Reports Processing Department
The Reports Processing Department is in charge of the collection and processing of reporting and other data submitted to the Bank of Russia by legal entities and individuals pursuant to Russian laws and the regulations and other documents of the Bank of Russia. In order to centralise the procedure for reports processing, the Bank of Russia established the Reports Processing Centre in November 2017. This Centre operates at the Tver Branch and is functionally subordinate to the Department. In October 2019, the Bank of Russia completed the transfer of the functions of the collection and processing of the reporting of all entities supervised by the Bank of Russia, including the function of control over their compliance with the requirements for the deadlines and procedures for reports compilation and submission, from the Bank of Russia’s regional branches to the Reports Processing Centre.
Another key function of the Department is to arrange and maintain the legally valid electronic document flow between the Bank of Russia and financial market participants based on online account technology. Currently, online accounts are used to send orders and inquiries to credit and non-bank financial institutions, to collect non-bank financial institutions’ reports, and for other tasks. In March 2019, the Department launched a project involving the usage of online accounts by credit institutions for submitting their reporting.
The Reports Processing Department is transferring non-bank financial institutions to the electronic reporting format based on the XBRL specifications (eXtensible Business Reporting Language). This format helps eliminate the redundancy and duplication of information received by the Bank of Russia and increases data transparency.
The Department prepares Bank of Russia regulations stipulating the requirements for the procedure for compiling non-bank financial institutions’ reports and their submission to the Bank of Russia in the XBRL format and for the procedure for reporting submission to the Bank of Russia by credit institutions (including national payment system participants, other than credit institutions). The Department also establishes the general procedure for the Bank of Russia’s communication with credit and non-bank financial institutions, securities issuers, financial market self-regulatory organisations, and other participants in the information exchange with the Bank of Russia through their online accounts in accordance with Russian laws.
The Department’s key tasks also include the regulation and control of the operation of credit history bureaus in compliance with Federal Law No.