Data Standards: Now or Never at The London RegTech Forum

The panel discussion "Data Standards: Now or Never" underscored the growing importance of data standardisation in the financial sector, highlighting its potential to drive efficiency, transparency, and cost-effectiveness.

Key takeaways:

Benefits of Standardisation:

• A unified data format simplifies compliance processes, improves data quality, and reduces operational costs.  
• Standardised data also facilitates staff training and the development of software solutions.

Challenges to Overcome:

• The panel acknowledged the difficulties posed by varying reporting requirements across jurisdictions, particularly within Europe.
• These inconsistencies complicate the creation of a cohesive, standardised reporting framework for institutions operating across multiple regions.

IReF: A Catalyst for Change:

• The ECB's Integrated Reporting Framework (IReF) was identified as a crucial step towards harmonised reporting across the Eurozone.
• Despite potentially significant initial costs, IReF promises long-term benefits, including reduced reporting burdens and improved data consistency.

Looking Ahead:

• The panel stressed the importance of a strategic, long-term approach to data standardisation.
• RegTech solutions can play a vital role in streamlining data integration and compliance.  
• By embracing technology and collaboration, the financial sector can overcome challenges associated with data fragmentation and enhance regulatory resilience.