Today we are pleased to announce an exciting new feature to Fundipedia; reporting standards.

Timely and accurate regulatory reporting is a critical need for any financial institution. With the introduction of consortiums, such as, Openfunds and European Working Group (EWG), asset management reporting has started to become more standardised. However, many financial institutions still struggle to pull this data together. It can often involve time consuming manual processes and a massive burden on resource every month, quarter, and year-end. Incomplete, ambiguous or erroneous fund data can have serious negative consequences for financial institutions. The financial costs of these errors can be substantial.

The new Fundipedia reporting standards feature makes it easy to build the reports that comply with regulatory pressures. This new feature gives you complete control of your data output and allows you to report to industry standard reporting principles, such as Openfunds, EWG PRIIPs and MiFID II. Save data once and report on it in many different formats. Reports can be saved, reused, exported and shared with colleagues.

Say goodbye to stress, spreadsheets and manual intervention.

 

How does it work?

Set up

As an administrator you have the ability to set up the available reporting standards in the system. Each standard can be configured to have a column header, which is visible when the report is generated. You can create more than one header per standard and show more than one header if needed.

 

Applying reporting standards to fields

In order to report on data using different standards, you need to apply the reporting standard to a field.

To attach a reporting standard to a field, first navigate to the desired field in the admin schema. From here, if you have added reporting standards into the Fundipedia system you will see a drop-down that displays available standards that can be selected and added to the field.

Once added to a field you can select the reporting format and assign names to any reporting headers associated with that standard. All information is required before you can save. Reporting standards can be removed from fields at any time by using the red minus icon in the top right corner.

Based on the data type of the field, you can select which reporting format you want the field contents to be displayed in. A selection of the options include:

  1. YYYY-MM-DD
  2. MM-DD
  3. Text all lower case
  4. Display the first letter only
  5. Decimal rounded to maximum 7dp

 

Using reporting standards

Reporting standards are used when creating reports. After you have chosen your fields, you have the option to select which standard you want to report on. By default, Fundipedia is selected. While you can only select one format, you can include as many headers as you need. Even if they are from another standard.

 

Any fields in the report that have not been assigned to the chosen reporting standard will display “Not configured for standard”.

Fields that have been assigned will format the field value accordingly. In this case the “Effective Date” has been formatted to YYYY-MM-DD.

Switching back to the Fundipedia reporting standard shows the difference.

 

Reports that make use of a reporting standard can be downloaded, copied, and scheduled like other reports and will retain the extra headers and reporting standard formatting.

 

What are the benefits?

Accurate compliance reporting – Comply with industry standard reporting standards in Fundipedia to create accurate reports you can use again and again.

Increased productivity – Remove the need for spreadsheets and the time-consuming nature of manual data manipulation. Take advantage of the easy-to-use report builder to create reports. Let Fundipedia do the hard work.

Easy dissemination of data – Share data in different formats with colleagues or third parties. Choose to schedule an export via email, SFTP or save to a cloud storage account.

 

Want to find out more?

Are you still relying on spreadsheets and slow manual processes to comply with regulatory reporting? Get in touch to see how we can help or to arrange a free demo.