News & Events
FinArch ready for COREP and FINREP reporting in new XBRL format in Luxembourg
Luxembourg, 07 February 2008 - Financial Architects (FinArch), the award-winning provider of risk management and regulatory reporting solutions, today announced that the company recently gained speed in the successful delivery of CSSF reporting solutions in. Now is the time Banks are coming under ever increasing pressure to prepare and submit statistical and supervisory returns for the BCL and the CSSF. Banks are up against tight deadlines ; the information must be accurate, and support full audit analysis and drilldown. The ultimate risk to the institution is the possibility of having its licence to operate in the market restricted or revoked. Banks need to be confident that the data they submit to the CSSF is both accurate and is delivered in a timely manner. Especially given the recent financial scandals, there is no more room for erroneous choices or incomplete solution approaches and banks have to rely on the rapid implementation of suitable software packages. Philippe Meyer, Vice President Business Strategy at FinArch comments: “All three adjectives in our mission are especially true in Luxembourg, where we want to deliver complete, alternative and referenced solutions to help banks achieve their business and compliance objectives on time and on scope”. Developments to the reporting requirements are ever more frequent and becoming more complex, and the new requirements force many banks to make fundamental business decisions, ranging from the interface with their source systems, over required calculations for COREP (COmmon REPorting) and FINREP (FINancial REPorting) up to the choice of an encryption and transmission software to pass on the XBRL reports to the CSSF. XBRL working group In order to prove the solidity of the solution, FinArch submitted several reports in the required XBRL data format and transmitted and tested them with the CSSF. As a renowned software company, FinArch is committed to maintain and update its software in line with any changes announced by the CSSF and the BCL. To abide by the evolving regulatory reporting requirements and to offer updated software enabling banks to continue submitting their returns to the CSSF, FinArch has happily accepted to be one of the selected vendors that attend regular briefing meetings with the ABBL, to stay informed of regulatory changes and required developments, to discuss any issues and to collect input into certain aspects of - for example - the XBRL taxonomy. As part of this working group, FinArch stays close to the CSSF and receives technical specifications for all regulatory data collected and required by COREP, FINREP, MiFID and other regulatory initiatives. But besides the visible “top of the iceberg”, the revised CSSF reporting in XBRL format, FinArch’s flagship product “Financial Studio” enables the bank to bring its accounting standards completely in line with the Luxembourg regulatory reporting procedure and, thus, to confidently face increasing demands of Basel II and capital management needs. The objective of the new COREP and FINREP regulations is to standardize and simplify the exchange of financial data. This software is shaped to the requirements of the Luxembourg market and provides a modular architecture to address all financial dimensions, including regulatory reporting, risk management, accounting practices and MIS. “Our approach to the market and our business development initiatives in Luxembourg is pioneering in the sense that we consistently opt to grow organically, perfectly in balance with what we can commit to from a delivery perspective”, Meyer concludes. “We also stay close to bodies like the ABBL and the CSSF to further establish our presence in Luxembourg. Backed by the achievement of recent assignments, we now have solidified the basis to further leverage existing industry credit to continue offering a proven solution”. About FinArch FinArch (Financial Architects nv), with offices in the major financial centers worldwide, is a global value leader in providing a new generation of financial management software. The concept of the platform and the integrated approach of the different modules enable innovative financial institutions to quickly implement tactical solutions meeting the overall strategic objectives in financial reporting. FinArch provides a unique blend of domain expertise, operational services, and technology solutions that accelerate and facilitate financial institutions’ ambition to implement a cost effective and reliable financial management platform. For more details, please contact: Philippe Meyer FinArch sàrl
Vice President Business Strategy
Boulevard Royal 26
L-2449 Luxembourg
Luxembourg tel: +352 22 99 99 5524
e-mail: press.office@finarch.com
