Since the end of 2016, Bank of England decided to collect additional data on regulatory reporting of CRD IV (COREP and FINREP) and in 2018 the Prudential Regulation Authority (PRA) released an extended version of the Bank of England Banking XBRL taxonomy which incorporates “Pillar 2 liquidity data” and “MREL reporting”
The PRA regulated CRD IV firms (banks, building societies and designated investment firms) need to report Cash Flow Mismatch Risk (PRA 110) from 1 July 2019 and firms notified by the Bank of England need to report MREL data (MRL001-MRL003) on an individual basis from January 2019 at the earliest, in XBRL format.
Invoke, the European leader in regulatory reporting has already supported clients in processing and production of CRD IV reports for PRA. Hence, to enable CRD IV firms in the UK to respond rapidly and regularly to new reporting requirements, Invoke has extended its Bank of England (BoE) taxonomy product line to PRA110 and MREL reports in XBRL.
Already tried and trusted in 30 countries to meet European and Domestic regulatory requirements in the Banking and Insurance sectors, Invoke’s solution manages production of CRD IV (COREP, FINREP) and the BoE taxonomy within a single solution.
Minimal impact in the event
of regulatory changes
Full maintenance of the complete standard configuration, coupled with an optimised application architecture, guarantees unrivalled lead times when regulations change.
Simple and easy-to-use solution thanks to a 5 key step workflow process: data collection, display, control, validation and XBRL generation.
A standard package for quick implementation
The standard multi-regulation platform encapsulates all CRD firms’ data (COREP, FINREP and Bank of England taxonomy) in a single solution and reduces the cost of implementation. Invoke maintains and guarantees all standard features with every regulatory change.
Formulas included in the templates based on XBRL validations
Comparing to XBRL Utility (XBRL-enabled Excel worksheet), the solution provides better data quality as it integrates formulas in the templates based on validations.