DataTracks Glacier for COREP FINREP Reporting
DataTracks Glacier for COREP FINREP Reporting
The CRD IV Mandate Explained
In 2013, a new directive was introduced by the EBA (European Banking Authority) to restore the transparency of financial data being reported by banks, financial institutions and investment firms. The directive is known as the CRD IV Reporting Directive, and it encompasses standardised reporting requirements of a company’s minimum capital requirements, which are referred to as COREP and FINREP. As per the CRD IV (Credit Requirements Directive) mandate, Banks and Financial Institutions across the European Union and the UK are required to submit detailed financial information to their national supervisors. The framework of this reporting directive requires each eligible entity to transmit data in XBRL format, before final submission to the local authority and the EBA
When the CRD IV Reports be Filed?
The reports are required to be filed at different intervals, depending on the type of report and the category of the filer. The frequency of submission is mostly on a monthly or quarterly basis. The submission deadline is normally around 14 days from the end of the reporting period for monthly submissions, and 40 days from the end of the reporting period for quarterly submissions.
CRD IV Reporting Solutions
The banking, financial and insurance sectors are facing increasingly onerous and varied CRD IV requirements, driven by the EBA or the FCA. Furthermore, the additional rules and requirements related to managing digital risk and operational resilience make it more challenging for eligible entities to prepare and furnish quality XBRL reports.
By leveraging a robust solution that allows financial institutions and investment firms to meet COREP, FINREP and other reporting requirements, this mandate aims to maintain a transparent and quality reporting structure.
Challenges in CRD IV Reporting
Increased Complexity
The banks are required to submit several reports to the FCA and the EBA, including ALMM and LCR DA modules, on a monthly basis, and LE, LR, NSFR, FINREP on a quarterly basis. This requires a large volume of highly granular data to be collated, which increases the complexity of the financial reports to be submitted. Sourcing the data from different systems and consolidating the data as per the requirements for each template is a challenge for businesses.
Managing Digital Risk
Since the introduction of the draft legislation by the EU, fulfilling risk requirements has become a significant challenge for financial firms, which now have to manage digital risk as per the new Digital Operational Resilience Act (DORA).
Data Preparation, Formatting and Validation
The data preparation for all the CRD IV reports is done manually, which means it is highly prone to errors. Furthermore, the COREP and FINREP reports require effective pre-submission formatting, normalisation, and validation of reporting data, which is a highly meticulous task, considering the technical standards and quality checks of the EBA and the FCA
How DataTracks helps
Flexible Data Entry
There are multiple ways to bring the content – upload of Excel template, online entry of data and automatic flow of data by linking with multiple data sources.
Quick and Easy Validation and Submission
DataTracks offers a simple and user-friendly platform that consolidates and navigates from the validation screen to the templates, allowing for quick and easy submission.
Comprehensive Audit Trail
Every change is tracked and reported as part of an audit trail, which ensures complete control over the report. The version comparison feature helps filers in terms of reviewing only the changes, rather than the full report.
Nimble and Friendly
Navigate through digital spreadsheets in a simple layout with pre-tagged CRD IV templates, for a seamless transition and adaptability. Light UI and user-friendly UX provide users with a smooth filing experience.
DataTracks Glacier
Our advanced cloud-based solution is designed to streamline regulatory reporting in complex formats such as XBRL and XBRL-CSV. Built to support multiple global regulations, the platform ensures that your filings meet the exact requirements of local regulatory authorities quickly, accurately, and without hassle.
Why Choose Our Solution?
- Cloud-Based Platform: Access from anywhere, anytime
- End-to-End Automation: Minimise manual work, maximise efficiency
- Excel Upload: Simple and familiar input method
- Built-In Validation: Spot errors early with smart checks
- Jurisdiction-Specific Output: Tailored for local regulatory bodies
- XBRL & XBRL-CSV Output: Generate validated reports with ease
- Auto Taxonomy Updates: Stay compliant without manual updates
- Up-to-Date Validation Rules: Always aligned with regulatory changes
- Multi-User Access: Collaborate across teams
- Role-Based Permissions: Assign reviewer and preparer roles
- Lightweight & Fast: Designed for performance and speed
- Dedicated Product Support: Expert help when you need it
Featured Content
What is ESEF Reporting?
ESEF stands for European Single Electronic Format. It is a new reporting format for public companies in the European Union that requires them to publish their annual financial reports in a single, electronic format. ESEF is designed to improve the transparency and comparability of financial reporting across the EU.