14 Oct 2013
| Par

Having dedicated the equivalent of over 15-person years to the development of a unique suite of native XBRL applications for managing the entire regulatory data value-chain for COREP and FINREP (that covers creating, visualizing, editing, validating, storing and re-using XBRL instance documents), Invoke has all the functional, technical and domain experience needed for advising and accompanying firms in managing the transition to COREP and FINREP reporting in XBRL.

  • Banking
  • Banking regulatory reporting
  • FAS Regulatory
  • e-Filing for Banks
  • CRD IV

What is Invoke's value-proposition when it comes to banking regulatory reporting?

"A commitment to innovation is the reason why Invoke is at the forefront of the technology drive towards standardized prudential reporting in Europe. However, what sustains this competitive lead is a firm understanding of the challenging environment in which regulated firms operate, offering a proactive approach to help clients leverage agile technology that allows them to meet their regulatory objectives under COREP and FINREP while streamlining processes, reducing costs and mitigating operational risk."

"The other key aspect of the Invoke value-proposition is the quality of the individuals that manage the development, implementation and support of our solutions for COREP and FINREP. In addition to a specialized technical division that focuses exclusively on the continual enhancement of Invoke XBRL reporting solutions for CRD IV, Invoke also has an in-house team of domain experts dedicated to keeping a tight watch on regulatory developments, as well as a growing team of highly-experienced consultants and implementation experts."

To what extent do Invoke's COREP and FINREP solutions distinguish themselves from others in the face of CRD IV?

"Invoke solutions provide a unique approach to streamlined COREP and FINREP reporting in XBRL."

"With the introduction of the new COREP and FINREP taxonomies as part of the CRD IV Package, the initial implementation date of the new framework is 1st January 2014. Timelines are tight, and the COREP and FINREP taxonomies as defined by the European Banking Authority (EBA) are still not fully stable, meaning that firms are advised to choose a software solution which is inherently flexible, multi-taxonomy and which requires little or no hard-coding to adapt to inevitable future iterations of the data-point models and taxonomies coming from the EBA and local National Competent Authorities."

"By focusing exclusively on developing standard, generic software, Invoke XBRL solutions require zero-coding to adapt to any given taxonomy. This is a significant value-add for firms reporting under COREP and FINREP as it means low lead-times in the face of inevitable regulatory change. Furthermore, thanks to the ease with which Invoke solutions can be deployed, the cost of implementation is minimal as is the maintenance burden."