In May 2023, the European Banking Authority (EBA) launched an interactive signposting tool for supervisory reporting designed to assist institutions in identifying relevant modules and templates for their reporting requirements. The signposting tool is particularly beneficial for small and non-complex institutions, which often struggle to understand the regulations and requirements.
This move lies in the plane of EBA’s efforts to create a more proportionate regulatory reporting framework and is a direct response to one of the key recommendations outlined in the EBA's June 2021 Report on the cost of compliance with supervisory reporting requirements.
The primary objective of the tool is to help institutions identify relevant reporting modules and templates based on their type and activities, reducing the complexity, time, and effort needed, and establishing a common business logic.
The source of the image: https://bit.ly/3MLCZzy
While the tool is intended for orientation purposes only and does not have legal effects, the EBA is optimistic that it will assist institutions in gaining a better understanding of the regulatory landscape and ultimately contribute to increasing transparency and comparability in business information. By reducing compliance costs and simplifying the reporting process, institutions can focus on ensuring data accuracy and precise reporting, which will result in improved data quality.
Related Products & Services
ATOME Particles, a Data Quality Assurance platform designed by BR-AG data & tech experts, effectively supports your ‘last mile’ in the regulatory reporting process. Catering to the needs of filers, it performs a quick and reliable evaluation of validation rules, reduces the time spent on manual corrections, and enables seamless import/export of regulatory reports either in Excel or XBRL format.
Would you like to talk about how ATOME Particles can help you with compliant reporting? We’re only a few clicks away at sales@br-ag.eu.
And while you're here…
Browse free resources made for you by BR-AG experts. Recently, we have updated our European Regulatory Reporting Calendar 2023 with the most important regulatory reporting requirements and key filing dates. Click here to download it →