Why M.M.Warburg & CO Luxembourg S.A. chose FlexFinance CSSF Reporting for scheduled FINREP and COREP report creation
With the successful introduction of FERNBACH’s FlexFinance CSSF Reporting solution, M.M. Warburg & CO Luxembourg S.A. was able to meet the new requirements for regulatory reporting that came into force in January 2008. The XBRL interface is a transfer protocol, which means that the flow of information from the creation of the reports to submission to the Luxembourg regulatory authority is automated, accelerated and the quality greatly improved.
New standards in reporting require a quantum leap in data collection and analysis
As of 1 January 2008, new requirements for regulatory reporting became mandatory by the Luxembourg supervisory authority “Commission des Surveillance du Secteur Financier” (CSSF). These amendments requested by the CSSF were based on the guidelines of the Committee of European Banking Supervisors (CEBS), which had compiled new requirements for regulatory reporting across Europe.
These amendment requirements for reporting in Luxembourg’s financial services sector ensure a standardisation, simplification and acceleration of the exchange of financial information. For local banks, however, this meant they had to adapt to the amendments quickly and create a reporting framework for IFRS (FINREP) and Basel II (COREP) as soon as possible.
When choosing the appropriate software, it was particularly important for M.M.Warburg & CO Luxembourg S.A. to find a complete solution. This is because, in addition to creating reports in Luxembourg, the key figures for the parent company in Germany had to be generated in order to meet German reporting requirements. The challenge lay in the need to create an interface from the existing core banking system IBSY from Real Solutions to Logica’s SAMBAplus. This interface had to have a format that could directly input into SAMBAplus.
