Regulatory reporting system for the COREP mandate

The European Banking Authority (EBA) has issued a different standardised reporting submission method called COREP to meet the Capital Requirements Directive. The mandate requires an augmentation to the data provided regarding own fund and capital adequacy ratios, market risk, credit risk, securitisations and large exposures.

Almost thirty countries in Europe have taken on Common Reporting, the fresh reporting framework. BIPRU regulated building societies must quarterly file COREP data employing XBRL files. All United Kingdom regulated financial organisations are required to format COREP to submit their periodic statutory reports.

WIRES works as a unique, fully-featured method. Every single attribute utilizes world-class protection mechanisms which have been built to provide support to your company's regulatory reporting.

Its data-driven design and style makes WIRES exceptionally configurable. Considering the fast-changing nature of the banking products and services industry, fresh regulations and rules may be brought in anytime and existing polices re-structured.

WIRES enables any bank to react quickly to these changes.

The European Banking Authority (EBA) has four primary objectives for compliance reporting: -

•    Facilitate effortless data sharing

•    Build a central repository for investment company data from the UK and Europe

•    Make possible peer evaluations and risk assessment

•    Normalise reporting requirements across the EU.

Every on of the banks will be touched by these standardised reporting modifications, they require extra reports, electronic report submission and exhaustive calculations.

WIRES is a application software design for the FINREP changes made by the EBA to all Building societies and banks regulated under BIPRU.Designed for scalability, Whistlebrook Integrated REgulatory Submissions is perfect for Banks and building societies of all sizes, with a great many aspects devised for scalability, control and automation.

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