Capital+ reporting

The latest CRD reporting requirement will provide more timely and accurate data to the Bank of England

For some time, there have been concerns on the part of the regulator that data provided under CRD IV is not timely enough. To address that, the Bank of England has announced new requirements for banks and credit institutions to provide broader, more granular, and more recent balance sheet data. This new requirement is known as Capital+ reporting.

The new regulations are similar to existing requirements. Only affecting institutions already in scope for CRD IV, the Bank of England will adopt the EBA’s filing rules, and submissions will need to be made in .XBRL format.

Capital+ reporting will be a monthly, quarterly, bi-annual or annual requirement depending on your firm. Unlike COREP, you’ll need to report not only on your previous reporting period’s activity but forecast information on your balance sheet and P&L.

The newest requirement reflects a growing focus on data integrity, quality and consistency across institutions internal systems, but also those of their vendors. This is particularly pertinent giving the increased sensitivity of data being submitted under Capital+ as opposed to the more limited scope that comprises COREP.

As most professionals in the regulatory space know, the EBA is pushing for improvements in data management, highlighted by the EBA’s CRD IV monitoring exercise in 2016. To support clients in demonstrating an end-to-end understanding of their information security, all Arkk Solutions data is held in an ISO 27001 certified environment with bank-level security to protect confidential data.

The Bank of England will provide Excel templates for the first deadline, available in April 2017. These templates will not include the validation rules required for successful submission.

You can find out more about how Arkk Solutions are supporting their clients through Capital+ implementation here.

Arkk Solutions will be supporting the new requirement for the first deadline in December 2017. Get in touch with your account manager, or call our London office to find out how you can simplify Capital+ reporting.

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