Clients

Arkk’s 700+ clients span across the globe and range from growing mid-size firms right up to FTSE 250 firms, including household names such as Legal & General, Marks & Spencer and Schroders. Day in day out our team works closely with fund and asset managers, tax specialists and other financial experts whose responsibility it is to manage regulatory filing and reporting. Read on to find out more about why they choose Arkk to simplify their reporting…

Case Studies

Find out why we’re the chosen solution for some of the world’s largest consultancies and leading firms, including 25% of the FTSE 250.​

eToro CRD IV Case Study

eToro switches to Arkk Solutions for smart and accurate CRD IV reporting

To solve a legacy challenge and fulfil the FCA’s latest requirements, eToro worked with Arkk Solutions, resubmitting over four years of CRD IV data and creating a simple, future-proof reporting process.

  • Successful and rapid response to the FCA’s new requirements.
  • Consistent support for an urgent regulator request.
  • A smart accessible solution for COREP and Asset Encumbrance filings.
eToro switches to Arkk Solutions for smart and accurate CRD IV reporting

Our client

eToro is a rapidly growing social investment broker. Recognized as pioneers of ‘social trading’ – the practice of trading socially, sharing trading knowledge and giving users the ability to follow other traders, and profit from their trades.

Quick to adapt to trader demands, eToro’s cryptocurrency fund provides their clients with quick and easy access to Bitcoin, Ethereum and five other cryptocurrencies.

The challenge

Stemming from the FCA’s requirements for stronger data validity, eToro received a letter noting some inconsistencies in their submissions. “We’d been submitting COREP with our previous provider for four years” says Kreeson Thathiah, eToro’s Head of Finance and Client Money.  “I was concerned to find out that whilst our returns had all been accurate, an error in our previous suppliers’ software had distorted our numbers and incorrectly converted our templates.”

Looking for an alternative solution to help resolve these errors, Kreeson reached out to Arkk Solutions. “I’d worked with Arkk previously and remembered their solutions being very user friendly an easy to follow.” Within two weeks, Kreeson switched to Arkk Solutions, and the team got to work on supporting eToro through four years of resubmissions.

Smooth, swift resubmissions

Due to these legacy challenges, eToro was determined to get the resubmission right first time. Using Arkk’s data repository and HTML viewer, Kreeson uploaded their previous XBRL submissions, and transformed these back into editable Excel. From here, the Arkk Solutions team built and ran a macro to reset the figures. Next, Arkk made additional adjustments in line with the FCA and EBA’s requirements.

As well as the solution, Kreeson had access to Arkk’s expert support team for the process of reconverting and editing previous returns. “The information that came back from Arkk was so clear and transparent,” adds Kreeson. With a consistent contact working on the returns, Kreeson had confidence in Arkk’s ability to deliver. “If I wanted an update or needed to ask a question I’d get straight on the phone and I never needed to wait – I was delighted with how well the Support and Product teams managed the process. I could tell I was in good hands.”

As a result, eToro re-uploaded four years of submissions to the FCA in one week. “I expected this process this to take far longer,” adds Kreeson. “I was seriously impressed at the speed we managed to get all of our returns resubmitted.”

A clear and simple CRD IV experience

With the resubmissions fixed and submitted to the FCA, Kreeson’s team then looked to their live 2018 COREP and Asset Encumbrance filings.

Even for experienced CRD IV filers, understanding the EBA’s validation errors is amongst the biggest CRD IV challenges, as changes ensue with each release of a new taxonomy, which are not always clear to understand. “With Arkk, I really like the ability to click a validation error, and go straight to the cell with the issue. I don’t think most people can imagine it being that simple!” says Kreeson. The ability to solve errors directly without decoding the jargon-heavy error messages saves the team a considerable amount of time.

In addition to the direct link to validation errors, eToro liked Arkk’s templates, which are all contained on one workbook. “With previous suppliers, I’ve seen separate workbooks for every return,” adds Kreeson, “it’s much easier to work on the same file for all returns, and creates a far slicker workflow across different teams.”

The Results

With Arkk Solutions, Kreeson was able to resubmit 16 COREP and 12 Asset Encumbrance reports with all inconsistencies from his previous provider resolved within just one week. Thanks to Arkk, eToro now has a smoother workflow using just one CRD IV Excel workbook, allowing swift click-through to any validation errors. “For any fellow Finance peers with concerns around the FCA’s new guidelines, Arkk is the sure-fire way to get things right, and get them done quickly.”

w: www.arkksolutions.com
e: enquiries@arkksolutions.com
t: 0207 036 2758

eToro switches to Arkk Solutions for smart and accurate CRD IV reporting
Old Mututal Case Study Country by Country Reporting

Old Mutual gains peace of mind and swift reporting with Arkk Solutions

Working together to meet the first Country by Country Reporting deadline, Arkk Solutions supported Old Mutual with regulatory expertise, robust reporting software, and hands-on customer service.

  • Successfully submitted 24 days ahead of the deadline.
  • 90% reduction in conversion time following collaboration with Arkk developers.
  • Peace of mind that the latest updates were always available.

Our client

Old Mutual plc is an international investment, savings, insurance, and banking group. For the year ended 31 December 2016, Old Mutual reported an adjusted operating profit before tax of 1.7 billion and had 395 billion of funds under management.

Sabina Catinean, Group Systems Accountant at Old Mutual plc, explains why Country Reporting deadline.

An easy choice – XML conversion & systems integration

After comparing several solutions, the Arkk product stood out as exactly what Old Mutual needed. “By Q3, my tax team had collated the necessary data from each of our business units,” explained Sabina. “What we needed next was an instrument to convert this into XML – this final step was the problem for us. The tool needed to fit in with our current systems, as well as link to Excel data from various finance groups across the company.”

A strong benefit for Old Mutual was the ability to use templates with the HMRC XML schema already built-in. “We also could see validation errors before uploading to HMRC – this was essential when dealing with a brand-new filing requirement.” 

Addressing key Country by Country reporting challenges

The biggest concern for Sabina and her team around Country by Country Reporting was the frequency of regulator updates. Both the OECD and HMRC updated their requirements regularly; sometimes several times a week. This was a challenge to keep track of and assessing whether or not the changes impacted them was resource intensive.

Sabina continued, “The great thing about collaborating with Arkk is we could rely on them to track regulatory changes. Whenever new guidance was issued, we would receive an e-mail from the Arkk Country by Country specialist, Niamh McNeill, explaining what had changed and what was still under discussion. This let us focus on the report itself, confident we were populating the data in line with the latest requirements.”

The Arkk customer experience

Describing her first experience using the Arkk software, Sabina said, “The tool is incredibly easy to use – it’s like having a macro in Excel for Country by Country.” With over 700 entities to fill in data for, the ability to populate this all on one consolidated sheet and convert to the correct template format saved the team a considerable amount of time.

Dealing with this new filing requirement, Sabina had questions around discrepancies between the OECD’s Country by Country Reporting guidance and the HMRC schema in the templates. “There was no delay in response when I reached out to the Arkk support team – they’d get back to me straight away,” Sabina added. “We also had access to Arkk’s compliance partners, who could answer our questions on the financial concepts within the reporting. This was a great additional resource.”

Easy collaboration with the Arkk team

Throughout Q4, the Old Mutual team bene ted from Arkk’s training sessions. They had the opportunity to speak directly to the Arkk developers and regulatory specialists to explain how they were using the templates, and in turn understand how to better streamline the process. They saw their feedback actioned – a clear sign of fruitful collaboration.

As Old Mutual had a large volume of data, the rst conversion on the consolidated templates took some time to process. Based on this, the Arkk team reacted quickly to release a second version, allowing Sabina and her team to simply roll their data forward. This cut conversion time by 90%.

With the Arkk portal, all submissions were available to download, and Old Mutual could make any changes required with minimal disruption. As well as having total access to their data, they know they can rely on Arkk to answer any additional questions around possible resubmissions in the future.

The Results: early, successful report submission and peace of mind

Using Arkk Solutions, Sabina and her team submitted their Country by Country Report 24 days early. “Even HMRC were amazed at how quickly we filed!” Sabina explained. “This gave myself and the tax team great peace of mind to have this first submission complete. From the beginning, we had synergy between my team, our finance team, and Arkk Solutions, which meant we could align our numbers and generate our report quickly.”

w: www.arkksolutions.com
e: enquiries@arkksolutions.com
t: 0207 036 2758

Aspers secure a smooth, hassle-free transition to iXBRL reporting

Aspers Group selected Arkk’s iXBRL managed tagging services to meet HMRC’s reporting and electronic filing requirements, supported by technological excellence and friendly, expert support.

  • Avoided unnecessary costs and continue business as usual,
  • Dedicated support and professional technical expertise are crucial for the successful implementation of the iXBRL project
Aspers iXBRL Case Study

Our client

The Aspers group comprises eight legal entities operating across the UK, which became subject to HMRC’s reporting and electronic filing requirements in 2011. Aiming to continue business as usual, the company decided to outsource the iXBRL tagging of their annual reports to a third party supplier. Cost, quality and reliability were the most important factors for Aspers when selecting an iXBRL reporting solution.

Supporting the Requirements

The Aspers group comprises eight legal entities operating across the UK, which became subject to HMRC’s reporting and electronic filing requirements in 2011. Aiming to continue business as usual, the company decided to outsource the iXBRL tagging of their annual reports to a third party supplier. Cost, quality and reliability were the most important factors for Aspers when selecting an iXBRL reporting solution.

Outsourcing to the Experts

Aspers initially approached their auditors to prepare their reports for them, but after careful consideration and cost-benefit analysis, they selected Arkk’s managed tagging service, which appealed to them with its good value for money.

Kevin Lane, Group Financial Controller at Aspers, said: “Cost was one of the key factors in selecting an iXBRL solution. Arkk’s proposal was very reasonable and it offered good value for money.”

Since Aspers’ first filing in 2011, the company has successfully submitted more than 20 iXBRL reports with HMRC.

The Results: a smooth and hassle-free transition to iXBRL reporting.

Arkk’s outsourcing solution required no software installation and no specific technical knowledge, which meant that there were no changes to Aspers’ existing operations and reporting procedures.

Three years on, Aspers have been very pleased with the services and support they have received from Arkk, and they look forward to using their services in the future.
Kevin further comments: “We experienced no challenges during the transition to iXBRL, and we have been very happy with Arkk’s efficient and friendly support service and technical excellence.

w: www.arkksolutions.com
e: enquiries@arkksolutions.com
t: 0207 036 2758

Aspers iXBRL Case Study
AIB Case Study XBRL for CRD IV

Arkk Solutions join up all of AIB’s XBRL filings

AIB tackle their reporting requirements early and head on by transitioning from CRD III to CRD IV in XBRL with Arkk Solutions

XBRL for AIB

Our client

AIB is a financial services group operating predominantly in the Republic of Ireland and the UK. They provide a comprehensive range of services to personal, business and corporate customers in our target markets and have leading market shares in banking products in the Republic of Ireland.

AIB’s business has been restructured in recent years with the aim of becoming a customer focused, profitable and lower risk institution, well positioned to support economic recovery in Ireland while seeking to generate sustainable shareholder returns.

The challenge

As financial institutions come to terms with the impact of filing in XBRL for multiple regulatory returns, one leading Bank have led the way.

Allied Irish Banks (AIB) one of the so-called “Big Four” commercial banks in Ireland tackled the problem early and head on.

 In mid-2013, faced with the twin mandatory requirements from Irish Revenue and the Central Bank of Ireland, AIB approached Arkk after they were recommended by one of the other “Big Four” banks (another Arkk customer).  AIB always intended to have a single supplier solution.

Regulatory Reporting Manager for AIB, Noel O’Rourke explains “Our financial reporting colleagues had begun the process of sourcing an XBRL solution and advised us of the Arkk offering.”

A combined solution

By combining a blend of tagging services for the iXBRL requirements, and desktop Excel based compliance software for COREP, AIB identified early on that Arkk could fulfill both needs.

With the COREP mandate fast approaching in Q1 2014, identifying a pragmatic, trusted solution was of paramount importance,

“Our belief that a solution was necessary to achieve our required timelines. This decision has been re-inforced by the Central Bank direction that all CRD IV filings will be required through XBRL from 2014 onwards”.

Recognised across the regulatory reporting space for their speed to market, AIB implemented Arkk’s COREP solution in under a month, which included end to end testing with the local regulator .  Cost and ease to implement were important factors as AIB narrowed down their vendor selection process, “We decided to go with ARKK based on the quality of the product (and the) simplicity, ease of use, customer support and value for money”.

The benefits of XBRL

AIB’s project plan started in July 2013.  The experience of filing for over a year in COREP Revision III, gave them a unique insight into the benefits of filing in XBRL after they had spent a large proportion of that time keying in the data.

Internally there was an additional benefit of switching to XBRL early related to bringing down the lead time of submitting a return.  The ability to collate the data in Excel fitted their requirements, after they had tried generic Regulatory Reporting packages which didn’t give them the flexibility they needed.

After filing their COREP manually for a year, the automation provided by Arkk proved a relief,   “The CRD III experience has made clear that an automated upload solution would be of great benefit from a productivity and operational risk point of view.” says Noel.”  They filed live for the first time in October 2013 using Arkk’s COREP software.

The Results: a successful transition to CRD IV

When assessing the readiness of the Arkk platform to move between CRD II and CRD IV, their requirements largely centred on the new features in CRD IV.  The additional Module of “corep_lcr” (Common Reporting liquidity coverage ratio) was something they were keen to prepare for.  The mapping of this information to the Arkk software is an important part of their Q1 2014 preparations, but the CRDIV work started in mid-December 2013 as soon as the final published templates were issued.

“Our experience to date (of Arkk) has been positive and extremely professional”

w: www.arkksolutions.com
e: enquiries@arkksolutions.com
t: 0207 036 2758

AIB

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Why Arkk?

Every year, we support over 700 clients with their financial regulatory reporting requirements.

In-House Experts

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At Arkk Solutions, our in-house teams are in constant contact with the regulators. So whether it’s being the first to find out about the latest schema or the newest directive, Arkk’s clients get the most up-to-date service possible.

Robust, Simple Solutions

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Arkk’s products and services disrupt and challenge the complexity around regulatory and financial reporting. We know there is a simpler way for our clients to comply, allowing them to embrace digital ways of working and file accurately and on-time.

World-Class Support

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Our award-winning solutions are underpinned by a highly acclaimed UK-based customer success team, dedicated to going the extra mile. Expert, fast support is only ever a phone call away.