EBA sets out latest work programme, including development of data infrastructure
The European Banking Authority (EBA) recently issued its annual work programme and strategic approach for 2022. It notes that it has streamlined its activities to foster synergies and efficiencies.
EBA has set five vertical priorities: i) monitoring and updating the prudential framework for supervision and resolution; ii) revisiting and strengthening the EU-wide stress-testing framework; iii) leveraging the European Centralised Infrastructure for Supervisory Data (EUCLID); iv) deepening analysis and information-sharing in the areas of digital resilience, fintech and innovation; and v) anti-money laundering and countering the financing of terrorism (AML/CFT) and contributing to a new EU infrastructure. Alongside these are two horizontal priorities: providing tools to measure and manage environmental, social and governance (ESG) risks and monitoring and mitigating the impact of Covid-19.
Reporting data and reporting requirements are clearly essential to these priorities in diverse ways. We are particularly interested to see how the EUCLID data infrastructure will continue to develop. EBA notes that “EUCLID could work as a data hub, not only gathering and processing data, but also by allowing internal and external stakeholders … to access more timely and comprehensive evidence-based analyses and information.” To this end, EBA created a multi-year data strategy during 2021, upon which is now embarking.