rFRAME Regulatory Reporting - Are you ready for COREP?
Financial institutions are facing the biggest shake-up since the crash of the 1930s, with new regulatory requirements being enforced across the globe more rapidly than ever before. The implementation of Basel III will introduce significant new challenges. In the wake of the global financial crisis, and reflecting the desire of the G20 nations to gain greater control over global financial services, ‘light touch’ regulation will become a thing of the past.
In Europe, a new regulatory body, the European Banking Authority (EBA), is implementing common reporting formats to support harmonisation of EU regulation. The COREP (Common Reporting) guidelines will take effect during 2013. While COREP is already mandated in many European countries, in the UK it introduces significant changes compared to the existing FSA requirements.
COREP and rFRAME
Our regulatory subject matter experts have been monitoring the changes planned under CRD IV since the proposed legislation was first published by the European Commission in 2011. We have also been assessing the detailed reporting requirements defined by the COREP technical standards as the EBA has published its consultation papers.
A positive outlook
rFRAME allows firms to drill down into the data that underpins their regulatory reports. They can see the process steps and decisions that were taken in the creation of the reports. rFRAME can support supervisory reporting, financial reporting (FINREP, which is due to be introduced in 2014), statistical reporting, and internal management reporting and analysis from a single feed of data, reconciling the ‘external’ and ‘internal’ views of a firm’s business and providing an holistic view.
To learn more about rFRAME visit the factsheet here.
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