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All entities as considered in the regulatory scope of consolidation for any purpose of prudential authorities.

General remarks:
Initiatives that lead to a reduction in the reporting burden for institutions are very welcome.

The common data dictionary, central data collection point and improved exchange of reported data between authorities ("report once") mentioned in the EBA discussion paper can make a significant contribution to this goal. However, the concrete implementation in the regulatory framework based on the final EBA report expected at the end of 2021 remains to be seen.

The inventory of multiple reporting mentioned in several places in the EBA paper should lead to the elimination of these duplicate reporting requirements in a second step in the respective legal acts. The most effective way to reduce the burden on institutions in the area of reporting is to remove reporting requirements for institutions in the Level I texts and in the delegated acts without replacement. Even the Commission, in its fitness check of the EU supervisory reporting system, came to the conclusion that not every single one of the existing reporting obligations should (continue to) be necessary. Any reporting burden must always be balanced by a concrete, measurable and proportionate benefit.

Moreover, we argue for a thorough cost/benefit analysis and where possible one should build on already existing structures, in order to keep costs reasonable. An integrated reporting system must entail a clear benefit for both competent authorities and the industry. It must enhance efficient data sharing between all involved authorities in order to lessen the burden of data submission for banks.
Like in Answer 1 we prefer a comprehensive approach covering the requirements of prudential authorities (EBA, SRB, SSM, ESZB Statistics, BIZ, national central banks und supervisory authorities etc.)
The scope is comprehensive and can be used as a starting point for a discussion with the industry.
Not relevantSomewhat relevantRelevantHighly relevant
Training / additional staff (skills)  X 
IT changes   X
Changes in processes  X 
Changes needed in the context of other counterparties / third-party providers X  
Time required to find new solutions  X 
Other (please specify)X   
yes
Highly agreeAgreeSomewhat agreeDon’t agree
Data Dictionary - Semantic levelX   
Data Dictionary - Syntactic level   X
Data Dictionary - Infrastructure level   X
Data collection - Semantic levelX   
Data collection - Syntactic level   X
Data collection - Infrastructure level   X
Data transformation - Semantic levelX   
Data transformation - Syntactic level   X
Data transformation - Infrastructure levelX   
Data exploration - Semantic levelX   
Data exploration - Syntactic levelX   
Data exploration - Infrastructure levelX   
For internal purposes we have an internal data dictionary and for external reporting we have to use a predefined data model from the Austrian National Bank. The respective data model from the Austrian National Bank considers also a reporting layer.
The data dictionary should at least consider the input and output parameters incl. transformation logics to ensure data linage.
Business dictionary/ definition of terms in business language.
SignificantlyModeratelyLow
Understanding reporting regulationX  
Extracting data from internal system X 
Processing data (including data reconciliation before reporting)  X
Exchanging data and monitoring regulators’ feedback X 
Exploring regulatory dataX  
Preparing regulatory disclosure compliance.X  
Other processes of institutionsX  
Highly important
Highly costly
Moderate cost reductions
Small cost reductions
It depends on the lifetime of existing IT systems in the bank
  • statistical
  • resolution
  • prudential
Currently not applicable
Highly (1)Medium (2)Low (3)No costs (4)
Collection/compilation of the granular dataX   
Additional aggregate calculations due to feedback loops and anchor valuesX   
Costs of setting up a common set of transformations*X   
Costs of executing the common set of transformations**X   
Costs of maintaining a common set of transformationsX   
IT resourcesX   
Human resourcesX   
Complexity of the regulatory reporting requirementsX   
Data duplicationX   
Other: please specifyX   
Highly (1)Medium (2)Low (3)No benefits (4)
Reducing the number of resubmissionsX   
Less additional national reporting requestsX   
Further cross-country harmonisation and standardisationX   
Level playing field in the application of the requirementsX   
Simplification of the internal reporting processX   
Reduce data duplicationsX   
Complexity of the reporting requirementsX   
Other: please specifyX   
Principle of confirmation of anchor values should be followed.
Yes
Yes
Different local specifics/definitions that cause differences that are challenged by the authorities.
Multiple dictionaries
Different formats
Important
Yes, to a limited extent
not valuable at allvaluable to a degreevaluablehighly valuable
Data definition – Involvement   X
Data definition – Cost contribution   X
Date collection – Involvement   X
Date collection – Cost contribution   X
Data transformation – Involvement X  
Data transformation – Cost contribution X  
Data exploration – Involvement X  
Data exploration – Cost contribution X  
Data dictionary – Involvement X  
Data dictionary – Cost contribution X  
Granularity – Involvement X  
Granularity – Cost contribution X  
Architectures – InvolvementX   
Architectures – Cost contributionX   
Governance – Involvement   X
Governance – Cost contribution   X
Other – Involvement    
Other – Cost contribution    
A push approach
Possible solutions
GDPR
IT security
Possible solutions
Transparency
Lineage
  • Data collection
  • Data transformation
  • Data exploration
Data collection
Partially
via a service provider
By having data transformation and connecting data points with underlying regulatory requirements.
Yes
Dr. Franz Rudorfer
A