AxiomSL, a global provider of regulatory reporting and risk management solutions, has confirmed its platform is capable of handling multiple versions of the European Banking Authority’s (EBA) XBRL taxonomy for Common Reporting (COREP) and Financial Reporting (FINREP), as market participants in the UK prepare for September reporting requirements that will demand access to several iterations of the taxonomy.
Market participants need access to multiple iterations of the EBA’s taxonomy because, if asked to resubmit a report, they must do so using the version that was current on the date the report was originally due. The UK’s Prudential Regulation Authority has recently highlighted the importance of this by asking market participants to check their software allows them to report using any of the versions of the taxonomy published by the EBA, and not only the most recent one.
AxiomSL’s platform has always had the ability to handle multiple taxonomies and is ready to help users manage requests to resubmit data using any version of the EBA’s taxonomy.
In the UK, AxiomSL’s platform receives submission calendar information from the Financial Conduct Authority, which sets out the reporting deadlines and versions of the EBA taxonomy that should be used in each case. AxiomSL’s enterprise reporting mapping structure creates links between these deadlines and the relevant versions of the taxonomy. When a financial firm is required to resubmit data, it can select the original reporting deadline within the AxiomSL platform and it will then be given access to the version of the EBA taxonomy that was originally required on this date.
The flexibility of AxiomSL’s platform means that as well as handling earlier versions of the EBA’s taxonomy, it helps market participants prepare for the future by enabling them to map to new versions of the taxonomy at the earliest possible date. This gives users more time for testing and parallel running. AxiomSL’s sophisticated XBRL functionality is also helping insurance firms manage the requirements of Solvency II.
Pavel Yakovlev, head of solutions team, EMEA, AxiomSL, said: "We understand the importance of making it easy for our clients to handle both past and future versions of the EBA’s XBRL taxonomy. The enterprise reporting mapping structure that creates links between the reporting deadlines and the required taxonomies is something we have used for more than a decade to help clients manage free-form reports. We are pleased we have been able to extend the use of this functionality to support clients resubmitting reports as part of the EBA’s new, taxonomy-based approach.”