Regulatory Reporting and Reciprocal Allocations
How National Bank of Belgium uses CostPerform for reporting to the European Central Bank and improved cost calculations.
The NBB had very strict reporting requirements to the ECB which needed to be met, as well as reciprocal allocations in their cost model.
Using a well-documented cost model and methodology, NBB performed a lift and shift from Oracle HPCM to CostPerform.
A replicated and improved cost model performed 10x faster in CostPerform. Roll-up reporting made cost transparency easy.
About National Bank of Belgium
The National Bank of Belgium (NBB) stands as a pivotal institution in Belgium’s financial landscape, committed to maintaining financial stability and fostering economic prosperity.
As the central bank of the country, the NBB plays a crucial role in formulating and implementing monetary policies, overseeing the financial system, and ensuring the smooth operation of payment and settlement systems.
With a history steeped in tradition and a forward-looking approach, the NBB is dedicated to serving the economic interests of the nation, ensuring the integrity of the financial sector, and contributing to the sustainable growth of the Belgian economy.
Regulatory Reporting & Reciprocal Allocations
The National Bank of Belgium (NBB) faced a multifaceted challenge centered around its reporting to the European Central Bank (ECB) in Frankfurt.
The NBB was also tasked with the intricate process of incorporating reciprocal allocations into their cost calculations.
National Bank of Belgium & CostPerform
In response to the multifaceted challenges faced by the National Bank of Belgium, a comprehensive solution was meticulously designed and implemented, while still using the off the shelf software of CostPerform.
The approach was not just about addressing the immediate issues but also about enhancing the overall efficiency and accuracy of the bank’s reporting and cost calculation processes.
The solution involved a deep dive into the existing methodology, leveraging extensive documentation, and reconstructing the cost model to not only match but exceed the performance of the previous system.
Regulatory Reporting In Time, Based On Proper Allocations
Remarkable Increase in Performance Efficiency
The solution delivered a 10x increase in processing speed for cost calculations and financial reporting, enabling the National Bank of Belgium to meet critical deadlines efficiently and maintain the accuracy and integrity of its financial data.
Enhanced Cost Transparency and Accessibility
The new reporting framework provided detailed insights into cost structures, fostering informed decision-making by making financial data more accessible and understandable for internal stakeholders.
Long-term Reliability and Partnership
The sustained use of the enhanced cost model for over 7 years demonstrates its reliability and the value it brings to the bank, highlighting a successful long-term partnership and the adaptability of the solution to evolving business needs.
Crafted over 20+ years by econometrists and cost experts, CostPerform is the solution for defining, designing, and maintaining your cost and profitability model. Any mathematical approach of cost allocation you can think of, is possible.
From insurance companies and merchant banks to central banks: CostPerform is used by financial institutions to determine profitability, report to regulators and to simulate future business models.
Contact us today to get insights into which products, customers, channels or transactions make you the most money, after calculating the associated costs.