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.
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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.
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