The ECB has revised the implementation timeline for the Integrated Reporting Framework (IReF), now setting full adoption for 2029.
According to Regnology, this update grants financial institutions additional time to prepare, underscoring the importance of transitioning towards granular data reporting.
The ECB has outlined a phased implementation approach, acknowledging the operational and technical challenges involved in the transition. Initial testing phases will commence in 2025, progressing towards the final reporting deadline in 2029. This extension reflects industry feedback, accommodating a realistic timeframe for institutions to enhance their reporting capabilities while aligning with the goal of standardizing data collection to improve regulatory oversight.
Granular data represents a significant shift in the regulatory landscape, moving away from aggregated reporting methods that often lead to redundancies. By facilitating reporting at the most detailed levels, this approach not only streamlines processes but also reduces costs associated with repetitive data submissions. Additionally, it provides regulators with a more transparent and comprehensive view of the financial system, crucial for identifying risks and maintaining stability.
Regnology Granular Data (RGD) is at the forefront of this transformation, offering a comprehensive solution tailored to meet IReF requirements and beyond. RGD’s cloud-based platform utilizes AI to enhance analytics and pattern recognition, simplifying compliance and reducing operational costs. Its scalable and adaptable infrastructure ensures that institutions are prepared to meet the demands of current and future regulatory challenges.
With the extended IReF timeline, financial institutions have the opportunity to establish robust systems that not only comply with current regulations but are also primed for future challenges. Regnology’s innovative tools and strategies are designed to support institutions in becoming leaders in a dynamically evolving financial landscape, enhancing long-term resilience and success.
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