AnaCredit: Key Challenges Demand a Strategic Approach

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IT Finanzmagazin
By Abhishek Awasthi, Product Manager, AxiomSL EMEA
May 9, 2018

IT FinanzmagazinArticle by Abhishek Awasthi, Product Manager at AxiomSL EMEA, in IT Finanzmagazin discussing the challenges that the European Central Bank’s (ECB) analytical credit dataset regulation (AnaCredit) is posing to the banking industry as the September deadline approaches for these institutions to complete their first AnaCredit reporting. These challenges include accessing data from disparate sources, insufficient granularity of data on individual bank loans, incomplete data, the need to report to multiple National Central Banks (NCBs), and changes in reporting frequency.

This article also outlines the current type of loans that will be subject to AnaCredit, as well as the ECB’s plans to increase the scope of financial instruments and counterparties that fall under this regulation.

Overall, Mr Awasthi advocates the need for a long-term solution that can both overcome these challenges and allow financial institutions to use AnaCredit’s requirements as a springboard to improve data management capabilities. Moreover, Mr Awasthi adds that financial institutions may even be able to use the same data sourcing to satisfy various reporting requirements in future as regulators are likely to seek the data in a more consistent format going forward.

As featured in IT Finanzmagazin.