A secure, cloud-based data recording and reporting system is required to support regulatory and operational needs in Ireland. The system must accommodate multiple taxonomy versions and streamline updates from supervisory authorities to ensure compliance and flexibility as regulations evolve.

Key capabilities include comprehensive audit trails, real-time error reporting, detailed diagnostics to support remediation, and robust mechanisms for transforming XBRL data into structured tables. Data should be easily accessible, either through direct export or via API integration, enabling flexibility for varied reporting processes. The system must efficiently handle different reporting frequencies, such as quarterly and annual submissions, as well as various reporting scopes, including large and small schemes.

Strong technical controls are essential, including advanced firewalls, intrusion detection and prevention systems, regular security patching, and the use of strong encryption protocols for data at rest and in transit. The vendor is expected to provide immutable audit logs for all system activities, supporting thorough audits and incident investigations, and ensuring compliance with the highest standards of data security and integrity.