AIB streamlines
CRD IV
COREP compliance achieved
within 1 month.
Company size
10,000+ employees
Headquarters
London, UK
Industry
Financial services
Use cases with ARKK
CRD IV
Solution
ARKK provided AIB with an integrated approach, combining tagging services for iXBRL and an Excel-based solution for COREP. This streamlined their compliance process and eliminated the inefficiencies of manual reporting.
Outcome
AIB successfully transitioned to automated reporting, significantly reducing submission lead times while ensuring accuracy and compliance.
<30 days
to implement & test ARKK's reporting solution
100%
compliance with XBRL filing for COREP
Details
Navigating new regulatory challenges
In 2013, AIB faced new mandatory regulatory reporting requirements from both Irish Revenue and the Central Bank of Ireland. With the introduction of XBRL for multiple returns and a fast-approaching COREP deadline, they needed an efficient, future-proof solution.
AIB sought a single supplier to handle their compliance needs, ensuring consistency across multiple regulatory filings. After a recommendation from another leading Irish bank, they turned to ARKK to support their transition.
“Our financial reporting colleagues had begun the process of sourcing an XBRL solution and advised us of the ARKK offering.”
– Noel O’Rourke, Regulatory Reporting Manager, AIB
1-month implementation for seamless COREP compliance
With the COREP mandate set for early 2014, time was critical. AIB selected ARKK for its ease of use, speed to market, and ability to meet strict regulatory timelines.
In under a month, AIB successfully implemented ARKK’s COREP solution, completing end-to-end testing with the local regulator. This ensured they met all compliance requirements on time without disrupting internal processes.
“We decided to go with ARKK based on the quality of the product, its simplicity, ease of use, customer support, and value for money.”
– Noel O’Rourke
1 solution to unify multiple regulatory returns
AIB combined ARKK’s tagging services for iXBRL with an Excel-based compliance solution for COREP, eliminating the need for manual data entry. This approach streamlined their submission process and ensured compliance across multiple regulatory requirements.
The relief of automation
Before adopting ARKK’s solution, AIB manually filed COREP reports for over a year under CRD III. The inefficiencies and operational risks of this approach made the transition to automation a game-changer.
“The CRD III experience made it clear that an automated upload solution would be of great benefit from a productivity and operational risk point of view.”
– Noel O’Rourke
By implementing ARKK’s platform, AIB drastically reduced the time required to prepare and submit reports while maintaining full compliance.