Areas for the implementation of the new approach include: developing a unified data model for priority sectors, harmonising requirements for the regulatory and reference information, solving technical issues related to receiving the reports, distributing the data model in a machine-readable format, and assessing the required amendments to laws and regulations.
The main approaches and the roadmap for the migration of credit institutions’ reporting to a data model have been prepared with due regard to the opinion of market participants. The unified data model will be implemented gradually. Priority measures will first cover new or significantly revised reporting forms and requests. Further on, the implementation of the data model may also affect other reporting forms.
This approach to collecting banks’ information based on a unified data model will ease credit institutions’ burden, reduce the number of the regulator’s requests, and improve the efficiency of information usage.
This news item was originally published by the Central Bank of the Russian Federation (CBR RU). For more information, see the Source Link.