AxiomSL, a provider of reporting and risk management tools for firms operating in financial services, has reported that its reporting platform is able to meet the diverse requirements users face under a new regulatory regime. Participants will be obliged to collate and report data to the European Banking Authority (EBA) in a newly introduced format.
The US headquartered firm confirmed in a notification that its terminal is capable of handling and processing multiple versions of the EBA XBRL taxonomy. The new guidelines, under the EBA’s Common Regulatory Reporting Framework (COREP) and the Financial Reporting (FINREP), will affect all regulated financial and banking firms. The new measures will require a significant increase in the quantity and quality of data disclosures and more effective reporting processes and systems.
The UK’s financial regulator, the Financial Conduct Authority (FCA), has approved AxiomSL’s platform with submission calendar information. This enables reporting deadlines and versions of the EBA taxonomy that can be used in each case by firms.
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Pavel Yakovlev, Head of Solutions Team, EMEA at AxiomSL, commented about the solution in a statement, he said: “We understand the importance of making it easy for our clients to handle both past and future versions of the EBA’s XBRL taxonomy. The enterprise reporting mapping structure that creates links between the reporting deadlines and the required taxonomies is something we have used for more than a decade to help clients manage free-form reports. We are pleased we have been able to extend the use of this functionality to support clients resubmitting reports as part of the EBA’s new, taxonomy-based approach.”
The new guidelines by the EBA require firms to provide information in various structures, AxiomSL’s enterprise reporting mapping structure creates links between these deadlines and the relevant versions of the taxonomy.
Furthermore, a key function of the reporting platform is its ability to synchronise data with the necessary submission type and date. For example, when a financial firm is required to resubmit data, it can select the original reporting deadline within the AxiomSL platform and it will then be given access to the version of the EBA taxonomy that was originally required on this date.