Published February 12, 2018
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AxiomSL, the global leader in regulatory reporting, data and risk management solutions, has convened a diverse industry group to define an open data taxonomy to simplify and streamline compliance reporting for the revised Monetary Authority of Singapore (MAS) 610 reporting mandate. AxiomSL is partnering with two D-SIBs (Domestic Systemically Important Authorized Institutions) and seven international banks including four G-SIBs (Global Systemically Important Banks), PwC Singapore and BR-AG in this unprecedented industry-led initiative. By mid this year, the Taxonomy for the revised MAS 610 will be complete and made available to all Financial Institutions (FIs) in Singapore. AxiomSL has seen overwhelming interest in this initiative from the FIs in Singapore to date.
Aligned with the overarching themes taking centerstage in 2017’s Singapore FinTech Festival, this industry-led initiative aims to take an innovative and collaborative approach to define regulatory data relationships. Through cross-collaboration by industry experts, this initiative aims to reduce reporting complexities and the compliance burden facing FIs at present. In addition to standardizing interpretations of the MAS requirements, the Taxonomy will allow for increased automation of testing and change management as well as drive higher quality of data and data governance.
The MAS 610 reporting guidelines were last updated ten years ago and the new MAS 610 will see a significant increase in the granularity and frequency of reporting. The taxonomy approach will reframe the 340,000 individual data points required in the revised MAS 610 report (substantial increase from the 4,000+ data points required today) into a series of data relationships that can be applied and reused consistently across all the proposed submissions.
PwC will provide advisory services and act as the project management office for this initiative. BR-AG, a data consulting firm that has a proven track record with central banks and regulatory authorities globally, will draft the data model and XBRL taxonomy.
Peter Tierney, CEO Asia-Pacific, AxiomSL said, “We have watched the evolution of structured data exchange in other regulatory contexts and jurisdictions around the world. The benefits in terms of automation and data quality are clear, both for the FIs and the regulators. The upcoming MAS 610 revision provides a unique opportunity to leverage these developments and with the combination of our FI partners, PwC and BR-AG, we are confident we can combine global best practice with specific Singapore requirements. We feel strongly that the resulting Taxonomy be open and available to all reporting FI’s to encourage adoption and further innovation.”
Chris Matten, Partner at PwC said “We are pleased to partner with AxiomSL, BR-AG and the FIs to take this initiative forward in Singapore. As an advisor, we will be supporting this initiative through reviews and coordination among external parties. It is promising to see such an initiative being carried out which brings together major players within the industry, all working towards a common goal.”
Michal Piechocki, CEO, BR-AG said “Having seen the incalculable benefits of taxonomy-based reporting, we are glad to be a part of the initiative taken by AxiomSL and its partners in Singapore. Data modelling and taxonomy-based approach, specifically using XBRL, has proven effective especially in the context of changing financial environments and new reporting mandates. We have seen its merits firsthand in similar projects developed by BR-AG with the data modelling methodology (Data Point Model) at, for example the Bank of England, the European Central Bank, European Insurance and Occupational Pensions Authority (EIOPA) or the European Banking Authority (EBA). The MAS 610 project embodies all the value-adding aspects represented by the combined data modelling and open taxonomy building approach, and it has potential replication opportunities across jurisdictions around the world. This approach presents the possibility to engineer automation into regulation in the near future.”
In addition to delivering MAS 610 solutions through on-premise deployment, AxiomSL will also offer its’ new MAS 610 solution through a Software-as-a-Service (SaaS) delivery option. SaaS is a cloud-based approach that will help banks alleviate the burden of procuring and operating the complex, hardware and software infrastructure required for reporting. By managing and maintaining the infrastructure required for compliance, AxiomSL’s SaaS solution will enable banks to benefit from enhanced economies of scale, information consistency and operational transparency.
Re-disseminated by The Asian Banker