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Marking the first half of 2021:

Major European trends for reporting

Marking the first half of 2021:

Major European trends for reporting

Whether it’s the upcoming mandatory ESG disclosures or increased scrutiny reflected in data granularity, the road leading up to 2022 (and beyond) is a challenging one. In a financial world that is so profoundly wired together, a small change on one end can unravel a process on another end, and the wind of change will affect all involved. 

Approaching the publication of our whitepaper on major trends shaping reporting in the European Union, we share our subjective teaser on trends that are and will be a major influence.

1. Reporting goes green

Data is becoming environmentally friendly. With reporting being a critical link between who is supervised and who performs the supervising, the data lifecycle is missing one piece of the puzzle: how do climate-related risks play into the overall picture? Undoubtedly, the next five months will shine in green, with mandatory sustainability disclosures just around the corner… or should we say, just around the year.

Read more on sustainability:

Get set,ready, go green: Prepare for sustainability reporting

The green mile for sustainability – BR-AG selected for GFIN Cross-Border Testing

2. Chopping down compliance costs

With the EBA firmly focused on meeting the proportionality principle, some financial entities may expect to find themselves under less burdensome reporting regimes, and some may fall under increased scrutiny. 

With rising costs of compliance processes and the growing workforce necessary to execute them, the quest to shrink compliance budgets involves financial institutions and the EBA itself, providing a set of recommendations spanning across several areas. Can common ground be achieved?

Read more on the EBA and compliance costs:

The European Banking Authority’s take on compliance costs

3. Technology tools in the limelight

The opportunities offered by RegTech and SupTech solutions are a combination of several factors. Undoubtedly, the increase in availability and granularity of data as well as the means to collect and merge large datasets is a tremendous factor. 

Still, they are not the only ones in play. For financial entities, becoming “technology-centric” in reporting instead of “manual-centric” because it improves compliance outcomes and a better understanding of how to meet reporting requirements. For authorities, spotlighting technology solutions can mean highlighting the quality of what data reveals.

In our upcoming whitepaper, we will give our detailed take on the five key trends for regulatory reporting in the European Union and what companies should do to stay ahead of the regulatory game.

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