The project Analytical Credit Datasets (AnaCredit) from the European Central Bank (ECB) calls for the gradual establishment of the harmonized collection of very granular data. As a result of the project, data gaps in the area of credit exposures are to be closed and both monetary as well as micro- and macro-prudential issues can be addressed. Beginning of 2018, the conditions should be created in order to transmit extensive granular credit and credit risk data to the ECB for statistical purposes.
As part of AnaCredit, roughly 100 data attributes are required to be reported. Initial analyses have shown that presently not all of the required data fields are derivable from the current regulatory reporting data household. The procurement of the required data presents financial institutions with special challenges. Firstly, the information required is often distributed across different departments and IT systems of the bank and must be integrated into a consistent delivery of data provided by the regulatory reporting software solution. It should be noted that some of the required data fields are in fact available, but, suffer from insufficient data maintenance and quality. Other requested data fields are not currently available in the data household of the institution and would have to be newly obtained.
Based on an initial analysis, the reporting requirements associated with the AnaCredit project will be associated with relatively high implementation costs for financial institutions. The reasons lie mainly in the procurement of granular financial data and the need for the consistent delivery of data to the regulatory reporting software. Accordingly, institutions should begin at an early stage with the analysis of the gaps in their data management and investigate the impact on their institution-specific processes and IT systems.
BearingPoint will provide software solutions for the implementation of the new reporting requirements as part of the Abacus product family. In addition, our specialists, with their many years of know-how in regulatory reporting, can support you with the your specific issues within the context of your individual implementation projects.