The Integrated Reporting Framework (IReF), an initiative by the European Central Bank (ECB), has a clear objective: to streamline banks’ statistical reporting processes across the Eurozone. This initiative will merge several reports into one and ensure complementary practices among national central banks.
Under IReF, banks would provide the ECB with more granular data, and the ECB (along with the central banks) would then have complete independence to develop the relevant statistical indicators.
Banks operating in the Eurozone from 2027 will be required to deliver significantly more data points to the ECB compared with their existing statistical/supervisory reporting requirements (which will be replaced by IReF). Initially, the scope of replacement will cover balance sheet items (BSI), monetary interest rates (MIR), securities holding statistics (SHSS), analytical credit (AnaCredit) datasets, balance of payments (BoP) and financial reporting (FINREP).
With a go-live timeline of 2027, banks are expected to be test-run ready by the second half of 2026; most banks will start working on the IReF reporting framework from early 2025 onwards.
To be compliant with the IReF requirements, banks need to factor in three main costs:
IReF is going to have the biggest impact of any new upcoming regulation (…) it will be a paradigm shift.
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Regnology is more than prepared for the shift to granular data reporting, with a proven non-redundant, granular-sourced data model developed over 25 years. Our IReF-specific solution addresses key implementation challenges, ensuring data availability and quality, standing up granular data workflows and increasing speed and volume of data processing.
Leveraging our expertise in RegTech and SupTech along with a unique perspective from working with both regulators and the regulated, Regnology is built for a future of regulatory reporting that is defined by granular data. One key feature of our platform is powerful data visualization – data dictionaries, models and processing logic all enable automation and simplification for data transformation, report generation and distribution, enabling financial institutions to respond faster to new requirements.
Our cloud-based architecture enables nearly endless scale and ease of interfacing, so users can work with granular data directly on their screens. Our robust suite of data management tools facilitate easy processing and effective validation checks and correction mechanisms throughout the reporting lifecycle, helping to manage larger volumes.
Excerpt of a series of Point of View research articles from Chartis and Regnology.
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