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Struggling with CRD IV Reporting? Here are Common Challenges You Should Know

12/29/2020
Posted By Nivetha
Category : CRD-IV; EBA;

Tag(s) : Challenges, covid19, EU,

Even though there are several CRD IV reporting solutions available in the market, error-free CRD IV reporting is a major challenge for many organisations across the EU. Firms are facing stringent deadlines and plenitude requirements from the EBA (European Banking Authority), including new digital finance strategy, stricter rules in appointing directors, and much more. And the software solutions that companies are using are not making it any easier, be it in terms of quality, technical support, or expertise.

Furthermore, the post-Covid-19 pandemic has revealed vulnerabilities in the regulation and reporting structures of the banking system in the EU. The new regulations and legislation set by the EBA to help companies fight against Covid-19 impact are forcing firms to re-examine their current reporting solution. This has set companies out on a search for a robust software solution that can help overcome quality reporting issues.

Common Challenges with CRD IV Reporting Solutions

● Implementation of Financial Holding Companies and Capital Requirements

The Financial Holding Companies and Capital Requirements have been published along with an explanatory memorandum. These regulations directly impact the EU Capital Requirements Directive IV, also known as CRD IV. Considering the complexity and specifications of these new requirements, compliance is going to be a significant challenge.

● Addressing Deficiencies

New rules and regulations are being bombarded on financial firms every day to address the deficiencies in retained EU law due to the UK’s withdrawal from the European Union. This will significantly impact financial institutions and banks as it means complying with more regulations and provisions.

● Operational Resilience

Managing digital risk has never been easy for banks and financial institutions, considering their transactions’ imperil nature. In response to the current pandemic, the EU has published draft legislation specifying how financial firms need to manage digital risk. To comply with this new legislation, firms need to consolidate and upgrade ICT risk requirements to ensure that they are subject to a common set of standards to mitigate such risks.

Solution? Robust Reporting Software!

As new updates and regulations are being introduced almost every month, it has put financial firms and banking institutions under a lot of compliance burden. Complying with ESMA and EBA reporting requirements now requires a robust XBRL solution that supports the complex taxonomy and tagging process with a high degree of accuracy, appropriate pre-submission formatting, and validation checks. By leveraging a unique, pragmatic software solution that allows continuous technical support, companies can regain control over additional CRD IV reporting requirements.

The innovative cloud-based software solutions, regulatory expertise, and an EBA certified approach offered by DataTracks can comply with the CRD IV reporting requirements, assisting firms in attaining a perfectly aligned reporting system.

With DataTracks, firms can now be compliant with the new reporting requirements laid down by the EU, EBA, and ESMA. 

To know more about the specific CRD IV reporting software solution offered by DataTracks, please speak to an expert @ +44 (20)-3608-1300.



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