The open taxonomy for the revised MAS 610/1003 reporting mandate covering financial and statistical reporting for banks in Singapore has been just launched and will be available for all entities reporting under this regime in Singapore. The taxonomy is an unprecedented initiative and a joint effort taken by the regulatory reporting industry and nine of the biggest banks in Singapore to provide a standardised interpretation of Monetary Authority of Singapore data requirements, facilitate automation of the reporting process and improve the quality of reported data. BR-AG experts had a pleasure to partner with AxiomSL and PwC in this high-impact project brining in our Data Point Modelling (DPM) expertise. The taxonomy drafted by BR-AG experts allowed to translate over 300,000 individual data points required to be reported under the revised MAS 610 mandate into structured data relationships that will not only significantly reduce the reporting burden for banks but more importantly improve the compliance level and internal consistency of reports.
With a coherent data model in place, aided by data modelling technology enabling reuse of data across different data exchange purposes, both internal and external, banks and other financial institutions are able to make the most of their data. The consistency and transparency of information offered by solutions like the MAS610 open taxonomy have a great potential to innovate and automate the regulatory reporting and data management in banks.
BR-AG is pleased and proud to be at the forefront of the technology-driven developments in the industry.