EBA presents main achievements in data and more
The European Banking Authority (EBA) recently unveiled the first part of its 2023 Annual Report, highlighting achievements from the past year amidst a backdrop of economic uncertainty. Published at the start of May, the report outlines EBA’s strides in implementing key regulatory frameworks and advancing data access.
Data infrastructure is one notable area of achievement. In 2023, EBA embarked on several strategic projects aimed at enhancing data management, reporting efficiency, and transparency. Leveraging its European Centralised Infrastructure for Supervisory Data (EUCLID) platform, EBA facilitated data flows, providing stakeholders with access to high-quality, curated data and insights. This initiative improved risk analysis and disclosure of bank data, bolstering transparency and regulatory compliance and regulatory analytic capacity.
Additionally, EBA undertook a comprehensive Data Point Model (DPM) Refit to modernise its data dictionary for future reporting and digital processing challenges. The introduction of the DPM 2.0, alongside the migration to the Digital Regulatory Reporting (DRR) tool, DPM Studio, marks a step towards streamlining reporting processes. DPM Studio supports a continuous reporting framework development process, including validation rules lifecycle, data calculations, and XBRL taxonomy packages.
EBA also reports a focus on mapping disclosure and reporting frameworks while exploring measures to alleviate reporting burdens and compliance costs. Efforts to develop an integrated reporting framework aim to establish a consistent system for collecting statistical, resolution, and prudential data, reinforcing trust and accountability within the industry in a streamlined environment.
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