The European System of Central Banks (ESCB) has launched an initiative to develop an integrated standard of coordinated data management. This project sees the cooperation of reporting institutions, national and European authorities and service providers and aims to gradually bring to harmony all reporting.
In the integration of the European institutions, the next big challenge for Intermediaries is to adapt to a common language amidst different banking and supervision practices.
The ECB will then bring the intermediaries towards a harmonized pan-European reporting model, IReF. BIRD defines for it the input layer and the validation and transformation rules that allow correct and efficient extraction of reporting data from the Bank’s systems.
The Irion EDM platform and RTG add-ons accelerate this change by connecting BIRD and the execution engines for the transformation and validation rules. This is useful not only for supervision reporting purposes but also for the Bank’s internal needs. In this way, management and supervision can base their work on the same data. This data is of higher quality and responds to requests for ad hoc data promptly while preserving investments and reducing the management burden.
Irion at the workshop on the requirements for BIRD adoption at the ECB headquarters in Frankfurt
Irion provides a solution that allows creating, in a timely manner and with limited engagement, custom solutions for the new generation of reporting according to the BIRD standards. It uses a pre-configured model to start, respects national and Intermediary specifics, and safeguards what has already been set up by PUMA.
The platform has native adapters to access data from the principal information sources. It also allows creating custom adapters upon request.
The solution’s structural flexibility allows to define, represent and navigate all entities, as well as the related definitions, attributes, domains, and relationships, in a formalized way and graphically. And it uses the principles, language, and syntax of the BIRD architectural model.
The solution already contains both a pre-configured model with all the potential input layer entities and output model components that BIRD supports (ANACREDIT, FINREP, SHS, etc.) and a set of validation and derivation algorithms. These can be executed to implement the rules defined by the model.
The platform allows controlling the process of transformation from internal and external sources to the input stream in all its phases: preparation, enrichment, generation. It also enables audit and versioning of the processing by orchestrating an approval workflow, if requested.
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We will provide you with illustrative examples of how other organizations have already started their transformation.