SAP AG (SAP) today announced a new rapid-deployment solution that integrates reporting processes of International Financial Reporting Standards (IFRS) and Financial Reporting (FINREP) to meet new European Banking Authority (EBA) FINREP requirements and the impending July 1, 2014 deadline.
The SAP® Financial and Regulatory Reporting for Banking rapid-deployment solution, packaged to deploy within weeks, enables banks to more closely integrate FINREP with IFRS reporting, which supports compliance through an aligned financial and regulatory reporting platform.
To meet the upcoming FINREP requirements and to ensure accurate and compliant financial reports, banks are forced to act quickly. SAP experts worked with Deloitte Consulting to expedite FINREP and IFRS reporting support, bringing together their expertise in regulatory reporting for banking and the SAP® Financial Consolidation application to develop the new rapid-deployment solution that can be implemented in as little as six weeks.
The rapid-deployment solution provides customers more than 48 of the 65 FINREP templates and pre-configured content for all IFRS group reports, which supports companies in quickly complying with IFRS and FINREP reporting requirements and helps saves time. When coupled with the skills and knowledge of the SAP® Services organization or an SAP partner as a part of the deployment, the rapid-deployment solution best practices and the underlying SAP Financial Consolidation application help to accelerate the compliance effort and improve efficiencies of transitioning from one arena of compliance to another, as well as provide guidance on how to do a proper IFRS reporting.
"With IFRS- and FINREP-compliant banks around the world set to face major changes put forth by the EBA, it is important that these institutions have the latest and most efficient technology to remain leaders in their industry," said Dr. Bernd Welz, executive vice president and global head, Solution & Knowledge Packaging, SAP. "With this new rapid-deployment solution, banks can streamline the majority of the new reporting requirements in the same application and gain a competitive edge through time and resources saved. Strong data quality and process automation benefits help customers deliver highly reliable IFRS and FINREP figures consistently faster."
By working with expert business support from the Deloitte Consulting banking practice, the resulting SAP Rapid Deployment solution offers financial institutions a head start in meeting both IFRS and FINREP requirements. The solution provides a single data model for collecting and validating reporting data. By integrating the distinct IFRS and FINREP consolidation and reporting cycles within one application, it facilitates the reconciliation of the accounting standard with the supervisory reporting requirements from EBA.