The CRD IV COREP reporting is proving to be one of the biggest challenges for EU financial services institutions this quarter. With less than 25 working days to go until the first COREP filing deadline, financial compliance officers are facing one of the busiest times of the year as they prepare their first COREP integrated returns. Integrating new systems, sourcing, consolidating and validating data are just a few of the difficulties COREP brings. Here are 5 key practical tips for ensuring a quick, smooth and successful COREP implementation.

1. Get the job done!
The new COREP reporting regulation imposes a significant change to existing organisational operations and methodologies. Selecting an easy-to-use reporting solution should save considerable time and resources. Save extra analysis, bells and whistles for a later date when your processes have become business as usual.

2. Choose an easy-to-implement solution
Selecting an easy-to-implement COREP solution will free up more time to concentrate on data quality, validation and tasting. With only a few days left before the first submission, time is crucial so make sure you make the most of it!

3. Link the COREP templates to your existing data sources
Using a reporting solution that allows linking the COREP templates to existing data sources can further secure data validity and accuracy.

4. Pay particular attention to the reporting of numeric values
One of the most common reporting errors that we have come across in the first test-filing wave is incorrect numeric values. Each competent authority has provided its specific filing rules and technical standards so we advise our clients to be very careful with the disclosure of numeric values and strictly follow their local regulator's guidelines.

In the UK, for example, the FCA has identified the following rules for the provision of numeric values:
• Data points with the data type 'Monetary' shall be reported using a minimum precision equivalent to thousands of units;
• Data points with the data type 'Percentage' shall be expressed as per unit with a minimum precision equivalent to four decimals;
• Data points with the data type 'Integer' shall be reported using no decimals and a precision equivalent to units.

5. Make sure all returns are in valid XBRL format and contain correct Incorporation and Entity Identifier reference numbers
Another common COREP reporting mistake is filing documents in the wrong format and/or with incorrect Incorporated Number and Entity Identifier scheme. So you should also make sure that all returns are in valid XBRL format and contain both the correct Incorporated and Entity Identifier references.