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MAS610 Open Taxonomy Overview
What is MAS610 Open Taxonomy?
Taxonomy is the science of classification. The MAS 610/1003 Taxonomy condenses over 300,000 data points of the MAS 610 into 1,000 reusable business concepts to provide a data-centric view of the MAS 610/1003 instead of a form-centric view. The taxonomy organises these data fields and outlines the relationships between each of the fields. Once the relationships between the data fields are established, the task of generating and maintaining any number of derived data points becomes automatic.
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. It allows FIs to better structure and automate regulatory reporting processes regardless of the reporting technology in use as it is vendor and technology neutral.
The taxonomy facilitates:
- mapping to the MAS 610 by providing a blueprint
- gap analysis between current and revised MAS 610
- change management from now till the end of the parallel-run
Email MAS_open_taxonomy@axiomsl.com for more information
An Industry Led Initiative
Through years of client engagements, we have observed the desire for a broader industry effort to make common activities such as Data Gapping more efficient. The Open Taxonomy does exactly this. It provides efficiency as well as quality by utilising the combined knowledge of the consortium members to significantly enhance a specific area of regulatory reporting. More importantly, it has been made available to all FIs and their respective technology partners.
AxiomSL together with 9 initial participating banks, PwC and BR-AG came together to define the Taxonomy. The 9 founding banks comprise of two Singapore D-SIBs and seven international banks headquartered in Australia, Canada, Germany, Japan, Switzerland, the U.K. and the U.S., of which four are G-SIBs. This diversity assures FIs that interpretations of regulations and treatment of data will be representative of a wide range of and types of FIs but more importantly, consistent with the majority in the industry.
Industry Standard Over Individually Defined
Reduced Project Costs – Repetitive, industry-wide analysis of “data points” is required at each reporting firm currently. A standardized data model and taxonomy reduces that analysis step from an average of 6 person months to less than 1 person months.
Better Quality, Less Firm-Specific Interpretations – The resulting data structure when used by multiple firms establishes best practice and reduces the cost and ambiguity associated with individual firm’s interpretations.
Change Management Costs – When inevitable regulator-driven changes occur, these changes can be described in terms of the Taxonomy, speeding up comment cycles and focusing discussion on the impact of changes.
Reduced Operating Costs – A standard taxonomy dramatically increases the potential for automation in deployment and testing. This ultimately the timeliness and accuracy of future implementation.
Amplified Cost Reduction – an open Taxonomy is available to all reporting firms and their respective technology partners. This encourages broad based adoption and innovation in related technology (testing, analysis etc) and services (e.g. audit).
Global Trend – Taxonomy in use by regulators like APRA and EBA, BoE, EIOPA, Bank of Spain.
MAS610 Open Taxonomy Benefits
Industry defined Taxonomy assures FIs that interpretations of regulations and treatment of data will be consistent with the majority in the industry
For educational and reference purposes – provides a good starting point to assist personnel or management gain a better understanding of the information required in the revised MAS610/1003
Reduced project and on-going maintenance costs
Provides the attributes for data sourcing and analysis
Facilitates internal gap analysis
Extension of Taxonomy to other MAS returns
Besides regulatory reporting, FIs can use the same source data for management information strategy and business reporting which improved reconciliation and consistency
Reduction of problem – from 340,000 data points to approximately 1000 data points
Increased speed of implementation
Used for validation/cells referencing purpose
May facilitate variance analysis reporting
Email MAS_open_taxonomy@axiomsl.com for more information
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