Improving Regulatory Data Collection … for Everyone Beju Shah – Head of Data Collection & Publication TECHNOLOGY
Disclaimer This session is presented under Chatham House rules therefore no comments or content should be attributed to the presenter The views expressed here are those of the speaker and not necessarily those of the Bank of England. 1
INTRODUCTION
Introduction • Head of Data Collection and Publication, Technology • UK & BoE Representative(s) to the technical committees and working groups for • EBA • EIOPA • ECB • ISO Standards Evaluation Group • LEI Regulatory Oversight Committee • Lead several FinTech initiatives • Blockchain PoCs / Advanced XBRL data management • Please feel free to contact me via beju.shah@bankofengland.co.uk or connect via LinkedIn (Beju Shah) 3
Improving Regulatory Data Collection… for Everyone • What this is NOT about… • what the Bank of England are doing or our plans, strategies for the future • XBRL 4
Improving Regulatory Data Collection… for Everyone • What this is about…. • Communication • Collaboration • Trust • What is the best way to achieve these things… • Dialogue • Posing questions that may provoke new thinking and answers 5
WHY IMPROVE?
Regulatory spaghetti since the financial crisis • Regulations in quick succession. Massive increases in data… and more data is being requested. • Complex requirements + Tight Deadlines = High Cost + Semi Tactical Solutions • Focus on just being compliant. Not a good precedence for making compliance easier and / or cheaper • Less holistic thinking about good data management • ‘New’ technologies that are not Excel • Approach to / appreciation of data is much more mature than 9 years ago 7
Moving forward • Regulation = ongoing change • It has to be easier, faster and cheaper….. to be sustainable and deliver more value. • Regulation = new data? more data? better use of existing data? • Its not just about Technology or Data… it is about • Collaborate • Communicate • Trust 8
HOW WE IMPROVE?
How do we improve? • Who is ‘everyone’ in the ecosystem? • How do they each currently feel about data collection? • What are their needs? • What do they ‘expect of everyone’ else in the ecosystem 10
Who is ‘Everyone’ REGULATED FIRMS SOLUTION SOCIETY STANDARDS PROVIDERS BODIES REGULATORS 11
Sentiment related to data collection… how do we score? SOLUTION STANDARDS REGULATORS SOCIETY REGULATED PROVIDERS BODIES FIRMS 12
LETS TALK….
1. • Its hard to understand what you do. Can you explain what you do simply, using familiar channels? • Why should I care? What is the purpose of data collection? • How does the data you collect help you protect my money and safeguard financial system as a whole? REGULATORS SOCIETY How do you hold regulated firms to account? • How do we get to know you more? What can • you do to engage and reach out? 14
2. We expect you to act in our best interests and • conduct yourselves to the highest standards? We expect you to be well governed and act • with integrity? We expect you to play by the rules • How do we (re)gain trust? • REGULATED SOCIETY What are you doing to ensure history does • FIRMS not repeat itself? How are you being more transparent and • changing your relationship with society? 15
3. How can we get more involved, engaged or • work together? Are working groups useful? What is the data being used for? Why is • quality important to you? What are your additional quality checks? REGULATED We need you to communicate a clear • FIRMS technology and data strategy, creating a business mandate. If you want good data REGULATORS quality, help foster an environment for good data management. SOLUTION Have you allowed enough time for • PROVIDERS implementation? 16
4. What if new data collections were packaged • into fixed windows through the year? You must drive the adoption standards and • standardisation to save time and money Build and publish data models and • REGULATED taxonomies? machine executable rules? FIRMS Increased automation? REGULATORS How else can we work with you to make the • technology implementation smoother? SOLUTION What feedback / input do you need from us. • PROVIDERS 17
5. We have some common challenges. Should • we be collaborating? Is there a role for standards bodies? What do • they recommend? REGULATED FIRMS What are our ideas to simplify and / or • standardise data collection? How do we share them with the regulator? REGULATED What direction do we want to see the • FIRMS regulator take? How do we collectively STANDARDS influence this? BODIES What can we learn from each other? • 18
6. Sometimes, the data requirements can be • ambiguous. What can be done to remedy this? Are you able to take into consideration the • work we are doing for BCBS239 in your decision making? How can we get more foresight on policy • initiatives and new data requirements. REGULATORS REGULATED FIRMS Could we talk about the future, perhaps • where we provide data once and for it to be re-used many times to meet a variety of policy objectives? 19
7. How are you engaging with the regulator to • make implementation successful? What value do your services offer over • others? How are your service offerings going to help • us reduce the costs of regulatory reporting? SOLUTION How can I consolidate / simplify by IT and • REGULATED PROVIDERS Data estate and reduce by TCO? FIRMS How quickly will your solution be ready? • 20
8. • We would love to engage you more and have you involved. What should we be doing / not doing? • Why do you all not take the opportunities to REGULATED provide feedback? FIRMS • Help us with design choices. • Help us with testing and test data? REGULATORS • Let us know what help and education you SOLUTION need PROVIDERS • Prioritise data quality 21
9. Can you make your information easier to • understand and learn? How do we communicate the business • REGULATED benefits? FIRMS How do we leverage standards and why • should we standardise? Will it improve data management and reduce costs? STANDARDS REGULATORS What do we need to know? What • BODIES information do you think we need? What are your recommendations? SOLUTION PROVIDERS 22
10. • How do we collect data that is closer to source? More granular data? REGULATED FIRMS • How do we help reduce burden and costs? • What do we do to standardise nationally and SOLUTION across borders? PROVIDERS Where do we begin to collaborate and how? • REGULATORS How do we collect once and re-use many / STANDARDS • pull data on demand? BODIES What should we be thinking about for the • future? REGULATORS 23
11. Working for the good of the people by • promoting and maintaining monetary and financial stability Protecting the public • Educating about what we do and why. • Reaching out. Operating a fair, simple and stable financial REGULATORS • SOCIETY system 24
IN SUMMARY
Common themes for improving data collection Working together / Involvement • Education and awareness • Communicating intent REGULATED • FIRMS Data quality • Commercial thinking • SOLUTION SOCIETY STANDARDS PROVIDERS BODIES Simplifying and standardising • Solving common current and future • REGULATORS anticipated problems 26
Sentiments related to data collection once we’ve improved SOLUTION STANDARDS REGULATORS SOCIETY REGULATED PROVIDERS BODIES FIRMS 27
THANK YOU
Recommend
More recommend
