Using Vena to gather data for FR-14A and create .xml for regulators
September 29, 2016

Using Vena to gather data for FR-14A and create .xml for regulators

Anonymous | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User

Overall Satisfaction with Vena Solutions

Vena is used to gather the data for the FR-14A submission to the Fed. Vena collects the data from the various groups that model the data and creates the xml file for submission to the regulator. I have used Vena in this capacity at two CCAR banks.

Pros

  • Vena is excellent at tracking the inputs into the 14A. Vena allows for flexible workstreams to track submissions and approvals. It is very easy to see the status of each input and it is very easy to adjust the process as needed.
  • Vena was developed to be a solution for use within finance with minimal IT support required. A finance analyst can create workflows, add or remove approvers, update data architecture, and roll forward quarterly processes. No IT tickets!
  • Vena integrates seamlessly with Excel. The integration and setup is a lot of work at first but once it is done maintenance is easy.

Cons

  • Vena is offered (last I heard) as a stand alone product running on a local server or as a cloud based solution. I've used both and the cloud based version is much better! IT Security doesn't like cloud storage of company data however. It would be nice if the locally installed version had the same updates and features as the cloud version.
  • Updates to the cloud based solution are sometimes a surprise. We never had an issue with an update causing a problem but we were always nervous that the day before our submission was due there would be an update with unintended consequences. I wish Vena had a more formal update process, including the ability of customers to beta test before the update.
  • Vena provided a quick and affordable solution to gather inputs and generate the xml required for the FR-14A. Other solutions required much longer lead times to implement, much more IT support, and were much less flexible.
Vena is particularly well suited for processes where many small data inputs are consolidated into one large data set. Especially if the sub-processes use Excel to generate the input data. Vena does a great job of gathering all the inputs in a controlled and traceable manner and preparing aggregate reports. CCAR 14-A generation and quarterly 10Q/10K data aggregation are two examples of processes where Vena would do well.

Vena Feature Ratings

10.0
Long-term financial planning
10
Forecasting
10
Management reporting
10
9.7
Financial data consolidation
10
Local and consolidated reporting
10
Detailed Audit Trails
9
10.0
Financial Statement Reporting
10
Management Reporting
10
Excel-based Reporting
10
Automated board and financial reporting
10
9.5
Personalized dashboards
9
Color-coded scorecards
10
9.5
Flat file integration
9
Excel data integration
10
BI Standard Reporting ()
Not Rated
Ad-hoc Reporting ()
Not Rated
Report Output and Scheduling ()
Not Rated
Data Discovery and Visualization ()
Not Rated
Access Control and Security ()
Not Rated
Mobile Capabilities ()
Not Rated

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