Last year, the Bank of England (BoE) renewed its call for financial institutions to strengthen their data governance and reporting frameworks. In a communication to banking executives, the BoE emphasised the need to address ongoing deficiencies in regulatory reporting, focusing on the importance of accurate data, lineage transparency, and robust governance processes.
ALMIS International, which offers an SaaS-based cloud platform to support data management, recently delved into whether it is time for financial institutions to address their financial data risk.
The Dear CEO letter, issued as part of the regulator’s ongoing supervision efforts, identified repeated shortcomings across firms’ systems, governance structures, and production controls. These findings stem from a series of skilled persons reviews, which revealed systemic weaknesses in how firms manage, transform, and report their regulatory data.
The BoE underscored that complete, accurate, and timely regulatory submissions are fundamental to effective supervision.
Central to this effort is the concept of data lineage—the ability to trace data from its origin through every stage of transformation and reporting. Effective lineage enables transparency, accountability, and confidence in the accuracy of financial reports.
ALMIS® International has addressed these challenges through enhancements to its bank treasury data warehouse and reporting applications. Its system logs all data enrichments and modifications per transaction, offering full drilldown capabilities back to the transaction level.
Looking ahead, the BoE’s Transforming Data Collection Programme and the PRA’s Banking Data Review are set to drive further change. These initiatives will redefine how financial data is collected and prioritised, laying the groundwork for a more streamlined and effective regulatory reporting system. The reforms will focus on three main areas: establishing consistent data standards, modernising reporting instructions, and integrating reporting processes for greater efficiency.
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