With the introduction of two new reporting frameworks from the European Banking Authority (EBA), Financial Reporting Standard (FINREP) and Common Reporting Standard (COREP), our clients faced the challenge of data management, risk management and regulatory reporting to comply with these standards.
VPD Risk and Performance has been integral in achieving this for our Nordic client base, given the requirements set out by Sweden's financial supervisory authority, Finansinspektionen.
Using the VPD solutions, we have helped them:
- Link to a multitude of data sources including databases, spreadsheets, ftp sites etc.
- Centralise the full history of data required in our data warehouse, VPD Risk & Performance.
- Reconcile and validate the data.
- Produce the report with all the financial information, in the required XBRL format.
“As is common across regulatory reporting, Corep & Finrep presents a number of challenges – organisational, operational and IT-related. Using VPD Risk & Performance as the tool for compiling and reporting data has proven very efficient. Complementing the solution, VPD Professional Services will also help implement and streamline the process, so meeting the regulatory requirements is much less of a burden”, says Johan Lundman, Managing Director at VPD.