European Banking Federation Calls for Overhaul of Data Reporting Regulation
The European Banking Federation (EBF) is calling on financial sector authorities in the European Union to create an integrated and standardised framework for data reporting to improve the quality of data while reducing the reporting burden. EU and national authorities’ requirements for banks have “exploded” in recent years, according to EBF.
The federation says that banks have invested heavily in systems, staff and processes to capture, store, process and report data, while data sets are becoming increasingly complex and granular. Additionally, more authorities are seeking similar data.
This means that it is crucial for authorities to work with the industry and improve reporting efficiency. Key steps in the process of integrating data reporting will be to align
“The reporting efforts in our sector need to be carefully reviewed, together with the regulators and supervisors. We need to make them as efficient and as clear as possible, so that the right data gets to the right people at the right time,” says Wim Mijs, CEO of EBF.
The key steps towards this goal will be to align the data production methodology; streamline the reporting processes; and simplify user/authorities’ requirements.
The ultimate aim will be to reach a point where data is “defined once”, “reported once” and then shared among authoristies to minimise the reporting burden for banks.