The EBA's Pillar 3 reconciliation exercise is improving standards and discipline in banks' reporting. Find out how, plus learn more about the Invoke solution that can help you get your Pillar 3 disclosures right, first time.

In the first of two appearances on the Central Banking on Air podcast, Clément Duhamel, Business Development and Customer Success Manager at Invoke, talks about how RegTech has transformed regulatory reporting and its role within the new IReF initiative.

Invoke was delighted to join Revue Banque for their December Club Banque event, this time on Regulatory Reporting: Project IReF. Speakers from some of Europe's leading financial institutions and regulatory authorities joined together for an enlightening evening of IReF insights, chaired by Invoke's Antoine Bourdais.

The financial crisis we experienced ten years ago resulted in a substancial amount of public money being injected into banks to save them from failing and thus letting the taxpayers carrying the burden. The crisis revealed the need to overhaul the regulatory framework for banks and gave rise, via the Bank Recovery and Resolution Directive, to a new cross-border resolution mechanism for the Banking Union.

Since the publication of the finalized CRD IV Package in the Official Journal on 27 June 2013, the European Banking Authority (EBA) now has a clear timeline for managing the unenviable task of getting Europe’s 8,300 credit institutions and 32 National Competent Authorities (NCAs) to all ‘speak the same language’.

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.

Europe’s CRD IV regime will substantially increase reporting requirements for banks in Europe, but will also enable firms to report more efficiently in future. At the same time, the overhaul is prompting firms to think about centralising and standardising data, which is also the cue for a rigorous evaluation of the technology used to support firms’ data strategies.