Regulatory reporting with the RapidRep Reporting Suite

 
For the implementation of regulatory requirements, particular high demands apply to the quality of results as well as to the complete origination process. The RapidRep Reporting Suite is proving itself with our clients of the financial sector in several regulatory topics (Basel II, Basel III, CoRep, FinRep, Flat rate withholding tax). Regulating supervisory authorities and audits can subsequently review each report that has been created with RapidRep completely and transparently. All report definitions that a developer explicitly releases (four-eyes principle) are stored to a repository database and cannot be changed any more. A report which has been created with a specific version of a report definition and parameter values is stored to the repository as result. Additionally, every single report can be created anew per definition. Numerous security settings for the authentication of users and their user rights furthermore facilitate best possible protection from abuse.

Revision-proof reporting

Reporting is at the end of a chain of process steps. Thus, the faultless execution of all single steps is a necessary precondition for a correct report. The order of the individual process steps must also be kept.

Regardless of whether it is business numbers for the chief financial officer or regulatory reports: form and content of a report have to be absolutely reliable.

Possible consequences of an incorrect report can be:

  • The management makes wrong business decisions
  • The supervisory institutions inflict a penalty for non-compliance to regulatory prescriptions
  • Loss of reputation

Causes that can lead to incorrect reports:

  • Poor data quality
  • Errors in the processing chain
  • Insufficient quality assurance

Due to the great importance of a functioning reporting, the revision (internal or external) places high demands on the process of report creation.

The most important requirements to be monitored by a revision, include:

  • Correctness
  • Transparency
  • Reproducability
  • Data safety

Support through the RapidRep Reporting Suite

For the requirements mentioned above, RapidRep provides numerous mechanisms which you will find very helpful when building a secure, reliable reporting.

RequirementFeatures
Correctness
  • Reports can only be created based on report definitions which have been previously released in the RapidRep Designer and if necessary been quality assured per 4-eyes principle. 
  • In the Report Runner application, each single report can be individually released.
  • The accompanying data quality solution can regularly check the data which are included in the report. Special plausibility rules detect unexpected data constellations.
  • The creator of a report can pass current values to the parameters but not make any changes to the SQL or the Excel template. Operation errors are ruled out by construction.
Transparency
  • Form and content of a report are replicable at any time. The Excel template (Layout) and the specification of the data contents are stored in the report definition used. Storage location is the RapidRep Repository.
  • For each report, RapidRep saves the information who created the report and from when to when its creation took time. The parameter values used are also easily read in the Report Runner. 
  • The design of Excel templates in a report definition is freely configurable. To increase transparency, further detailed information can also be output besides the plain results.
  • All parts of a report definition can be extensively documented and commented upon in the RapidRep Designer and are better replicable for a third party.
Reproducability
  • Every report can be calculated again at any time with the same logic (report definition) and the same parameters. The result can only be different if the databases changed.
  • The RapidRep Repository stores the report definition in versions. This way a report can be repeated exactly even after a long period of time.
Data safety
  • The RapidRep Repository Manager provides many settings for the authentication of users and their rights in RapidRep.
  • The authorisation is very detailed and possible down to the object level (e.g. who may read, parameterise, delete, release a report etc.) A default report supplied in delivery creates if desired a report on all security settings valid in the repository.
  • The executability of scripts, which create reports in batch mode, can be regulated very strictly. For example, encrypted passwords may be valid only if the script is executed on a previously defined computer or by a particular user logged in to the operating system.

RapidRep is being used for the regulatory reporting in the financial sector. Reports created by RapidRep are for example sent to the Federal Bank. We used the exchange with staff members of the revision to integrate remarks and suggestions for improvement into RapidRep.