EBA’s feasibility study on integrated reporting system provides long-term vision to increase efficiency and reduce reporting costs

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  • The EBA study concludes that an Integrated Reporting System (IRS) might be feasible.
  • Establishing an integrated reporting system will require a strong commitment from all parties involved to ensure better data comparability, data sharing and coordination of reporting processes.
  • The establishment of a common data dictionary is the first building block of the IRS, which will allow greater standardization of data and will promote the use of common definitions across the different reporting frameworks.

The European Banking Authority (EBA) today published its final report on the feasibility study of an integrated reporting system (IRS). This report is the result of more than two years of efforts and active engagement by national and European authorities, as well as interactions with financial institutions, professional associations and specialist service providers. This study is part of a wider European Commission strategy to improve and modernize EU prudential reporting while minimizing the overall reporting burden for all parties.

The report presents a long-term vision of how reporting processes could be streamlined and improved for both institutions and competent authorities and how cooperation between them could be enhanced in the area of ​​prudential reporting, resolution and enforcement. monitoring.

The report identifies the immediate achievable next steps to move towards integration and areas requiring further investigation. Developing the common data dictionary by defining common business glossaries and data models, drawing best practices for data integration, and providing an estimate of the resources needed to meet integration goals are some of the points of focus. short-term action that could serve as a basis for developing a more detailed roadmap for the Joint Reporting Committee.

The development of a more integrated system must be done taking into account the progress already made in the field of integration so far. Any changes should be implemented gradually so as not to disrupt current processes and should promote the principle of proportionality.

The EBA undertakes to continue to contribute to the construction of a common vision of the declaration integrated in the prudential, resolution and statistical reports in cooperation with the stakeholders concerned, to take advantage of the work already carried out and, on the lessons learned from the various initiatives. The feasibility study is part of EBA’s contribution to the EU’s supervisory data strategy aimed at improving reporting efficiency in all financial sectors.

Legal basis and next steps

Article 430c of the Capital Requirements Regulation (CRR) mandates the EBA to prepare a feasibility report for the development of a coherent and integrated system of statistical data collection, resolution and prudential. The EBA was commissioned to produce such a study in order to explore ways to potentially reduce reporting costs and increase the efficiency of the reporting process.

This final report builds on the analysis and comments received by the EBA to its full discussion paper published in March 2021.

Warning

Bank of Spain published this content on December 16, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on December 16, 2021 10:18:04 AM UTC.


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