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Online Reporting (ONR)

Online Reporting (ONR). Declan Collins / Sean Marmion. Background. CBFSAI receives data from a large number of Financial Institutions For statistical purposes For regulatory purposes For operational purposes For ESCB purposes CBFSAI is supporting various mechanisms to receive this data

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Online Reporting (ONR)

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  1. Online Reporting (ONR) Declan Collins / Sean Marmion

  2. Background • CBFSAI receives data from a large number of Financial Institutions • For statistical purposes • For regulatory purposes • For operational purposes • For ESCB purposes • CBFSAI is supporting various mechanisms to receive this data • Paper • Email / Secure email • Diskette for upload • Web based • CBFSAI spends significant time and resources completing and validating this data before it can be used as intended • Decision taken in 2005 to implement a single efficient data submission process

  3. Progress to date • 395 firms currently use the system • 52 Credit Institutions • 134 Investment Companies and 54 MiFID Firms • 71 Life Insurance and 131 Non-Life Insurance companies • More than 2,500 external users (Note: some firms report in more than one category) • No of data items • 14 different returns currently being reported • Approx. 6,500 distinct items defined on these returns • Reporting frequency ranges from daily to annual • Validation applied at schema level, on screen, at form and cross-form level • Over 9,500 distinct validation rules implemented • Volume of data submitted • Over 12,500 files uploaded (and over 2,500 rejected) • More 350,000,000 items of data reported so far • Over 9 GB of raw data received • Very positive feedback from reporting firms

  4. Design Principles • Web based system for maximum accessibility • Simple navigation with user-friendly look and feel • Extensive help features – context sensitive • Administration functions – internal and external (delegated) • Verifiably secure system • Extensive data validation leading to receipt of complete and validated data according to predefined schedules • Integration with monitoring and analysis systems • Data entry and file upload options available • Extensive logging and auditing features • Ability to cater for high volume and high complexity in returns

  5. Extensive Data Validation Engine • Three levels of data validation • Data type validation for each item • On form validation to ensure consistency of all items on a form • Cross form validation to ensure consistency across different forms • All errors highlighted in red – when using data entry screens • Data can be saved with errors to allow users save work done • Data CANNOT be submitted with errors • Data now submitted is complete and passes all validations specified • Very significant savings in staff time and data available much sooner for analysis – months in some cases

  6. File Upload • XBRL • For COREP and FINREP returns under CRD • Taxonomies provided by CEBS – not modified by CBFSAI • XML • For MiFID transaction and client data reports • Schema written by CBFSAI based on CESR-Tech TREM schema • For Insurance quarterly and annual returns • Schemas written by CBFSAI • Formats used for transmission only • Once file is received it is processed and data loaded to database

  7. CBFSAI – COREP / FINREP Experience • Implemented first phase in March 2007 • Core data reporting only • Only 8 firms opted to switch to CRD reporting • Implemented second phase in March 2008 • Core and detail for all templates • Remaining firms switched to CRD reporting (230) • Used templates provided by CEBS • Additional validation rules applied

  8. CBFSAI – COREP / FINREP Experience • Provided data entry and file upload (XBRL) options • Data entry is the option most used by firms • 230 firms use data entry option • XBRL file upload not used as widely as hoped • 5 of 187 use XBRL for COREP (3% of firms) • 3 of 51 use XBRL for FINREP (6% of firms)

  9. CBFSAI – XBRL Experience • Using XBRL since March 2007 • Main Challenges • Suitable development tools not widely available • Suitable development tools expensive • Relevant technical knowledge not widely available • Relatively high IT resources used at development stage • Low level of use by local reporting firms • Firms struggled to produce valid files based on published taxonomies • 5 of 187 use XBRL for COREP (3% of firms) • 3 of 51 use XBRL for FINREP (6% of firms) • But we got there Thank you And now a demonstration of the system

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