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.
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:
- 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.
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.