Getting ready for IReF

The Integrated Reporting Framework (IReF) introduced by the European Central Bank (ECB) aims to minimize the reporting burden while increasing the quality of the data reported to authorities. It represents a dramatic, end-to-end shift in regulatory reporting. Most of the industry is starting the preparations for the implementation phase.

In this panel, our speakers address:  

• The current focus of the IReF program and key learnings from the assessments of the ECB. 
• Examples of local requirements received through the assessments and the potential impact on existing reporting requirements from national central banks. 
• The essential areas banks need to focus on now to ensure timely readiness for the start of IReF reporting. 

“Technology is a key because we’ll see a new kind of interface between banks and authorities alongside the IReF implementation. We are in the middle of the second round of the BCBS 239 requirements. [...] We are also going to see requirements towards metadata management, data quality management, and data lineage, etc. It is very important to, early on, focus on how to map the bank's internal models to what we're seeing in BIRD. And this is very close to what we're going to see as data collection in the IReF.” 

Marc Ziegler, Head of Architecture and Data-Warehouse, DZ BANK

“One important area where we learned the failure is the area of double reporting in AnaCredit. [...] For instance, if you're a branch, very often, you are subject to [...] both home reporting and host reporting. This will disappear under the IReF.” 

Antonio Colangelo, Adviser at the IReF Programme Office, European Central Bank (ECB)