By Manesh Samtani, Regulation Asia
Published on 9th July 2018
Industry initiative has condensed over 300,000 data points required by MAS 610 into 1,000 re-useable business concepts, simplifying and streamlining compliance with the reporting mandate.
AxiomSL has completed the launch of its Open Taxonomy project, an industry initiative which sought to simplify and streamline compliance for financial institutions with the MAS 610 reporting mandate.
MAS 610 will require a sharp increase in the granularity and frequency of data reporting, encompassing over 300,000 data points, up from the around 4,000 currently required.
Earlier this year, AxiomSL convened an industry group to define an open data taxonomy, in a bid to simplify and streamline compliance for the revised MAS 610 reporting mandate. The initiative comprised nine major banks in Singapore, together with PwC Singapore and BR-AG (Business Reporting – Advisory Group).
PwC Singapore provided project management office for the initiative and facilitated discussions between participating banks, the project group and MAS (Monetary Authority of Singapore). Meanwhile, BR-AG applied its experience in data projects with central banks and regulatory authorities globally to draft the MAS 610 data model and XBRL taxonomy.
The open taxonomy was recently cited by MAS chief data officer David Hardoon as a good example of industry driven collaboration, in recognition of the need for a common understanding across the industry when dealing with data definitions.
The taxonomy has condensed the over 300,000 data points into 1,000 reusable business concepts grouped into 70 reporting dimensions and 80 reportable amount types. According to AxiomSL, this makes it easier for financial institutions to understand the regulatory request and consequently how the same underlying data can be applied, reconfigured and reused in multiple reporting scenarios.
“The new taxonomy is vendor- and technology-neutral, and will enable automation and innovation in the areas of testing and analysis,” said AxiomSL. “This further reduces compliance related project costs and increases the quality of the data reported.”
“We are pleased to see the industry collaborating to create a standardised approach to a common challenge,” said Peter Tierney, CEO Asia-Pacific, AxiomSL. “This is a milestone as it significantly reduces the burden of reporting for FIs regardless of the reporting platform they use.”
This article was originally published by Regulation Asia.