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The Finnish COREP Project

The Finnish COREP Project. Kari Ukkonen kari.ukkonen@bof.fi Financial Supervision Authority VII European Banking Supervisors XBRL Workshop 9 May 2007. Contents. About the Finnish COREP project Reporting system Finnish COREP Taxonomy Data collection Experiences/Challenges Conclusions.

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The Finnish COREP Project

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  1. The Finnish COREP Project Kari Ukkonen kari.ukkonen@bof.fi Financial Supervision Authority VII European Banking Supervisors XBRL Workshop 9 May 2007

  2. Contents • About the Finnish COREP project • Reporting system • Finnish COREP Taxonomy • Data collection • Experiences/Challenges • Conclusions

  3. About the COREP Project • Goals of the project • Automated report flow • New data model • New language: XBRL • Based largely on the existing system • Why XBRL? • Good data modelling: measures and dimensions • Possibility to exchange data with other supervisors • Recommended by CEBS

  4. About the COREP Project (cont.) • April 2006–August 2007 • Involves about 20 people • 8 IT people • Business people • Outside consultants: project manager, 2 developers, taxonomy consultant • Actual amount of work until now • FSA: ca. 1360 man-days • Consultants: ca. 400 man-days

  5. COREP Reporting System 27 March 2007 Jaakko Mauranen FSA's Internet site Internet Extranet for Reporting Entities COREP Installation sets Taxonomy files Institution Register ExtranetDB DMZ Demilitarized Zone The Reporting Institution produces COREP report either by using Excel reporting Application or by its own means using COREP taxonomy FSA LAN Copy COREP Installation sets Copy Automatic notification Sending error list Taxonomy files COREP Reporting Application Run Installation Sets for COREP application ExtranetDB Error List Taxonomy Maintenance Report Management Institution Register Download Formulas Metadata Describing COREP Data Collection Input-directory RISKIDB Report pre-processing Automatic Input Download COREP-metadata Report Log Riski-folder RISKI Analysis tool

  6. The Finnish COREP Taxonomy • Extends the European COREP Taxonomy • One additional template for market risk • An additional taxonomy for details about the sender (e-mail, phone etc.) • Finnish and Swedish labels • Customized definition, presentation and label linkbase • No changes to calculation nor references • Uses so-called reporting layers, which import the necessary template taxonomies • Simplifies the use of the taxonomy • Different reporting layers for different types of reporting institutions • Available in FSA’s website (link)

  7. Data Collection • Reporting institutions have two ways to create a report • Use the reporting application provided by FIN-FSA • By their own means • Excel-based reporting application • Produces XBRL instances • Proprietary, developed with VBA, required a lot of work compared to previous data collections • Manual mapping between taxonomy elements and Excel cells • Imports XBRL and CSV files • Most of the reporting institutions use • Challenge: How to manage connection with the taxonomy?

  8. Experiences/Challenges • No prior XBRL knowledge in Finland • New releases of the COREP taxonomy • XBRL software was not mature • Developing own software also challenging and time-consuming • Reporting institutions are not very excited about XBRL • A couple of banks in Finland will report directly in XBRL in 2008 • Open questions • Who will eventually maintain the taxonomy – IT or business? • How will the exchange of data between authorities really work?

  9. Conclusions • Big, challenging, time-critical project • Goal: automated report flow in XBRL • Taxonomy customization important! • Need for affordable, customizable XBRL software Good luck in your project! 

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