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CRD IV: A run- through

When the global financial crisis of 2014-2015 hit, the European Commission implemented a Capital Requirements Regulation (the CRR) and the CRD IV Directive for the European Banking Authority (EBA) to follow. As the supervisory reporting requirements got more stringent, the EBA developed Common Reporting (COREP) and Financial Reporting (FINREP) as two frameworks that will regulate the financial accounting for all banks and investment firms.

In order to comply with these reporting frameworks, companies had to restructure their data to be consolidated from disparate sources and be iXBRL-ready. This proved to be a tedious requirement involving complicated calculation conversions that were prone to errors.

DataTracks has developed a CRD IV solution that can make regulatory filing a breeze. With an easy-to-use interface, it can drastically cut down the time and resources required to stay within EBA regulations. DataTracks offers its solution in three choices to pick from depending on the extent of need:

Lite: To complete the iXBRL conversion of your book of accounts along with a host of other value additions that facilitate seamless filing.

Enterprise: For firms that need an across-the-board solution that covers consolidation of business and financial data, audit errors and omissions and validate with EBA norms.

Managed Service: Specialists take care of the entire process as an outsourced project. Everything from conversions, to computation and filing is looked after.


Why choose CRD IV for your filing?

Convenient: An explanatory interface that allows ease of access and working. A clear dashboard with segmented task flow helps for easy navigation.

Efficient: Automates the process of calculating and reporting conservative and countercyclical capital cushions. When users upload their data to the platform, it is enriched and validated. The data is then used to run all of the necessary CRD IV capital and risk-weighted asset (RWA) calculations.

Agile: Adapts to user preference in data consolidation. Data can be uploaded from files or can be directly pulled from the user’s financial systems.

Collaborative: Users from different departments such as finance, insurance, risk management, and others, can work in synergy with clearly defined workflows.

Accessible: Choice to host the solution on a secure cloud-based platform in Europe or installed within the user’s work environment.

Auto-updating: Taxonomy revisions are centrally updated frequently saving time and resources.

Nimble: Timestamps in database tables, intended for auditing or activity-tracking purposes, including both date and time of day, is done with high granularity.


How does it work?

Once registered on a secure portal, users can select data from various locations and consolidate into one calculation dashboard. Multiple users can drill down into the calculations that are run by DataTracks’s solution, comment and make amendments as required. When the capital calculations have been completed, users can review the results and can see how the EBA’s standard rules have been applied. This allows them to verify the numbers that are being produced by the solution and it facilitates auditing of the process.

Once they are satisfied with the numbers produced, users can sign off on them. The numbers will then be automatically converted into the EBA’s XBRL taxonomy and submitted to their local regulator.


About DataTracks:

DataTracks is an HMRC recognized iXBRL managed tagging service provider with 14+ years’ Global Regulatory Reporting Expertise. Our services also include CT 600 filing, MTD for VAT, CbCR, and Eurofiling. We have been pioneers in the XBRL accounting and financial reporting especially in the UK and Ireland market and have been delivering error-free services to our clients at a very competitive cost and quick TAT.  We’re working with 7 of the top 10 Accounting firms and every client works with a Dedicated Account Manager who provides undivided attention and support until file delivery.