BIRD, an integrated approach addressing the changing regulatory reporting
The European System of Central Banks (ESCB) has launched an initiative based on cooperation between reporting entities, national and European authorities and service providers to design and develop an integrated standard of coordinated data management to which all reporting converges to harmoniously.
The next big challenge for Intermediaries, in the process of integration of the European institutions, is the ability to adapt to a common language, in a context defined by different banking and supervisory practices.
The ECB then leads intermediaries to a harmonized pan-European reporting model, IReF, for which BIRD defines the input layer and validation and transformation rules, enabling the correct and efficient extraction from reporting database systems.
Irion EDM platform and the RTG add-ons are accelerators for change related to BIRD mapping and the engines for execution of transformation and validation rules, not only for the purposes of supervisory reporting, but also for banking internal uses. In this way, management and regulatory agencies can base their work on the same set of better quality data and are able to respond promptly to requests for “ad hoc” data. All of this while preserving investments and reducing management costs.
The solution’s structural flexibility enables formalized definition, representation and graphical navigation of all entities, related definitions, attributes, domains and mutual relations using principles, syntax and BIRD’s architectural model language.
Starting from the already pre-configured model, Irion provides a solution that allows timely and effortless custom solution creation for reporting generation according to BIRD standards that complies with national and intermediary specificities while safeguarding what has already been produced in the PUMA area.
The platform natively possesses an adapter to access data contained in the main information sources and allows you to create custom adapters on demand.
The platform enables the control of the transformation process from internal and external sources to the input flow in all its phases: preparation, enrichment, generation as well as the audit and versioning of the process through the orchestration of anapproval workflow, if required.