From CKO1 to CKO2
– new reporting requirement in Belgium from 1 June 2011
Recently the National Bank of Belgium (NBB) announced CKO2, which will go live on 1 June 2011.
CKO2 is a new central IT system to be used by the Central Corporate Credit Register (CCCR) in order to:
- Allow the financial institutions to better assess risks when providing their financial services
- Help the Banking, Finance and Insurance Commission (CBFA) to control credit institutions by providing information on the risks they run
- Provide the National Bank of Belgium (NBB) with the data necessary to develop risk assessment tools aiming at giving additional information:
- To the financial institutions on the risks they run
- To the NBB for financial stability purposes and for credit risk assessment of the bank loans used by credit institutions as collateral of monetary policy operations
- Exchange data with European central credit registers, in accordance with the Memorandum of Understanding ratified by the governors of the European central banks.
The main driver behind the change from CKO1 to CKO2 is the ability to report and send consultation requests to the Central Corporate Credit Register (CCCR) directly over the network.
CKO2 represents a change in data that needs to be reported and in frequency of the reports (no simplified reporting regimes will exist under CKO2).Another important change is that CKO2 will not only apply to credit institutions and insurance companies, as is the case under CKO1, but also leasing companies and factoring companies will have to report to the CCCR under CKO2.
Although the final protocols are only released on 1st July 2010, FRSGlobal can announce it will be providing a full solution for CKO2 as it currently does for CKO1.
For more information on this new reporting requirement read the “From CKO1 to CKO2” data sheet »
So how can we help you? FRSGlobal will be providing a full solution for CKO2 through FRSGlobal’s reporting platform, RegPro. RegPro provides comprehensive support for regulatory reporting to both the CBFA and the National Bank of Belgium. RegPro can receive information that is similar in granularity to a trade ticket, and combine it into the formats required for regulatory reports. The final output is fully auditable, with a range of drill-down and drill-up functions. Users can identify exactly which trades or positions are included in the detailed calculation steps that make up a regulatory report. The system can be configured to allow data editing, but all changes are logged and tracked, and supervisor sign-off is fully supported. The information stored and generated by RegPro is available for use outside of our application. That is, credit risk, market risk, operational risk and liquidity risk data can all be ordered and consistently stored. You can create variance reporting, to compare different reporting periods or instances of the same report. RegPro can also take higher-level information andsuccessfully produce the required reports. For our customers who employ more advanced approaches, our solution provides a robust method of storing reported data in a way that can be interrogated and is secure. It also provides a full set of up-to-date templates that include validations and a transmission mechanism. RegPro supports mixtures of standard and advanced reporting, supplementing modelled approaches with its own calculation engine to create a single source for firm-wide reporting. Another feature of our reporting is the ability to report by business unit. Some of our clients use this information as part of their internal limits and controls processes. |
"From CKO1 to CKO2" data sheet »