Regulatory reporting platform for Austrian banks
In Austria, the central bank – Oesterreichische Nationalbank (OeNB) - together with the country's banks has worked to develop a new reporting model.
The initiative is based on a greater harmonization and integration of data, as well as greater integration of the IT systems of the supervisory authority and the supervised entities. The way it works is through a shared utility called Austrian Reporting Services GmbH (AuRep), a joint venture of the largest Austrian banking groups. AuRep runs a common regulatory reporting platform based on our ABACUS/GMP solution, which serves as a central interface between the supervised banks and the OeNB.
With ABACUS/GMP, we offer a comprehensive standard regulatory reporting software that helps the Austrian financial institutions to comply with both national and international supervisory and statistical reporting requirements.
Our solution supports the innovative future-oriented input approach for the transmission of statistical data for regulatory supervision that has been jointly developed by the OeNB and the Austrian banking community. This approach implies that banks deliver all the relevant reporting data at the granular level in the form of standardized data sets, or data cubes, in accordance with a common data model.
Alongside the cube-based reports, ABACUS/GMP also facilitates the generation of traditional template-based reports, such as FinRep and various national reports.
ABACUS/GMP serves as the technical platform for the shared services company AuRep.
The majority of the largest Austrian banking groups, representing over 90% of the market and approximately 1200 reporting entities, use ABACUS/GMP through AuRep.
Among them are the 3 Banken Group, BAWAG PSK, Bank Austria, Erste Group Bank AG, HP IT Solutions, Raiffeisen Bankengruppe and the Österreichische Volksbanken AG. Furthermore, ABACUS/GMP is separately used by a number of smaller banks.
The AuRep model itself raised a lot of interest among banks, central banks and supervisory authorities, international organizations and research institutes. It was highlighted as an example of an innovative approach to regulatory reporting in
The input approach implemented in ABACUS/GMP allows banks to deliver all the relevant report data in the so-called basic cubes via standardized interfaces.
The delivery is carried out at individual transaction levels. By means of various data enrichments, calculations and processing, the smart cubes are created from the granular basic cubes in ABACUS/GMP. These smart cubes are then transmitted to the OeNB.
The option to create the remaining template-based reports is provided by ABACUS/GMP through the linkage of cube and report records. A progressive filling of templates from basic cube data has already been implemented for various national and international reporting obligations.
Due to the basic cube’s uniform data model, only a single update is necessary in order to implement any changes for the regulatory requirements to all affiliated institutions.
An extensive automation up to the report creation can be achieved by connecting to an upfront banking system (e.g. banking Data Warehouse).
ABACUS/GMP is based on a modern, state-of-the-art, future-friendly system architecture.
The fundamental elements of this architecture are a flexible client-server architecture (3-tier architecture) and a relational database. Moreover, ABACUS/GMP is a web-based application and thus also forms an ideal basis for an outsourcing solution.
ABACUS/GMP runs independently across platforms and supports both small and large institutions with the submission of their reports on a regular and continuous basis.