The EBA published its final version of the Implementing Technical Standards (ITS) on Supervisory Reporting for FinRep on 18 March 2015. The objective of the ITS is to contribute to the stability of the financial markets. This objective is reached through the reporting obligations for financial information for capital-market-oriented groups of institutes resulting from Article 99 CRR, which calls for a European-wide harmonization of regulatory requirements as well as provision of a detailed over-view of institute-specific risk profiles.
The final version of the ITS stipulates a classification into four groups of forms, which are grouped according to the reporting frequency. The FinRep framework covers a total of 65 forms. The latest feature is the integration of the “EBA FINAL draft Implementing Technical Standards on Supervisory reporting on forbearance and non-performing exposure” from 21 October 2013. One challenge is the highly increased data volume. The other challenge is to maintain data quality, with respect to data consistency and availability. These regulations require effective processes and system landscapes as well as the integration of reporting and accounting.
BearingPoint offers with ABACUS/DaVinci a reporting software that covers all Financial Reporting requirements of the EBA.