eToro streamlines
CRD IV
Four years of CRD IV reports
validated in just one week.
Company size
1,500+ employees
Headquarters
London, UK
Industry
Financial services & social trading
Use cases with ARKK
CRD IV
Solution
ARKK provided tailored tools for error validation, seamless reconversions, and expert support to ensure swift and accurate resubmissions.
Outcome
eToro rapidly restored compliance with a streamlined process, ensuring accuracy and efficiency in their regulatory reporting moving forward.
1 week
to validate & submit four years of reports
100%
reduction in software-related reporting errors
Details
The need for a solution
eToro, a global leader in social trading, encountered a critical challenge when FCA standards revealed distortions in their COREP submissions. Despite having accurate data, their previous software provider’s flawed templates resulted in incorrect conversions, leading to significant compliance risks.
“We’d been submitting COREP with our previous provider for four years. I was concerned to find out that whilst our returns had all been accurate, an error in our previous supplier’s software had distorted our numbers and incorrectly converted our templates.”
– Kreeson Thathiah, Head of Finance, eToro
To address these discrepancies, eToro sought a solution that could handle the complexity of four years’ worth of resubmissions quickly and accurately.
ARKK delivered speed and precision
Remembering ARKK’s user-friendly solutions, Kreeson contacted their team. Within two weeks, eToro transitioned to ARKK’s regulatory reporting portal, utilising tools like their data repository and HTML viewer to convert legacy XBRL files into editable Excel formats. ARKK also created a custom macro to reset figures and ensure compliance with both FCA and EBA requirements.
“The information that came back from ARKK was so clear and transparent. If I wanted an update or needed to ask a question, I’d get straight on the phone, and I never needed to wait.”
– Kreeson Thathiah
Streamlined workflows and rapid results
eToro benefited from ARKK’s centralised CRD IV workbook, which linked validation errors directly to their cells, simplifying error resolution. Kreeson highlighted how this streamlined the process:
“With ARKK, I really like the ability to click a validation error and go straight to the cell with the issue. I don’t think most people can imagine it being that simple!”
ARKK’s unified template approach also improved collaboration by consolidating all reports into a single file, which avoided the inefficiencies of managing multiple workbooks:
“With previous suppliers, I’ve seen separate workbooks for every return. It’s much easier to work on the same file for all returns and creates a far slicker workflow across different teams.”
The results were immediate and impressive. Within just one week, eToro validated and resubmitted 16 COREP and 12 Asset Encumbrance reports, restoring compliance seamlessly.
“I expected this process to take far longer. I was seriously impressed at the speed we managed to get all of our returns resubmitted.”
– Kreeson Thathiah
With compliance fully restored and reporting processes improved, eToro gained confidence in their ability to meet future regulatory demands.