Wolters Kluwer Financial Services has enhanced its finance, performance, risk management and regulatory reporting solution suite with the addition of ‘basic cube’ and multi-dimensional ‘smart cube’ capabilities.
The group said that the enhancements will help firms in Austria to harmonise data collection methods in line with Central Bank Oesterreichische Nationalbank’s (OeNB) new data collection system.
The OeNB has restructured the way in which Austrian firms report data to reflect developments in financial statistics and in the IT environment in recent decades, as well as higher demands on data quality and quantity in the wake of the 2008-09 financial crisis.
The common data model that has been prescribed to overcome this challenge is based on two main elements; the basic cube and smart cubes. The aim of the basic cube is to provide a unique, standardised, exact and unambiguous definition of individual business transactions and their attributes which in turn enables firms to aggregate or calculate and report multi-dimensional smart cubes.
Smart cubes are mandatory reports that enable the harmonisation of the data collection methods to ensure data consistency and efficient data quality processes, and thus effectively and efficiently cover nearly all Austrian reporting requirements. Wolters Kluwer FS said that the added functionality to its solution suite supports the necessary checks, visualisations and analysis options, and comprehensive auditing needed for firms to meet the OeNB’s full requirements in time for the first deadline in 2015.
“The OeNB’s requirements are only the first in a series of changes facing Austrian firms, while broader changes are still being triggered by Basel III, Capital Requirements Directive (CRD) IV, International Financial Reporting Standards (IFRS) and the European financial reporting (FINREP) regulation,” said Wolfgang Prinz, vice president, product management at Wolters Kluwer FS.
“Our strong track record in the Austrian market with the addition of the Svenson business, twinned with our global presence across the finance, risk and reporting spaces, means that we are in an unrivalled position to help Austrian firms meet these requirements in the most efficient and reliable way.”
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