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Harmonization of Frameworks. COREP. FINREP. Harmonisation of the CEBS frameworks. Both frameworks are published by a common organisation Supervision corporate identity, Eases the comprehension for banking institutions implementing both frameworks,
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Harmonization of Frameworks COREP FINREP
Harmonisation of the CEBS frameworks • Both frameworks are published by a common organisation • Supervision corporate identity, • Eases the comprehension for banking institutions implementing both frameworks, • Eases the comprehension of IT departments and software vendors dealing with both frameworks, • If one framework is known, the other framework shall be intuitively understood, • Prevents organisational risks by misinterpretations of structural definitions, • Data formats are also being harmonised.
Differences in nomenclature • Same meaning of cell colours • grey colour • criss crossed • yellow colour • unique definition of positive or negative numbers • unique location for clarifications • unique location for references • unique numbering system • unique presentation of validation rules UNIFICATION
Further commonalities • Signs: How to express negative quantities, rules of identification of credit/debit cells… • Cell identification • Notation for validation rules • Proportionality: Potential impact in validation rules. • And so on Golden Rule: Working together