Irion at the ECB requirements for BIRD adoption workshop in Frankfurt

Irion, Lanfranco Gastaldi, BCE BIRD Workshop 2018

Irion, Lanfranco Gastaldi, BCE BIRD Workshop 2018

The Banks’ Integrated Reporting Dictionary, BIRD initiative will play a central role in effectively harmonizing statistical and regulatory reporting at a European level:

  • Adopting a common language.
  • With codified processing and control rules that will increase data quality of data and its comparability among countries.
  • Eliminating the redundancy currently present in response to requests for information from the various supervisory bodies.
  • Allowing national regulators enough margin of autonomy, still within a shared framework that will ensure consistency and avoid overlaps.
  • Cooperating with the many stakeholders involved: NCBs (national central banks), supervised intermediaries, consulting firms and software producers.

In this context the ECB promotes in terms of BIRD, a series of workshops aimed at sharing the approach and gathering feedback from all the above-mentioned stakeholders, to evaluate ideas for improvement or possible problems highlighted by qualified counterparts and experts in the sector that will have the opportunity of dealing with this reference framework.

Irion, Roberto Fasano, BCE BIRD Workshop 2018

Irion, Roberto Fasano, BCE BIRD Workshop 2018

In more detail, moving towards the test phase, the participation on a voluntary basis of representatives of all categories involved is considered strategic, in order to take the initiative forward and verify its effective applicability in the field, identifying in time potential problems and making any corrections that are to be considered physiological in the implementation phase.

The sharing of the reference framework and the approach to the testing phase were central themes at the workshop held in Frankfurt on ECB last Monday 24.

Irion has participated in previous event – both in the European front in the ECB and in the Italian one in the Bank of Italy. It has demonstrated high interest in the project, within a framework of investments on the Irion EDM platform aimed at seizing and anticipating the needs of its customers, ensuring the perfect coverage of all necessary requirements for the adoption of BIRD by intermediaries who will express the interest to do so.