the European Banking Authority (EBA) and the significant investment required for moving to an enterprise system, many firms have few alternatives.

The new approach from Invoke and Finsbury Solutions is pragmatic and results-oriented, designed to help firms meet their COREP and FINREP reporting obligations on time, by leveraging the spreadsheet-based processes that many firms currently rely on.

The Invoke-Finsbury Solutions approach provides the stringent controls required to support the use of spreadsheets in the regulatory reporting process (including automated load, data validation, version control and audit trail). When ready, COREP and FINREP data is automatically centralized in a dedicated XBRL portal environment that converts the controlled Excel versions of COREP and FINREP templates into validated, regulator-ready XBRL reporting schedules that can be displayed in a user-friendly XBRL spreadsheet interface for pre-submission review.

Key benefits include:

• A robust, pragmatic solution that allows firms to meet reporting deadlines with minimal disruption to existing work practices
• The flexibility of a spreadsheet-based solution within a controlled and auditable framework
• Rapid deployment including out-of-the-box XBRL templates and the security of comprehensive regulatory maintenance in case of changes to reporting requirements
• Minimal IT support required and low maintenance burden
• The guarantee of cutting-edge XBRL technology, trusted by major international banks and supervisory authorities including the EBA

“We are delighted to have teamed with Invoke. In forming this strategic alliance, Invoke and Finsbury Solutions are bringing to market a unique technology offering backed by robust business and domain expertise,” comments Jeremy Wood, Director, Finsbury Solutions.

"Our joint value-proposition acknowledges that firms across Europe are struggling in a hostile business environment to meet the multi-faceted challenges of CRD IV reporting. The convergence of cutting-edge XBRL technology, regulatory domain expertise and an industry-endorsed approach to spreadsheet risk management has created a unique, rapid-deployment and collaborative solution that is perfectly aligned with the requirements of COREP and FINREP,” adds Antoine Bourdais, Director of the Banking & Insurance Division, Invoke.

Notes to Editors

Founded in 2001, lnvoke develops specialized software for managing regulatory, financial and tax information. Aligning innovation with pragmatic business functionality, Invoke offers industry-acclaimed regulatory reporting solutions that are robust, flexible and user-oriented. The resulting software is unique and showcases the latest XBRL production, visualisation, editing and validation technologies. Invoke is a direct member of the XBRL International consortium and active in a number of key technical working groups. Further information is available at: www.invoke-software.com.

Finsbury Solutions is a leading provider of enterprise spreadsheet risk management solutions. It provides fast and effective spreadsheet data management, business process and control solutions for Basel III and Solvency II to the financial services sector. Further information is available at: www.finsburysolutions.com.

Contact Information:
Invoke
Anne Leslie-Bini
+33 (0)1 42 68 85 60
Contact via Email
www.invoke-software.com
Jeremy Wood - Finsbury Solutions
Telephone +44 (0)20 7170 4075
Jeremy.Wood@finsburysolutions.com
www.finsburysolutions.com

Read the full story here: http://www.pr.com/press-release/521816

Press Release Distributed by PR.com

Source: PR.com

 

Don't miss ...

 

blog comments powered by Disqus

Latest stories

Budapest: the 'startup' capital of Eastern Europe
Budapest, Oct 21 (IANS/EFE) Barack Obama, the Dalai Lama and NASA all have one thing in common - the fact that they distributed live videos on Ustream, the app of the Hungarian startup that represents Budapest's potential to become a technology hotspot of Europe's eastern region.
 
 
Developing countries participate in half of world trade
Geneva, Oct 21 (IANS/EFE) The participation of developing countries in world trade accounts for nearly half of global trade, according to a report by the World Trade Organisation (WTO).
 
 
India showcases IPL as driver of economic development
United Nations, Oct 21 (IANS) The success of the Indian Premier League (IPL) in cricket embodies the emergence of sports as a global industry that promotes economic development and job creation in developing countries, India told the UN General Assembly (UNGA) Monday.
 
 
Cuba dispatches two new medical brigades to Africa
Havana, Oct 21 (IANS/EFE) Cuban President Raul Castro has announced that two health brigades from the island will be dispatched to Liberia and Guinea Conakry this week to collaborate in the fight against the Ebola virus disease epidemic.
 
 
 

Latest from the Network

1,074 new dengue cases in Chinese province
Beijing, Oct 18 (IANS) China's Guangdong province has reported 1,047 new cases of dengue fever, health authorities said Saturday. Six people have already died in Guangdong -- five in Guangzhou and one in adjacent...
Read more on Business Balla
 
Blake Lively 'always' wanted to be mum
Blake Lively has ''always'' wanted to be a mother. The 27-year-old actress is expecting her first child with husband Ryan Reynolds and she admits she's been dreaming of this moment since she was a youngster. Speaking...
Read more on Celebrity Balla
 
Kris Jenner 'torn apart' by Bruce's new relationship
Kris Jenner feels ''torn apart and angry'' that Bruce Jenner is dating her former assistant. The 58-year-old matriarch split from the 64-year-old Olympic gold medalist last October following 22-years of marriage but is...
Read more on Celebrity Balla
 
Cheryl Fernandez-Versini won't move to France
Cheryl Fernandez-Versini doesn't want to move to her husband's home country of France. The 'X Factor' judge, 31, who comes from Newcastle, is adamant she won't be relocating any time soon to suit her new spouse Jean-...
Read more on Celebrity Balla
 
Lance Bass sets wedding date
Lance Bass has set a date for his wedding. The former *NSYNC singer and his partner Michael Turchin, who have been dating for two-and-a-half years, are to tie the knot on December 20, 2014, a representative for the...
Read more on Celebrity Balla
 
Nepal avalanche toll reaches 39
Kathmandu, Oct 18 (IANS) At least 39 climbers died while hiking on a key Nepali route after it was hit by a major snowstorm and avalanches earlier this week, BBC reported Saturday citing officials. Over 350 stranded...
Read more on Politics Balla
 
Jake Gyllenhaal says society is complicit in 'nightcrawling'
Jake Gyllenhaal says almost everybody in society ought to relate to his new movie 'Nightcrawlers'. The eagerly-awaited film concerns those people who monitor police scanners and then race to crime scenes to film eye-...
Read more on Movie Balla
 
India eves look for first win in AFC U-16 qualifiers
Dhaka, Oct 18 (IANS) India will hope to register their first win of the 2015 Asian Football Confederation (AFC) Under-16 Women's Championship qualifiers when they take on hosts Bangladesh in a crucial encounter at the...
Read more on Sport Balla
 
Moyes mulling return to management
London, Oct 18 (IANS) Former Manchester United manager David Moyes said that he is ready to revive his managerial career six months after being sacked by the 'Red Devils'. "I am ready to return. I have enjoyed the...
Read more on Sport Balla
 
Ebola fears loom over Ghana hosting AFCON
Accra (Ghana), Oct 18 (IANS) The Ghana Medical Association (GMA) cautioned the government Saturday against hosting the 2015 African Cup of Nations (AFCON), despite a request by the Confederation of African Football (...
Read more on Sport Balla