Data requirements to banks by European and national authorities have exploded in recent years. Banks have invested significantly in systems, in staff and in processes to capture, store, process and report that data. Data sets are becoming increasingly granular and complex while more authorities seek similar data. This makes it crucial for authorities and the industry to work together to improve the efficiency of reporting.
The reporting efforts in the banking sector need to be carefully reviewed, together with the regulators and supervisors. These should be as efficient and as clear as possible, so that the right data gets to the right people at the right time.
The EBF plays a pivotal role working hand on hand with authorities fostering synergies aiming for integrated and standardised reporting requirements, in order to (i) increase data quality, and (ii) reduce reporting burden.
The banking industry’s vision for integrated data reporting is for data to be ‘defined once’ and ‘reported once’, for authorities to share that data among themselves in order to minimise the reporting burden for banks, and enhance governance
Requires setting up a single data dictionary for all purposes: supervision, resolution, statistics and other uses.
Means that each data point and each template should be reported by banks only once.
Implies EU & national authorities should have protocols for data sharing
Suggests governance for new requests with earlier involvement
Banks are committed to working together and to working with central banks, competent authorities and others to create the legislative, regulatory and technological environment that integrated data reporting would need to succeed.