FinRep

FinRep requires highly granular and detailed financial data, often down to the instrument level. Many banks’ legacy systems were not designed for this level of detail, leading to data inconsistencies or gaps.

Integrating systems (e.g. core banking, accounting, risk management) into a unified reporting framework is difficult since systems may use different data formats, definitions and standards.

FinRep templates and rules are periodically updated by the European Banking Authority (EBA). Institutions must constantly monitor, interpret, and implement regulatory changes. Continuous changes require flexible systems and can cause implementation fatigue and high costs.

FinRep data must be reconciled with other reports (e.g. COREP, internal financials). Discrepancies between regulatory and internal reporting structures can lead to mismatches.

Many banks still rely on legacy solutions such as SAP BPC/FC or Oracle HFM to consolidate financial data to report FinRep. SAP has announced end-of-support for BPC and FC by 2027.

Given that replacing platforms like SAP or HFM is a complex and time-consuming process, it is strongly recommended to start evaluating future-proof solutions now to ensure continuity in meeting regulatory reporting requirements.

CCH® Tagetik FinRep solution

CCH® Tagetik offers a dedicated regulatory reporting module that includes robust support for FinRep compliance. It helps banks and financial institutions streamline and automate their FinRep processes.

Key benefits

• Pre-Built FinRep Templates (EBA-Compliant)
• Fully aligned with the latest EBA XBRL taxonomy
• Includes all FinRep tables, validations, and reporting logic
• Updated regularly to reflect regulatory changes with minimal disruption
• Centralized datacollection from multiple systems (GL, risk, treasury, etc.).
• Data mapping tools to align source systems with FinRep structures.
• Helps ensure granular, consistent, and reconciled financial data
• Embedded EBA rulesets for data validation and quality checks
• Alerts users of inconsistencies or missing values before submission
• Reduces the risk of rejected filings or regulatory penalties
• Automatically generates EBA-compliant XBRL files for submission
• Includes XBRL validations to check for format, taxonomy, and structure
• Supports both manual entry and automated filing workflows
• Full data lineage - trace every value back to the source system or manual adjustment
• Enables transparent, auditable processes, crucial for regulators and internal controls

How can we help?

We can support you in implementing CCH® Tagetik to ensure full compliance with the FinRep reporting requirements.