16 Oct 2013

Finsbury and Invoke today announce a strategic alliance to provide a joint, end-to-end XBRL spreadsheet reporting solution for CRD IV COREP and FINREP reporting in XBRL, thus making the 2014 reporting deadlines easily attainable.

  • Banking regulatory reporting
  • Banking
  • CRD IV

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.

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.

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