Improving Regulatory Data Collection for Everyone Beju Shah Head - - PowerPoint PPT Presentation

TECHNOLOGY

Improving Regulatory Data Collection … for Everyone

Beju Shah – Head of Data Collection & Publication

1

Disclaimer

This session is presented under Chatham House rules therefore no comments

• r content should be attributed to the presenter

The views expressed here are those of the speaker and not necessarily those

• f the Bank of England.

INTRODUCTION

3

Introduction

• Head of Data Collection and Publication, Technology
• UK & BoE Representative(s) to the technical committees and working groups for
• EBA
• EIOPA
• ECB
• ISO Standards Evaluation Group
• LEI Regulatory Oversight Committee
• Lead several FinTech initiatives
• Blockchain PoCs / Advanced XBRL data management
• Please feel free to contact me via beju.shah@bankofengland.co.uk or connect via

LinkedIn (Beju Shah)

4

Improving Regulatory Data Collection… for Everyone

• What this is NOT about…
• what the Bank of England are doing or our plans, strategies for the future
• XBRL

5

Improving Regulatory Data Collection… for Everyone

• What this is about….
• Communication
• Collaboration
• Trust
• What is the best way to achieve these things…
• Dialogue
• Posing questions that may provoke new thinking and answers

WHY IMPROVE?

7

Regulatory spaghetti since the financial crisis

• Regulations in quick succession. Massive increases in

data… and more data is being requested.

• Complex requirements + Tight Deadlines = High Cost

+ Semi Tactical Solutions

• Focus on just being compliant. Not a good

precedence for making compliance easier and / or cheaper

• Less holistic thinking about good data management
• ‘New’ technologies that are not Excel
• Approach to / appreciation of data is much more

mature than 9 years ago

8

Moving forward

• Regulation = ongoing change
• It has to be easier, faster and cheaper….. to be sustainable and deliver more value.
• Regulation = new data? more data? better use of existing data?
• Its not just about Technology or Data… it is about
• Collaborate
• Communicate
• Trust

HOW WE IMPROVE?

10

How do we improve?

• Who is ‘everyone’ in the ecosystem?
• How do they each currently feel about data collection?
• What are their needs?
• What do they ‘expect of everyone’ else in the ecosystem

11

Who is ‘Everyone’

SOCIETY REGULATORS REGULATED FIRMS SOLUTION PROVIDERS STANDARDS BODIES

12

Sentiment related to data collection… how do we score?

SOLUTION PROVIDERS REGULATED FIRMS REGULATORS SOCIETY STANDARDS BODIES

LETS TALK….

14

1.

• Its hard to understand what you do. Can you

explain what you do simply, using familiar channels?

• Why should I care? What is the purpose of

data collection?

• How does the data you collect help you

protect my money and safeguard financial system as a whole?

• How do you hold regulated firms to account?
• How do we get to know you more? What can

you do to engage and reach out?

SOCIETY REGULATORS

15

2.

• We expect you to act in our best interests and

conduct yourselves to the highest standards?

• We expect you to be well governed and act

with integrity?

• We expect you to play by the rules
• How do we (re)gain trust?
• What are you doing to ensure history does

not repeat itself?

• How are you being more transparent and

changing your relationship with society?

REGULATED FIRMS SOCIETY

16

3.

REGULATED FIRMS REGULATORS

• How can we get more involved, engaged or

work together? Are working groups useful?

• What is the data being used for? Why is

quality important to you? What are your additional quality checks?

• We need you to communicate a clear

technology and data strategy, creating a business mandate. If you want good data quality, help foster an environment for good data management.

• Have you allowed enough time for

implementation?

SOLUTION PROVIDERS

17

4.

REGULATORS

• What if new data collections were packaged

into fixed windows through the year?

• You must drive the adoption standards and

standardisation to save time and money

• Build and publish data models and

taxonomies? machine executable rules? Increased automation?

• How else can we work with you to make the

technology implementation smoother?

• What feedback / input do you need from us.

REGULATED FIRMS SOLUTION PROVIDERS

18

5.

REGULATED FIRMS

• We have some common challenges. Should

we be collaborating?

• Is there a role for standards bodies? What do

they recommend?

• What are our ideas to simplify and / or

standardise data collection? How do we share them with the regulator?

• What direction do we want to see the

regulator take? How do we collectively influence this?

• What can we learn from each other?

REGULATED FIRMS STANDARDS BODIES

19

6.

REGULATED FIRMS REGULATORS

• Sometimes, the data requirements can be
• ambiguous. What can be done to remedy

this?

• Are you able to take into consideration the

work we are doing for BCBS239 in your decision making?

• How can we get more foresight on policy

initiatives and new data requirements.

• Could we talk about the future, perhaps

where we provide data once and for it to be re-used many times to meet a variety of policy objectives?

20

7.

REGULATED FIRMS

• How are you engaging with the regulator to

make implementation successful?

• What value do your services offer over
• thers?
• How are your service offerings going to help

us reduce the costs of regulatory reporting?

• How can I consolidate / simplify by IT and

Data estate and reduce by TCO?

• How quickly will your solution be ready?

SOLUTION PROVIDERS

21

8.

• We would love to engage you more and have

you involved. What should we be doing / not doing?

• Why do you all not take the opportunities to

provide feedback?

• Help us with design choices.
• Help us with testing and test data?
• Let us know what help and education you

need

• Prioritise data quality

REGULATORS REGULATED FIRMS SOLUTION PROVIDERS

22

9.

• Can you make your information easier to

understand and learn?

• How do we communicate the business

benefits?

• How do we leverage standards and why

should we standardise? Will it improve data management and reduce costs?

• What do we need to know? What

information do you think we need? What are your recommendations?

STANDARDS BODIES REGULATORS REGULATED FIRMS SOLUTION PROVIDERS

23

10.

• How do we collect data that is closer to

source? More granular data?

• How do we help reduce burden and costs?
• What do we do to standardise nationally and

across borders?

• Where do we begin to collaborate and how?
• How do we collect once and re-use many /

pull data on demand?

• What should we be thinking about for the

future?

REGULATORS REGULATED FIRMS SOLUTION PROVIDERS STANDARDS BODIES REGULATORS

24

11.

• Working for the good of the people by

promoting and maintaining monetary and financial stability

• Protecting the public
• Educating about what we do and why.

Reaching out.

• Operating a fair, simple and stable financial

system

REGULATORS SOCIETY

IN SUMMARY

26

Common themes for improving data collection

SOCIETY REGULATORS REGULATED FIRMS SOLUTION PROVIDERS STANDARDS BODIES

• Working together / Involvement
• Education and awareness
• Communicating intent
• Data quality
• Commercial thinking
• Simplifying and standardising
• Solving common current and future

anticipated problems

27

Sentiments related to data collection once we’ve improved

SOLUTION PROVIDERS REGULATED FIRMS REGULATORS SOCIETY STANDARDS BODIES

THANK YOU