Post sponsored by NewzEngine.com

Source: Central Bank of the Russian Federation in English

22 October 2020
News

The Bank of Russia proposes a phased transition to collecting reporting data in the form of sets of indicators with varying degree of detail on the basis of a single data model. The new approach was presented at the first meeting of the Working Group consisting of the representatives of the Bank of Russia, banking community, and consulting and IT service providers.

Once introduced, the single data model along with unified classifiers and directories will help alleviate the work load for credit institutions through harmonising information composition requirements and minimising initial data transformation.
The positive effects of this model may include lower frequency of modifications of reporting requirements, fewer data requests not covered by the model, and higher quality and analytical potential of reporting data.
Meeting participants discussed steps to be taken to switch to collecting reporting data on the basis of the single data model. Members of the banking community spoke about the advisability of the phased introduction of this model, the need to elaborate an appropriate procedure and to pilot proposed decisions.
Preview photo: H_Ko / Shutterstock / Fotodom

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