Avantage Reply assisted a well-known Private Bank in Eurozone in improving the quality of FINREP & COREP reporting and in documenting internal production process. Out client needed to meet the requirements for the production of the harmonized reporting for European Central Bank (ECB), both in terms of quality, timely delivery, as well as in term of management of its interaction with the local regulator. Since reporting activities have been offshored, client must demonstrate that its interaction with service provider fulfils additional requirements from EBA and local regulator’s guidelines for outsourced functions. Avantage Reply team defined and implemented adequate control framework, supported analytical review of reports and documented operational aspects of the process. As result, regulatory reports were submitted within regulatory deadlines with considerably higher quality of data.
With growing pressure from both European and local regulators to reach high quality of submitted reporting and to demonstrate the sustainability of internal processes, our client launched the remediation program to strengthen FINREP & COREP reporting process. The key objectives of the program were:
Our client has started a two-year program of remediation aimed at fostering the quality, documentation and organization of its regulatory reporting processes in a client-specific environment:
Avantage Reply defined an approach to manage all of the client objectives, providing a holistic and dynamic solution.
Avantage Reply placed a team for the project management, a team for the remediation implementation as well as a team for the regulatory reporting production support.
The former ensured that all the topics were adequately followed-up to ensure a timely delivery vis-à-vis the regulator, e.g., set-up and orchestration of Operational and Steering Committees, support in communication to local regulator.
The second provided its expertise to improve the technique and organization at every stages of the regulatory reports production. This team focused on:
The latest ensured that the client was properly trained and up-to-date with every best practice in term of regulatory reporting. This team also supported client in production controls and analytical review.
Regulatory reporting remediation program allowed our client to optimize the production efforts and to achieve significant improvement in quality of reporting, recognized by local regulator.
Solid control framework and formalized process contributed to enhanced governance and risk management in line with ECB and local regulator’s requirements.