No Match Found
More than twenty national and international banks are now using PwC’s “ART” reporting tool. ART eliminates the need for manual checks, with one of the effects being improved reporting quality.
Banks have to submit periodic reports to the Dutch Central Bank (De Nederlandsche Bank) and the European Central Bank on their solvency, liquidity, and financial position. Despite the banks checking the thousands of data fields manually, the regulator often returns these reports because of inaccuracies. Bank staff then have to spend a great deal of time correcting those inaccuracies. All in all, the effectiveness of the process is low and the risk of reputational damage is high.
More than twenty banks in the Netherlands, Belgium and Germany have found the solution to this problem by using PwC’s ART reporting tool. The tool combines the expertise of our specialists in accounting and prudential regulation with that of our data analysts. It enables banks to greatly simplify the process. After a completed report has been inputted, the software executes at least five thousand validation rules within just five minutes. The PwC-specific validation rules are supplemented each quarter by new validation rules, meaning that ART constantly improves its performance. The error report enables bank staff to correct the figures that have been entered. As soon as the report is complete, ART exports it simply to the XBRL format.
With ART, checking the reports for the regulator becomes a lightning fast and flawless process for the banks concerned. Manual pre-checking is no longer necessary. Banking staff can see immediately what needs to be altered and know that the figures are correct when they are sent to the regulator. ART helps improve the internal process because inconsistencies are resolved not in ART but in the bank’s own systems. This means that the banks can be sure that ART always includes the latest checks and cross-checks, even if there is a change in the requirements imposed by the European Banking Authority (EBA) or the Dutch Central Bank. The banks can also be confident that the figures are secure, because ART meets the highest ISO standards.