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What is Financial Reporting (FINREP)?

The Financial Reporting (FINREP) framework is a standardized reporting system developed by the European Banking Authority (EBA) to harmonize financial reporting across European Union (EU) member states.

FINREP applies to credit institutions and investment firms that are:

  • Listed on a recognized stock exchange.
  • Prepare their financial statements in accordance with International Financial Reporting Standards (IFRS).
  • Subject to the Capital Requirements Directive IV (CRD IV).

The framework mandates the submission of detailed financial information, including balance sheets, income statements, and other relevant data, to national supervisory authorities.

Key objectives of FINREP

Standardizing financial reporting

FINREP aims to create a uniform reporting structure across the EU, facilitating comparability and consistency of financial data among institutions.

Enhancing supervisory efficiency

By providing a common reporting framework, FINREP enables supervisory authorities to efficiently monitor and assess the financial health and risks of institutions.

Improving data quality and transparency

The framework ensures that financial information is accurate, comprehensive, and transparent, supporting informed decision-making by regulators and market participants.

Who does FINREP affect?

FINREP affects credit institutions and investment firms within the EU that meet the specified criteria. Key stakeholders include compliance officers, financial controllers, and reporting teams responsible for preparing and submitting FINREP reports in accordance with EBA guidelines.

Key challenges to FINREP compliance

Complexity of reporting requirements

The detailed nature of FINREP necessitates a thorough understanding of reporting templates and instructions, which can be resource-intensive.

Data management and integration

Institutions must aggregate data from various sources, ensuring accuracy and consistency across reports, which can be challenging without robust data management systems.

Keeping pace with regulatory changes

The EBA periodically updates FINREP requirements, requiring institutions to stay informed and adapt their reporting processes accordingly.

Related financial resources

Stay informed with our latest insights and tools on FINREP and its related areas:

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How Wolters Kluwer OneSumX can help

By leveraging Wolters Kluwer’s expertise and technology, financial institutions can confidently meet FINREP reporting requirements, ensuring compliance and contributing to a transparent and well-regulated financial system. We provide comprehensive support for FINREP compliance through specialized services, including:
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Our OneSumX for Regulatory Reporting solution offers a scalable, cloud-native platform that streamlines and automates regulatory reporting for financial institutions, covering various types of reporting, including financial (e.g., FINREP).

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OneSumX provides robust tools for managing data extraction, transformation, and reporting, ensuring accuracy and consistency across reporting periods.
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Our Regulatory Update Service ensures that all our regulatory reporting solutions are kept up-to-date with the latest reports and analysis by our in-house experts, helping you to better understand your regulatory requirements.

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