Founder & CEO
The next few weeks are likely to be busy for compliance and regulatory teams, particularly those reporting to the Central Bank of Ireland (CBI). The CBI has followed in the footsteps of other European regulators in moving it’s reporting format for Excel based reports to XBRL.
What does this mean in practice?
The CBI is introducing XBRL versions of the PRISM Impact Metrics Data return (‘PIMD’) and FINREP+ returns currently submitted on the online reporting portal (ONR). All firms required to submit PIMD (PRISM) reports are currently in testing, with support being provided from the CBI.This testing window remains open until 30 September – meaning firms now have two weeks to ensure that their reporting is in the correct format.
And while the PIMD and FINREP reports have to be converted to XBRL in this first iteration, the Monthly Metrics return, as well as the Quarterly Assets Under Management return, will be in the next iteration, set to be published in the CBI’s Taxonomy in Q1 2022.
AQMetrics provides an end-to-end solution for Central Bank of Ireland Reporting. Standard excel templates with in-built business validations collect data from the reporting firm, and check the data for accuracy and completeness.The AQMetrics platform then instantly converts the reports to XBRL and offers an upload service to the ONR. The platform automates regulatory reporting across regulation and jurisdiction.And with a single platform, AQMetrics provides all compliance and reporting requirements in a standalone solution. This will simplify and streamline your firm’s compliance reporting, future proofing your business and allowing you to focus on oversight and monitoring.
If you have an immediate need for XBRL reporting, please get in touch with AQMetrics below: