EBA recommendations on cutting supervisory reporting costs

Posted on June 11, 2021 by Editor

he European Banking Authority (EBA) has identified 25 recommendations that together could reduce banks’ reporting costs by 15-24%. These are the conclusions of a comprehensive study on the costs of compliance with supervisory reporting requirements. While they should improve the process for all filers, the recommendations are particularly aimed at further enhancing the requirements’ proportionality, reducing the reporting burden for small and non-complex institutions and generating cost savings between €188-288 million.

The proposals cover four broad areas: changes to the development process for the EBA reporting framework; changes to the design of EBA supervisory reporting requirements and reporting content; coordination and integration of data requests and reporting requirements; and changes to the reporting process, including the wider use of technology.

The last two points appear especially interesting to us, since these are areas where XBRL and integrated digital reporting approaches can be leveraged to offer an efficient, streamlined process. The study also noted the need to remove barriers to the wider adoption of FinTech and RegTech solutions as well as to promote better digitalisation of documents.

The EBA will be implementing most of the recommendations as part of its ongoing work on developing and improving the common EU supervisory reporting framework.

Read more here.

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