Online Reporting (ONR) Declan Collins / Sean Marmion

Background CBFSAI receives data from a large number of Financial Institutions –For statistical purposes –For regulatory purposes –For operational purposes –For ESCB purposes CBFSAI is supporting various mechanisms to receive this data –Paper – / Secure –Diskette for upload –Web based CBFSAI spends significant time and resources completing and validating this data before it can be used as intended Decision taken in 2005 to implement a single efficient data submission process

Progress to date 395 firms currently use the system –52 Credit Institutions –134 Investment Companies and 54 MiFID Firms –71 Life Insurance and 131 Non-Life Insurance companies –More than 2,500 external users (Note: some firms report in more than one category) No of data items –14 different returns currently being reported –Approx. 6,500 distinct items defined on these returns –Reporting frequency ranges from daily to annual –Validation applied at schema level, on screen, at form and cross-form level –Over 9,500 distinct validation rules implemented Volume of data submitted –Over 12,500 files uploaded (and over 2,500 rejected) –More 350,000,000 items of data reported so far –Over 9 GB of raw data received Very positive feedback from reporting firms

Design Principles Web based system for maximum accessibility Simple navigation with user-friendly look and feel Extensive help features – context sensitive Administration functions – internal and external (delegated) Verifiably secure system Extensive data validation leading to receipt of complete and validated data according to predefined schedules Integration with monitoring and analysis systems Data entry and file upload options available Extensive logging and auditing features Ability to cater for high volume and high complexity in returns

Extensive Data Validation Engine Three levels of data validation –Data type validation for each item –On form validation to ensure consistency of all items on a form –Cross form validation to ensure consistency across different forms All errors highlighted in red – when using data entry screens Data can be saved with errors to allow users save work done Data CANNOT be submitted with errors –Data now submitted is complete and passes all validations specified Very significant savings in staff time and data available much sooner for analysis – months in some cases

File Upload XBRL –For COREP and FINREP returns under CRD Taxonomies provided by CEBS – not modified by CBFSAI XML –For MiFID transaction and client data reports Schema written by CBFSAI based on CESR-Tech TREM schema –For Insurance quarterly and annual returns Schemas written by CBFSAI Formats used for transmission only –Once file is received it is processed and data loaded to database

CBFSAI – COREP / FINREP Experience Implemented first phase in March 2007 o Core data reporting only o Only 8 firms opted to switch to CRD reporting Implemented second phase in March 2008 o Core and detail for all templates o Remaining firms switched to CRD reporting (230) Used templates provided by CEBS o Additional validation rules applied

CBFSAI – COREP / FINREP Experience Provided data entry and file upload (XBRL) options Data entry is the option most used by firms o 230 firms use data entry option XBRL file upload not used as widely as hoped o 5 of 187 use XBRL for COREP (3% of firms) o 3 of 51 use XBRL for FINREP (6% of firms)

CBFSAI – XBRL Experience Using XBRL since March 2007 Main Challenges –Suitable development tools not widely available –Suitable development tools expensive –Relevant technical knowledge not widely available –Relatively high IT resources used at development stage –Low level of use by local reporting firms Firms struggled to produce valid files based on published taxonomies 5 of 187 use XBRL for COREP (3% of firms) 3 of 51 use XBRL for FINREP (6% of firms) But we got there Thank you And now a demonstration of the system