Regulatory Functionality

To aid financial services firms meet the rigorous reporting requirements associated with CRD IV and to ensure they are compliant, SynApps has integrated best of breed technologies from key partners to deliver a ConXReporting, a powerful tool that controls the associated security, business process, production, validation and submission of the report to the relevant regulatory authority.

In light of the Credit Crunch/global financial crisis, regulators have been demanding an increasing amount of detail regarding banks’ financial reporting in order to prevent future liquidity crises. In Europe, this has solidified into the CRD (Capital Requirements Directive) IV, which builds on the Basel III process – and under CRD IV, European financial organisations have to standardise reporting using XBRL (eXtensible Business Reporting Language), a freely available and global standard for exchanging business information. From the beginning of 2014, XBRL became the only way regulators would accept data – which means all financial services firms operating in Europe have to submit a report covering a major aspect of their business by April. With penalties now becoming automatic on organisations that fail to meet this deadline, there is increasing pressure on financial organisations to meet the challenge – of both the new format and the deadline.

A great deal of information has to be captured and organised by financial organisations. And while a lot of this information will be held on a number of different internal systems, there is no easy way to get XBRL out of these systems without a lot of manual and heavy lifting.

SynApps has partnered with acknowledged expert in this area, CoreFiling, ECM technology partner EMC, as well as a major global consulting firm to produce a specially-tailored, flexible solution all compliance teams will be able to use.  Read more about the SynApps CoreFiling partnership here.

How can we do this?

CoreFiling is providing its powerful technology to satisfy the requirements for the online report submissions through applications that produce, transport and validate bank data into XBRL using the configured regulation taxonomy.
And as experts in ECM, SynApps has integrated the CoreFiling XBRL processing engine with a state-of-the-art business process management engine from our partner EMC which allows you to move information between different people to work with and collate data. All of this is underpinned by the security, version control and retention that you would expect from a leading enterprise content management system.

This new integrated solution, named ConXReporting, gives you the taxonomy and reporting templates managed in an enterprise document and records management environment. This means you as a bank can jump straight from data to generating accurate and comprehensive report templates – be they COREP (Common Reporting), LC (Liquid Coverage), FINREP (Financial Reporting), Large Exposures and Stable Funding Ratio – which are all specific to your organisation, using the EBA mandated taxonomy with built in security. In addition Solvency II will be available as soon as the taxonomy is released.

SynApps can also help define a review and approval cycle you can associate with each of those forms – so when Q1 2015 comes along and you have to create a COREP report, you can press a button that will then set off a business process defined within that template. Plus, all of the version and audit trail functionality you will expect from our underlying document management system will kick into play to support your team member do the CRD IV job safely and efficiently.

ConXReporting Key benefits:

• Replace inefficient in-house solutions that are manually intensive and error prone with a more efficient, scalable solution
• Proven XBRL generation engine from partner CoreFiling
• Highly secure, streamlined review and approval cycle produces the correct XBRL and validated against the EBA taxonomy
• A full audit history of the review and approval cycle – so you always know who and when it was completed and signed off
• Full archival and storage functionality also provided.

In one integrated system, ConXReporting, we have compiled a very compelling set of features that will help financial institutions meet all of their CRD IV deadlines – in a very efficient, pain-free way.

Find out more about ConXReporting here.