On Wednesday 5th April, the National Competent Authority (NCA) in Malta announced the requirement for reporting of CRD IV in XBRL was being moved up from September 2018 to Quarter 3 2017 (reference date 30th September 2017).
In its circular to credit institutions on the Draft Implementing Technical Standards (ITS) requirements, the MFSA requested credit institutions submit reporting data in Extensible Business Reporting Language (XBRL) format, the IT solution adopted by European credit institutions, various NCAs, the SSM and the EBA.
The revised time-frame triggered the urgency in credit institutions locally to take immediate action towards ensuring they are able to comply with the new CRD IV reporting requirement. BRSANALYTICS have teamed up with UBPartner to provide a readily-available, easy-to-use solution to convert the necessary data into XBRL by the time the deadline closes and the directive comes into effect.
In July 2016 EIOPA announced that T4U, a software tool provided by EIOPA to help insurers create and validate XBRL reports to comply with Solvency II reporting requirements, would no longer be supported beyond the first half of 2017. After this time, T4U will be decommissioned and the tool will be made available through open source model so that reporting entities with the necessary expertise, skills and IT resources can make use of the current version, to build on and maintain the tool themselves.
In light of the continually evolving regulatory landscape, and EIOPA anticipating at least two scheduled taxonomy updates per year, the new reality essentially creates a material business risk for users who previously relied on the tool to carry on delivering into the future.
BRSANALYTICS has worked to develop an easy-to-use, low cost solution to ensure a seamless transition from T4U. Talk to us to find out how we can help you maintain your XBRL compliance and assist with the uninterrupted submission of this filing requirement.
BRSANALYTICS FOR CRD IV AND SOLVENCY II REPORTING
Together with UBPartner, we provide pre-mapped XBRL templates which can be purchased with BRS or as a stand-alone solution.
The XBRL Toolkit helps ensure the information supplied is fully compliant with what the regulator requires by validating the data. It uses the business rules contained in the XBRL taxonomy to test the consistency of your data, identify where numbers don’t add-up or where the right information has not been supplied. These rules can even be extended for your own purposes, if needed.
The easy-to-configure and deploy toolkit, enables a fuss-free implementation. Using familiar applications like Microsoft Excel and a simple user interface, the tools can be fully integrated into an existing financial application or readily used as part of an existing reporting workflow or document management system.
Our team of software architects have been working with banks, financial institutions and insurance specialists for years, to provide an end-to-end solution that eliminates inconsistencies in your regulatory reporting and improves the efficiency with which the process is carried out.
Regular updates in XBRL taxonomies based on revisions issued by regulators, EIOPA and the ECB.
The XBRL Validation Tool provides a range of powerful reports to check the accuracy and consistency of the information being reported.
Generate XBRL documents from pre-mapped templates for taxonomies such as COREP, FINREP, SOLVENCY II and others.
INNOVATIVE FEATURES THAT MAKE THE BUSINESS OF CRD IV & SOLVENCY II REPORTING EASIER THAN EVER BEFORE
FEATURES AND BUSINESS BENEFITS OF THE BRSANALYTICS XBRL REPORTING TOOLKIT
We have developed a solution which can be purchased as part of the BRSANALYTICS regulatory reporting tool or as a stand-alone application that assists in solving the challenges your company is bound to face during the CRD IV and Solvency II process.
Familiar Interfaces – Review your XBRL data with any validation errors highlighted in the Excel templates.
Advanced Validation – Full range of advanced validation reports to check the accuracy and consistency of the information being reported provided by the leading XBRL processing engine.
Pre-Mapped Templates – Enables users with no prior knowledge of XBRL to load data into pre-mapped templates and generate XBRL submissions.
Flexible Workflow – Allows users to work on parts of the report independently, then merge them together when they have been checked by the user.
Flexible Deployment – The Toolkit components can be deployed in different configurations and can be run on a server, integrated as part of an application or run direct from Excel to meet your specific needs.
Local Filing Rules – Prepare the validated XBRL document to comply with specific regulator format and filing requirements.