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Digital Regulatory Reporting (DRR)
5th November 2018
Focus of the Reglator: Digital Regulatory Reporting DRR)
In February the FCA published a call for input on how technology could achieve smarter regulatory reporting.
It outlined a ‘proof of concept’ developed at the regulators November 2017 TechSprint which could potentially make it easier for firms to meet their regulatory reporting requirements and improve the quality of the data that they provide.
Whilst digital regulatory reporting (DRR) has not yet been successfully implemented by any other regulator, the FCA believe that it has the potential to fundamentally transform how the industry understands, interprets and then reports regulatory information, with the potential benefits for firms and regulators alike widely appreciated.
The FCA believe that with DRR, that:
The FCA have now published their feedback upon this call for input via publication FS18/02 where opinions on the technical aspects of the proof of concept and views on how it could be improved were relayed.
To give the development of DRR some impetus, the FCA also inform that they have been working with the Bank of England and other organisations on a 6 month pilot to build upon the proof of concept that will look into the feasilibility of expanding DRR beyond the concept developed at TechSprint.
Using 2 use cases - one that focuses upon retail reporting and the other on wholesale reporting, the responses from the call for input have been fed into the pilot and in particular, those that have provided suggestions on how to improve the existing proof of concept.
With the pilot work expected to be finished this month, we can anticipate the participants to publish a technical paper on the results of the pilot within the first quarter of next year.
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