Capital Requirements Directive IV (CRD IV) Financial Reporting (FINREP)

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AxiomSL’s solution supports the preparation of FINREP reports for multiple internal entity structures. It aggregates and normalizes the required data from disparate sources and gives users the ability to manually add attributes. Data can be loaded in any format.

Once loaded, the data is fed into the relevant reports in a fully automated process. Numerous reconciliations are then performed. These include reconciliations between general ledger data and the data in source systems, and reconciliations between COREP, FINREP and other regulatory returns.

Users also benefit from a robust adjustment process. They are given the ability to review their reports, drill down to the source data and make topside adjustments, if required. Once they have signed off on their reports, they are submitted directly to the regulator.

The FINREP solution includes native support for XBRL. As a result, firms do not need to implement a separate XBRL ‘translator’ and can avoid the associated capital and operational costs. The solution’s XBRL rendering functionality allows users to see the data they have submitted to the regulator in report format.

AxiomSL provides the latest iterations of the EBA’s XBRL taxonomy while continuing to give firms access to earlier versions, which they need when rerunning or resubmitting reports. AxiomSL releases the new taxonomies within a month of their publication by the EBA. This unrivalled delivery time is possible because regulatory update releases are separated from software releases.

AxiomSL’s FINREP solution is built on the same platform as all of its other regulatory calculation and reporting solutions. This means firms can use their FINREP data to prepare not only their annual accounts and management information (MI), but also their statutory and other regulatory reports.