Open Granular Data Standards for European Regulatory Reporting and Beyond
About the Author
Neil Mackenzie is the Founder of BIRD Software Solutions and a contributor to open regulatory data standards projects including BIRD governed by the ECB, Fire from Suade Labs, and Transforming Data Collections from the Bank of England.
Introduction
A paradigm shift is happening right now in European regulatory reporting. It is highlighted in this landmark publication from the ECB https://www.ecb.europa.eu/pub/pdf/other/ecb.iref_overview202401~76eeebcf86.en.pdf
We provide a concise summary here, with quotes from the publication.
We discuss the very near- term mandatory changes coming from the overhaul of European statistical reporting, and the medium term changes as European prudential and supervisory follow the same paradigm shift.
We also discuss the introduction of more granular ‘output layers’ in European reporting, and how the use of standardized ‘input layers’ reduces the reporting burden for reporting firms. We also consider briefly how this approach could scale further to an international source model for regulatory reporting.
