The European Central Bank (ECB) has reduced the reporting burden banks in Europe face without impacting the amount of information it is able to collect.
This change was published in the European System of Central Banks’ (ESCB) input into a European Banking Authority (EBA) feasibility report.
Its report proposes to “reduce the reporting burden for banks in the fields of statistical, resolution and prudential reporting without losing the information content that is indispensable to monetary policy, resolution and supervisory tasks.”
To achieve this a common standard data dictionary and common data model for statistical, resolution and prudential information requirements will be used.
Additionally, smarter procedures will be implemented for the reports. This includes harmonised transmission reporting formats, the removal of duplications and improved data sharing between authorities.
By making use of these methods, the ECB is hoping to increase the quality of data gathered, whilst lowering the effort required to complete the reports.
Copyright © 2018 RegTech Analyst
