06 Apr Then SURFI, Now RUBA Taxonomy: Narrow Changes, Broad Impact
In a world where so much happens in a week – news about the pandemic, climate, and political and global realignment – January 2022 seems eons away. However, as we observed with COVID-19, it is better to have a plan and not need it than to have a la vie en rose outlook and be unpleasantly surprised. Invariably, the latter is more costly than the former. For financial institutions in France, the time to prepare for the new RUBA taxonomy is now.
Several months ago, French regulator ACPR announced a move from SURFI to RUBA taxonomy, which takes effect in January 2022. However, this move is not simply a rehash of SURFI. RUBA is a taxonomy-level redesign and a new framework comprising revised validations, one new and 12 updated reports, and a greater degree of granularity around data points. It also integrates insurance information for the EIOPA; all of which signals a broad array of implications for banks.
Now that the timelines are known, whether you are a client or not, AxiomSL offers a range of fully managed (SaaS) solutions and implementation services to help financial institutions successfully comply with regulatory requirements, globally. Since the move from SURFI to the RUBA taxonomy is mandatory and wide ranging, this could be the opportune time for organizations to reconsider their entire ecosystem.
AxiomSL’s proven technology enables organizations to efficiently, transparently, and sustainably satisfy the requirements that regulators and auditors demand.