A number of clients have contacted us this week regarding a questionnaire from the PRA over your readiness for COREP.
The EBA published the latest Data Point Model and Taxonomy in early December 2013. We have been working on a significant number of material changes to both COREP and FINREP, including changes and additions to the LCR and NSFR returns. This also included entirely new and extensive validations.
ALMIS release schedule
We have released an update to capital adequacy and balance sheet reporting in order to automatically calculate a substantial number of COREP and FINREP returns. This release is currently available on our website and is suitable for testing the report calculations and functionality.
Next week we are scheduled to release a version update which will include the very latest Taxonomy. We will be testing the XBRL files using a range of sample data with facilities that have been given to us directly by the PRA. This version will give clients all they need to meet the specific regulations, including submission forms for LCR and NSFR.
In March we will release V9.6 which includes updates to the liquidity module and an automatic calculation facility for the new LCR and NSFR. It will also have automatic calculation for the new Large Exposures.
Clients should note that Our January release will meet the deadlines 3 months in advance of the submission deadlines. This includes automation for the majority but not all returns. Our March release will provide further automation.
Our aims and priorities are:
1) To ensure that all of our clients meet the necessary deadlines
2) We provide the ability to streamline and automate these processes going forward
3) We deliver analysis tools to make best use of the management information used to aid decision making