What is the impact of COREP:How does it affect me?
UK BIPRU firms will be required to report their capital adequacy to the regulatory authority on a single entity and a consolidated basis (if applicable), quarterly and within 30 business days of the quarter-end using the new COREP templates.
The most significant aspect of the new COREP framework, compared to previous reporting requirements, is the largely increased level of detail of requested information in conjunction with the standardised XBRL data format.
Given the new COREP requirements, firms will need to increase the volume of data they report with capital adequacy, credit, market and operational risk, large exposures and securitisation all to be reported upon. As example, for larger banks this may mean increasing reporting from approximately 2,000 items of data up to more than 10,000.