COREP and FINREP validation errors can delay your regulatory submissions. This guide catalogs the most common errors, explains their causes, and provides solutions to resolve them quickly.
Key Takeaways
- Most errors are preventable with proper validation
- Cross-table consistency errors are most common
- File naming errors cause immediate rejection
- Business rule errors require data investigation
- Documentation helps resolve recurring issues
Error Categories
COREP/FINREP errors fall into categories:
• Technical: XBRL syntax, schema validation
• Filing: Naming convention, package structure
• Business: EBA-defined validation rules (v####)
• Quality: Data consistency, outlier detection
Each category requires different resolution approaches.
Technical Errors
Common technical errors:
• Invalid XML/XBRL syntax
• Schema validation failures
• Missing required contexts
• Incorrect unit references
• Invalid fact values
These are typically caught by standard XBRL validators. Fix by correcting the generation process.
Business Rule Errors
Business validation rule errors (v####): • v0001-v0999: COREP-specific rules • v1000-v1999: FINREP-specific rules • v2000+: Cross-framework rules Each rule has published documentation explaining the check logic. Review the rule specification to understand what's being validated.
Cross-Table Errors
Cross-table consistency errors:
• Total assets mismatch (F01 vs supporting tables)
• Own funds reconciliation (COREP vs FINREP)
• NPE ratio calculation
• Coverage ratio computation
These require investigating source data across multiple tables.
Resolution Workflow
Error resolution process:
1. Identify error code and message
2. Review EBA rule documentation
3. Locate affected data points
4. Investigate source data
5. Correct data or document variance
6. Revalidate
7. Document resolution for audit
Maintain an error resolution log for team knowledge sharing.
Checklist
- Error codes documented
- Rule specifications reviewed
- Affected data points identified
- Source data investigated
- Root cause determined
- Correction applied
- Revalidation passed
- Resolution documented