BIRD (Bank’s Integrated Reporting Dictionary) is a volunteerary initiative for EU banks to create a European database built on a harmonized data model describing precisely the data which should be extracted from the banks internal IT systems to derive reports required by the regulators and the supervisors such as AnaCredit or SHS. Banks and supervisors (NCAs, ECB) are part of the working group.

Since the inception of the Single Supervisory Mechanism (SSM), the data quality of regulatory reporting has become a key priority. Its importance has amplified since early 2016, with the release of the ECB Thematic Review on BCBS 239 Principles. Although most banks have improved their data quality, there are still shortcomings in the effective monitoring and provision of data. With this article, MLAdvisory explains its own model to implement an in-house tool that banks can use to successfully monitor their regulatory data quality.

Fintech credit institutions currently represent 9% of the fintech market (EBA 2017), and are continuing to grow as this innovative market expands. With this growth, however, comes regulatory attention, specifically in the form of new regulations and guidelines that capture fintech credit institutions. To maintain both business momentum and a licence to operate, fintechs need to keep up-to-date with the developing regulatory landscape.