What is COREP?
Common Reporting (COREP) refers to the standardised regulatory reporting framework across the EU initiated by the Committee of European Banking Supervisors (CEBs) and their successor, the European Banking Authority (EBA). COREP was implemented with effect from 1 January 2014 as part of CRD IV to standardise the reporting of capital requirements and prudential regulatory information by regulated investment firms and credit institutions across the EU. COREP covers reporting of credit risk, market risk, operational risk, own funds and capital adequacy ratios. As a result, a number of previous regulatory returns have been replaced by new reports required to be submitted in XBRL (eXtensible Business Reporting Language) format by uploading in the FCA’s GABRIEL system, which requires specialist software. All IFPRU Firms are subject to COREP on a solo as well as a consolidated basis.
How do you submit the returns?
The reports have to be prepared in XBRL (eXtensible Business Reporting Language) using the EBA taxonomy. Such XBRL formats are available from specialist software providers at quite substantial licence fees.
How can CCL support you with your COREP obligations?
CCL has invested in the dedicated software required and can assist in preparing XBRL returns for your Firm. But this is only part of the process. CCLs real value-add comes from our in-depth knowledge and experience in this highly specialised area to truly understand your business and financial reports. We can
- ensure that your reports are properly and accurately filed
- advise you on the efficient use of your capital in a manner that meets the regulators’ requirements
- identify possible future breaches and advise on the best way of avoiding such breaches.
For help with your COREP returns, contact our Prudential Returns Specialists