As part of its vision for the future of regulatory reporting, The European Central Bank (ECB) is aiming to reduce the burden on regulated firms by creating a harmonised data model for regulatory submissions, the Banks’ Integrated Reporting Dictionary (BIRD).
Through our work with FIRE, Suade has unique experience in this field and has been involved in the workstream on testing. We attend regular, meetings, including trips to the ECB in Frankfurt, as well as conference calls in which members of the work stream on testing provide their feedback. The objective of the work stream is to ensure that the BIRD input layer, and importantly VTL, are suitable for various aspects of regulatory submissions. From developing FIRE, Suade has significant expertise in developing data standards and this enables us to offer valuable insight.
This project is another example of how regulators from around the world are starting to focus on data collection at a granular level rather than just reporting. Further examples are 5G from the US Federal Reserve, the 610/1003 from the Monetary Authority of Singapore and the Bank of England’s data collection discussion paper. Here at Suade, we are proud to be working at the forefront of the digitization of Regulatory reporting.