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.
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.
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.
Since the introduction of the mandate, financial firms have been facing increased complexity and an overall increase in the burden, in terms of compliance. This is why there is a need to find the right solution.
What are the essential facets of the CRD IV Reporting solution you should look out for?
Financial institutions and investment firms face several challenges in meeting the CRD IV Reporting requirements, including:-
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.
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).
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 to Choose the Right CRD IV Reporting Solution
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 covers all the facets related to CRD IV Reporting, from complex data entries to the corroboration of reports conforming to EBA reporting requirements and validation of errors.
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How to login to CRD IV Edited
How to create Entity-CRD IV
Assigning templates to Entity
How to create User
How to approve and reopen the templates
How to Assign templates to users
How to add period
How to create repository
DataTracks stood out from other providers of ESEF solution for its off the shelf technical solution that suits us, many years of experience and suitable references, while at the same time providing the solution at a competitive price. DataTracks has been very responsive and cooperative throughout the entire time of the ESEF vendor selection process. Good experiences kept on going also at the time of our training process. They shared with us every little detail and guided us through the mapping and tagging process. Once again, it turned out that we had chosen an excellent outsourcing partner for the ESEF solution. At this point, we are very satisfied with DataTracks services and are looking forward to take the next stepswith them.
Our focus was primarily on choosing a user-friendly and easy-to-use solution to enhance transparency and simplify our reporting efforts. The introduction of DataTracks’ Rainbow solution for ESEF convinced us as the overall package of functionality, technical requirements, intuitive operation, and support by their experts
Voor de migratie van Excel naar XBRL is contact gezocht met Datatracks. Met behulp van hun AIFMD software en instruction manual wordt het vrij éénvoudig om de Excel rapportages te downloaden, te bewerken en als XML-bestand aan te kunnen leveren.
Op vragen (zowel telefonisch als per e-mail) is zeer behulpzaam en snel gereageerd, kortom mijn kennismaking met Datatracks heb ik als zeer positief ervaren.
We worked with the incredible assistance of DataTracks to ensure we successfully filed our FINREP/COREP report with the regulator. We found DataTracks solutions easy to use. Their technical support team was knowledgeable, easy to work with and assisted us round the clock to ensure we filed the report on time and without errors. All this at a competitive price point. Our experience has ensured we will have no hesitation in using the services of DataTracks on an ongoing basis.
We have been using DT’s SII software for the successful submission of the last three quarterly and the last annual QRTs to the regulators with the application is very user friendly and helpful in identifying any validation errors, giving sufficient and accurate information for the identification and correction of these errors. The preparation of the XBRL and excel output files normally runs within a reasonable time and hence this enables the user to regenerate XBRL files if needed. We are very satisfied form the customer support which is efficient and available at any day and time. We are impressed of the response time to our queries. In conclusion we are very satisfied from the application and we would definitely recommend it.
Compared with other tools it is much more efficient and user friendly. Especially the validation process and the way errors are reported are a big improvement. Besides this they provide world class support. And even if the error reports can’t help you to the right answer, the people behind the tool of customer support are very helpful. Their response time is very good, even outside office hours. Most important, they have the drive to help you till the last error is solved.
I am writing to let you know that “Glacier”, the new application for Solvency pillar ii reporting, developed by your company is very user friendly and very quick. It is also very helpful , enabling the user to easily identify and correct any validation errors. Furthermore the, production of the output XBRL and excel file is also quick and this saves considerable time especially in cases where for any reason the input and output process needs to be run several times for reasons not related to the application itself. I would recommend it to any company regardless of the its size since it is a simple and simultaneously efficient application which is what is needed for the particular task.
We were already really pleased with the ‘old’ Datatracks tool, but it was a pleasant surprise that you launched Glacier. It is a great improvement! It saves us a lot of time and now it is easier to validate the file, make some adjustments, upload and validate again. I also want to mention the service level you provide, we appreciate your fast response to questions and your help despite the time difference with The Netherlands.
DataTracks Glacier is a great improvement on an already good product. The processing speed is very good, but what strikes me above all is the clarity of the workflow.
The service has been outstanding and would certainly be recommended. Even though strict deadlines needed to be met, the team went above and beyond to accommodate our needs. Each and every member of the staff that we came in contact with was very friendly and approachable, qualities that added value to the streamlining of the whole procedure.
Large Slovenian Bank
Slovenian Multinational Insurance company
Investment Management Company - Netherlands
Investment Management Firm - UK
Insurance company - Cyprus
Insurance company - Netherlands
Investment Management Firm - Malta
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