04 Mar An Open Taxonomy For The Revised MAS 610/1003
How A Market-Led Cooperative Developed A New Banking Data Dictionary, Fostered Successful Adoption, Boosted Regulatory Data Quality, And Created A Blueprint For Global Success
Abraham Teo, Head of Product Management, APAC, AxiomSL
Michał Piechocki, CEO, BR-AG
Thangaraja Nada Raja, Partner, PwC
Revised MAS 610/1003 Challenges
The requirements announced in 2018 by the Monetary Authority of Singapore (MAS) for the revised MAS 610 and 1003 core balance-sheet monthly regulatory return took the data ask to a whole new level. The number of data points required increased exponentially by 8,000 percent – from about 4,000 to more than 340,000. Banks are required to source, compute, and map these data points across 67 reports within the MAS’ tight 24-month implementation timeframe.
Many challenges surfaced with banks and professional services firms posing hundreds of queries on the revised MAS 610 and 1003 guidance. In addition, the MAS has been working closely with the industry to address these data submission/collection standards and specifications for the revised MAS 610 and 1003 via an online portal known as the Data Collection Gateway (DCG).
The intense new data requirements and the uncertainty surrounding the guidelines and data collection specifications impacted all banks as they strove to implement the revised MAS 610 and 1003 obligations successfully by the effective date.
A Creative Market-Driven Initiative
Fully appreciating how the changed requirements would challenge its clients, and motivated to address the problem creatively and quickly on their behalf, AxiomSL kicked off an initiative for the revised MAS 610 and 1003 by pulling together a consortium of industry participants:
- AxiomSL, a leading RegTech ﬁrm, brought its data management, technology, and industry expertise
- BR-AG, a specialty SupTech ﬁrm, brought its expertise in creating regulatory data taxonomies
- PwC, a leading professional services ﬁrm, brought its expertise in project management and knowledge of regulatory reporting
Nine prominent banks joined at the outset: two D-SIBs and seven international banks including four G-SIBs. The newly formed consortium articulated four guiding objectives: data quality improvement, implementation, change management, and operating costs reduction.
Little did they know that two years later, their cooperative effort would not only lead to the launch of a widely adopted open taxonomy for the revised MAS 610 and 1003, but also provide the industry with a blueprint for a market-driven approach to enable consistent, high-quality, and faster adoption of changing large-scale regulatory data requirements.