OneSumX Regulatory Reporting enables firms to address statutory, prudential, transactional and statistical requirements on a local and global scale.
Statutory: This type of reporting applies to balance sheet information as well as P&L. Most countries provide a regulatory framework, for example Financial Reporting (FinRep), that includes a main balance sheet and P&L report, either on IFRS basis or local generally accepted accounting principles (GAAP). In addition to that there are usually a number of breakdown reports which zoom-in on specific items from the balance sheet or P&L.
Besides reporting as per local requirements, we also include IFRS valuation and profit analysis capabilities. Depending on the country requirements the reporting may also include netting and compensation rules.
Prudential: The prudential framework of a regulator (CoREP, IRR, CaR) is centered around risk-based reporting. This includes capital adequacy reporting (solvency risk), liquidity risk, market risk and interest rate risk, as well as concentration risk such as large exposure reporting.
We not only cover the reporting part of the prudential framework, but also capital requirements (standard approach and internal rating-based approach) and reserve calculations, cash flow calculations, stress testing capabilities, liquidity forecasting and full asset liability management (ALM) capabilities.
Operational/Transactional: In many countries reporting requirements takes place at operational/transactional level. This typically involves balance of payments reporting, MIFID I-II, foreign exchange reporting and other daily operational/transaction reporting.
Statistical: In each country the central bank or other regulatory bodies collect information used for statistical and monetary purposes (e.g. Bank of England, European Central Bank, Monetary Authority of Singapore). This generally includes balance sheet breakdown per country, economic sector, currencies, maturities, notice periods, etc. It may also include reporting on specific topics like securitization and interest rate statistics. Depending on the country requirements the reporting may also include netting and compensation rules.
Tax: By evaluating customer accounts against the full range of criteria specified by the IRS, our solution can determine if a customer is eligible for
FATCA reporting. Our solution will also record and store the specific criteria used to accept or reject eligibility for each customer.