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The European Banking Authority and European Union are currently leading two major regulatory operations: the Capital Requirements Directive (CRD IV) and the associated Capital Requirements Regulation (CRR) that have become effective on January 1, 2014, and Solvency II that is expected to become effective on January 1, 2016.
Designing and implementing a streamlined and efficient process for the preparation of regulatory reports is challenging, and data collation, validation and sign-off can be complex and time-consuming tasks.
The ever-changing regulatory landscape means financial service companies have to adapt to changes in reporting requirements. Accenture can help those companies by evaluating their current state and risks, providing tactical and strategic recommendations for achieving optimal outcomes, and assessing relevant benchmarking against market practice.
To help financial institutions comply with regulatory reporting requirements, Accenture has partnered with CoreFiling to provide an XBRL Health Check. Thanks to this partnership Accenture can assist companies become more familiar with the reporting process and have a better grasp of its technological aspects.
Accenture can now guide financial services companies through a detailed assessment that will help them determine the quality, efficiency and flexibility of their reporting procedure. Accenture will provide them with a clear view of how effective is their organization at storing key data, transforming it into XBRL format, and reviewing and signing off regulatory reporting submissions.
The XBRL Health Check suite includes a software tool called Magnify® that will help make institutions’ report of assurance quality review easier and smoother. Magnify® is a user-friendly CoreFiling desktop tool that:
Renders XBRL files into readable format.
Provides a comprehensive checklist to guide business users through the review of a filing document.
Makes it easy to create custom review reports and data exports, which show relevant data about an XBRL instance or taxonomy in a user-defined table.
Can run in-house business rules using a powerful business language to enhance the validation of data prior to filing.
The technology, designed with business users in mind, spares users from having to deal with the technical complexities associated with XBRL, thus allowing them to focus more attentively on the content of their disclosures.
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