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The cost of regulatory reporting
Discover FSI's regulatory reporting obligations and challenges, and a framework they can use to assess both the cost of compliance and of upgrading their systems to facilitate it.
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Preparing for ECB’s updated IReF timeline
The European Central Bank (ECB) has announced a revised timeline for the implementation of the Integrated Reporting Framework (IReF), with full adoption now scheduled for 2029. This updated schedule provides financial institutions with more time to adapt while reaffirming the critical importance of transitioning to granular data reporting.
Many financial firms will welcome the extra time given the complexity of IReF, which aims to unify reporting standards across the Eurozone by replacing multiple frameworks such as AnaCredit, MIR, SHS, and FinRep solo. However, preparation must begin now. Transitioning to granular data involves overhauling legacy systems, redefining workflows, and integrating advanced technologies—a process that cannot be rushed.
The ECB’s phased implementation plan addresses the operational and technical complexities of this shift. Testing phases are set to begin in 2025, with subsequent stages leading up to the final reporting deadline in 2029.
The revisions reflect industry feedback and the need for a realistic adaptation period while maintaining the overarching goal of achieving standardized, granular data collection for enhanced regulatory oversight.
These changes also signal an opportunity for institutions to strengthen their regulatory reporting frameworks. The shift to granular data collection—requiring detailed, high-quality inputs—will demand significant upgrades to infrastructure and processes.
Financial firms that act early will position themselves to align with both current and long-term regulatory expectations while avoiding the risks of non-compliance and operational inefficiencies as the deadline approaches. Procrastination could lead to resource bottlenecks, higher costs, and operational disruptions, while early action ensures a smoother transition and unlocks the strategic benefits of granular data.
Granular data isn’t just a regulatory requirement; it represents a paradigm shift in regulatory reporting. Financial regulators globally have increased their emphasis on granular data reporting. Programs similar to IReF in Europe are leading the way in the UK, Canada, and Hong Kong. Regulators either already have a granular data program in place or will have one imminently.
By enabling institutions to report at the most detailed levels, granular data transforms compliance into a strategic advantage.
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By enabling institutions to report at the most detailed levels, granular data transforms compliance into a strategic advantage. This approach eliminates redundancies inherent in traditional aggregated reporting methods, streamlining processes and reducing the manual effort and costs associated with repeated submissions of overlapping datasets.
Moreover, granular data provides regulators with a clearer, more comprehensive view of the financial system, which is critical for identifying risks, ensuring stability, and fostering transparency across the financial ecosystem.
Incorporating granular data into regulatory processes enables institutions to respond more quickly to changes in reporting requirements.
As new regulations are introduced, granular data systems can adapt with minimal disruption, ensuring institutions remain compliant while avoiding costly system overhauls. Moreover, granular data enhances transparency and accuracy, both of which are increasingly vital in a financial landscape characterized by growing complexity and scrutiny.
Regnology Granular Data (RGD) is the industry’s leading solution for implementing a granular data approach. Designed to meet not only IReF requirements but also the full spectrum of financial regulatory reporting needs, RGD is revolutionizing the way institutions handle compliance.
RGD eliminates redundancy by centralizing and streamlining data reporting processes. Its cloud-based infrastructure leverages AI-powered analytics and pattern recognition, enabling faster regulatory compliance while delivering significant cost savings. Through innovative workflow tools, automation, and advanced analytics, RGD empowers institutions to navigate the complexities of regulatory reporting with confidence.
Beyond compliance, RGD provides a foundation for future readiness. Its scalability and adaptability position financial institutions to tackle new regulatory challenges as they arise, ensuring long-term resilience in an ever-changing regulatory environment. By adopting RGD, institutions not only meet today’s requirements but also lay the groundwork for sustained success in tomorrow’s financial ecosystem.
The extended IReF timeline is a chance to build a solid foundation for future compliance. Institutions that act now to implement robust, future-proof systems will not only reduce the complexity of regulatory adherence but also unlock long-term efficiencies and innovation opportunities.
By addressing the challenges of granular data collection and aligning systems with regulatory goals, financial institutions can position themselves as leaders in the evolving landscape. Regnology’s dual mission to serve both regulators and the regulated uniquely positions it to guide this transformation.
With RGD, Regnology is helping institutions not only meet immediate regulatory requirements but also anticipate and prepare for future developments, ensuring resilience and success in a dynamic regulatory environment. The future of regulatory reporting is here, and it’s granular.
RGD provides a foundation for future readiness. Its scalability and adaptability position financial institutions to tackle new regulatory challenges as they arise, ensuring long-term resilience in an ever-changing regulatory environment.
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