In January 2014 a new European reporting framework aiming to harmonize supervisory reporting standards will be in place for banks and institutions across the EU. The standards, Common Reporting (COREP) and Financial Reporting (FINREP), will create challenges in three main areas: organizational, operational and in process, IT and infrastructure.
Accenture provides steps for preparing for COREP and FINREP, offering insights and guidance to organizations faced with navigating complexities arising from the new reporting requirements.
In 2006 the Committee of Banking Supervision (CEBS) created guidelines for reporting standardization across the European Union (EU). The goal was to increase financial report comparability, increase supervision cost-effectiveness, reduce stress on cross-border credit organizations, and remove obstacles from market integration. Those guidelines are slated for enforcement from January 1, 2014, and pose potential challenges to EU financial institutions—specifically relating to organizations, process, IT and infrastructure.
Institutions facing these challenges cannot underestimate the hurdles they potentially face around having the right data at the start of the process and forming contingencies for any changes that may still occur in the new reporting strategy. By familiarizing themselves with Accenture’s recommendations, banks and organizations can weather the changes, and apply a long-term view of how they can build internal data models in an increasingly complex regulatory reporting environment.