The Bank of England has been working with the FCA and industry in the last few years to identify the main issues for firms and regulators in the way data is currently collected with the aim to improve the process, to reduce cost and improve efficiency and quality. The work initially focused on the potential for improvement based on greater use of technology but it soon became apparent that the scope for improvement was much wider and in particular improved data standards and definitions would initially bring the most benefit.
Following publication by the Bank of the Transformation of Data Collection Discussion Paper on January 7, 2020 there was extensive consultation with a wide range of interested parties which also confirmed the importance of consistent data standards and definitions across the range of data requirements. Having received over sixty written responses to the consultation paper and held a series of working group discussions with reporting firms and vendors, the Bank was able to publish a Data Transformation Plan on February 23, 2021 outlining the vision and next steps for this work.
On March 19, 2021, we hosted a webinar to uncover the details of the Bank of England's Data Transformation Plan and to talk about the granular data model as well as innovative approaches to regulatory reporting. You can now watch the recording on-demand.
Having spent his career working in technology project and programme management, Mark’s first involvement with Regulation came back in 2011 when he joined the FSA. It was here that he was responsible for the end to end programme of all system changes required for the PRA and FSA (and latterly the FCA) in order for them to collect and utilise the newly developed CRD IV reporting, including a new XBRL capability. Following the successful delivery of this programme, Mark joined Regnology where he now oversees their RegTech solutions practice in the UK taking responsibility for their core Regulatory Reporting software Abacus360 Banking, as well as looking at innovative ways to tackle the growing Regulatory Reporting challenge.
Angus leads the data collection transformation team at the Bank of England: responsible for delivering a transformation of the way the Bank collects data from the UK financial sector. Previously, he led the Bank’s engagement in the Digital Regulatory Reporting initiative and played a key role in delivering a new supervisory dataset from the UK’s CCPs. Prior to dedicating his life to data and data collection, he held a number of roles at the Bank and in the private sector, primarily with a focus on risk analysis. Originally an economist by training, his current primary interest, apart from improving data collection, is how to write rules and regulations in a “digital first” manner.
Daniel Muench is responsible for Emerging Technologies at Regnology and is working on solutions for the future of regulatory reporting. He is currently developing concepts on how digitization of regulatory reporting could revolutionize the way regulators work, and how modern technological approaches like DLT, AI, and Big Data can support these approaches. With the G20-shortlisted “RegOps” approach, he aims to deliver the first step of this future vision by bringing standardized data models & logic, end-to-end integration of data flow, and a big data-ready regulatory platform to RegTech. Daniel works passionately on the topic of banking regulation and banking regulatory reporting since almost 10 years, and gained many insight in the functioning of regulatory data in the financial industry.