New ‘Basic Cube’ and ‘Smart Cube’ Capabilities Enable Austrian Institutions to Meet Regulator’s Wide Reaching New Requirements
Wolters Kluwer Financial Services announced today that it has enhanced its finance, performance, risk management and regulatory reporting solution suite with the addition of ‘Basic Cube’ and multi-dimensional ‘Smart Cube’ capabilities. The enhancements will help Austrian firms to harmonize data collection methods in line with Central Bank Oesterreichische Nationalbank’s (OeNB) new data collection system.
The OeNB has restructured the way in which Austrian firms report data to reflect developments in financial statistics and in the IT environment in recent decades, as well as higher demands on data quality and quantity in the wake of the financial crisis. The common data model that has been prescribed to overcome this challenge is based on two main elements; the Basic Cube and Smart Cubes. The aim of the Basic Cube is to provide a unique, standardized, exact, and therefore unambiguous definition of individual business transactions and their attributes which in turn enables firms to aggregate or calculate and report multi-dimensional Smart Cubes.
Smart Cubes are mandatory reports that enable the harmonization of the data collection methods to ensure data consistency and efficient data quality processes, and thus effectively and efficiently cover nearly all Austrian reporting requirements. The added functionality to Wolters Kluwer Financial Services’ solution suite supports the necessary checks, visualizations and analysis options, and comprehensive auditing needed for firms to meet the OeNB’s full requirements in time for the first deadline in 2015.
“The OeNB’s requirements are only the first in a series of changes facing Austrian firms, while broader changes are still being triggered by Basel III, CRD IV, IFRS and FINREP,” said Wolfgang Prinz, vice president, product management at Wolters Kluwer Financial Services. “Our strong track record in the Austrian market with the addition of the SVENSON business, twinned with our global presence across the finance, risk and reporting spaces, means that we are in an unrivalled position to help Austrian firms meet these requirements in the most efficient and reliable way.”
The new functionality is based on Wolters Kluwer Financial Services data architecture - an open data model that provides generic data for a wide range of possible applications. The database can be extended with the use of additional functional modules, optimizing use of the existing data interfaces, helping current customers to grow well beyond existing requirements in future-proof architecture that will let them activate additional functional modules as needed.