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.
Our insights
At the end of June, the EBA published its findings on the state of RegTech in the European Union’s financial sector. RegTech has been pinpointed as one of the topics of strategic priority for 2020/2021 as a key pillar of driving innovation. The EBA report findings are an effect of a number of surveys, workshops and interviews with both sides of the market coin: RegTech providers and financial institutions. The result is a report that not only delivers on the perspective of those who design and sell solutions, but also those who seek them, and the findings set the ground for a ping-pong discussion among providers and financial entities.
BR-AG is shortlisted in the G20 TechSprint for the second consecutive year. Organised by Banca d’Italia and the BIS Innovation Hub, this year’s green and sustainable finance theme plays into the priorities laid out in Italy’s 2021 G20 presidency term, such as a commitment to battling climate change and achieving Sustainable Development Goals. With the topic of sustainability almost a household subject of conversation, 89 teams from more than 25 countries submitted 99 solutions for this year’s TechSprint, out of which 21 teams are on the shortlist.
At the end of June, the EBA published its findings on the state of RegTech in the European Union’s financial sector. RegTech has been pinpointed as one of the topics of strategic priority for 2020/2021 as a key pillar of driving innovation. The EBA report findings are an effect of a number of surveys, workshops and interviews with both sides of the market coin: RegTech providers and financial institutions. The result is a report that not only delivers on the perspective of those who design and sell solutions, but also those who seek them, and the findings set the ground for a ping-pong discussion among providers and financial entities.
BR-AG is shortlisted in the G20 TechSprint for the second consecutive year. Organised by Banca d’Italia and the BIS Innovation Hub, this year’s green and sustainable finance theme plays into the priorities laid out in Italy’s 2021 G20 presidency term, such as a commitment to battling climate change and achieving Sustainable Development Goals. With the topic of sustainability almost a household subject of conversation, 89 teams from more than 25 countries submitted 99 solutions for this year’s TechSprint, out of which 21 teams are on the shortlist.
In an age that floods us with data, we need open data standards for orderly datasets. You might ask yourself, what are open standards?
Open standards for data are documented, reusable agreements that help people and organisations to publish, access, share and use better quality data. Open data standards must support the interoperability of data, which in this context, ensures the ability to interoperate different datasets.
The ability to analyse and combine datasets from different sources precisely provides a case in point for applying common data standards across various industry sectors, with benefits for financial markets and regulators themselves.
In 2020, the EBA explored and analysed the effectiveness of supervisory reporting, considering the many factors influencing the overall compliance of the banking sector. The analysis is based on the mandate laid out in the CRR, which requires the EBA to keep a close eye on costs of compliance and how to reduce them. The study itself is a highlight on the reporting landscape of Europe, with the EBA conducting interviews with institutions across Member States to gather insights.
To say that regulatory reporting changes in the blink of an eye would be an exaggeration, but the pace is quickening, and it’s already a matter of months, not years. For the most part, most National Competent Authorities (NCA’s) have already begun to recognize the power of using open data standards (particularly XBRL) for reporting. You might ask, why? Better data leads to better decisions, and in the simplest of terms, XBRL aids NCA’s in faster and more cost-effective comparison of financial information submitted by many reporting entities.
In legal terms, a Pan European Personal Pension Product (or shortly, PEPP) is a long-term, individual, non-occupational personal pension product, which can be subscribed to voluntarily by a “PEPP saver” for income upon retirement.