The Finnish COREP Project

Kari Ukkonenkari.ukkonen@bof.fi

Financial Supervision Authority

VII European Banking Supervisors XBRL Workshop9 May 2007

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Contents

1. About the Finnish COREP project

2. Reporting system

3. Finnish COREP Taxonomy

4. Data collection

5. Experiences/Challenges

6. Conclusions

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About the COREP Project

• Goals of the project• Automated report flow

• New data model

• New language: XBRL

• Based largely on the existing system

• Why XBRL? • Good data modelling: measures and dimensions

• Possibility to exchange data with other supervisors

• Recommended by CEBS

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About the COREP Project (cont.)

• April 2006–August 2007

• Involves about 20 people• 8 IT people

• Business people

• Outside consultants: project manager, 2 developers, taxonomy consultant

• Actual amount of work until now• FSA: ca. 1360 man-days

• Consultants: ca. 400 man-days

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Taxonomy Maintenance

ExtranetDB

Institution Register

RISKIDB Metadata Describing COREP Data Collection

Download COREP-metadata

Taxonomy files

Copy

FSA's Internet site

Extranet for Reporting Entities

Taxonomy files

ReportManagement

RISKI Analysis tool

Riski-folder

COREP Reporting Application

Report pre-processing

Input-directory

Run Installation Sets for COREP application

COREP Installation sets

Download Formulas

Internet

Automatic notification

Automatic Input

Error List

Sending error list

Report Log

ExtranetDBInstitution Register

COREP Installation sets

Copy

DMZ Demilitarized Zone

FSA LAN

The Reporting Institution produces COREP report either by using Excel reporting Application or by its own means using COREP taxonomy

COREP Reporting System27 March 2007Jaakko Mauranen

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The Finnish COREP Taxonomy

• Extends the European COREP Taxonomy

• One additional template for market risk

• An additional taxonomy for details about the sender (e-mail, phone etc.)

• Finnish and Swedish labels

• Customized definition, presentation and label linkbase• No changes to calculation nor references

• Uses so-called reporting layers, which import the necessary template taxonomies

• Simplifies the use of the taxonomy

• Different reporting layers for different types of reporting institutions

• Available in FSA’s website (link)

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Data Collection

• Reporting institutions have two ways to create a report• Use the reporting application provided by FIN-FSA

• By their own means

• Excel-based reporting application• Produces XBRL instances

• Proprietary, developed with VBA, required a lot of work compared to previous data collections

• Manual mapping between taxonomy elements and Excel cells

• Imports XBRL and CSV files

• Most of the reporting institutions use Challenge: How to manage connection with the taxonomy?

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Experiences/Challenges

• No prior XBRL knowledge in Finland

• New releases of the COREP taxonomy

• XBRL software was not mature• Developing own software also challenging and time-consuming

• Reporting institutions are not very excited about XBRL• A couple of banks in Finland will report directly in XBRL in 2008

• Open questions• Who will eventually maintain the taxonomy – IT or business?

• How will the exchange of data between authorities really work?

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Conclusions

• Big, challenging, time-critical project

• Goal: automated report flow in XBRL

• Taxonomy customization important!

• Need for affordable, customizable XBRL software

Good luck in your project!