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The road to making regulation more efficient: A case study in the application of best practices and data standards in regulatory reporting
Journal of Securities Operations & Custody,
11
(2),
128-144
(2019)
Abstract
The aim of this paper is to examine how the shape of regulatory data collection may change in the future and what might need to be done by regulators to set solid foundations in the short to medium term that can be used for innovation in the future. The paper identifies 23 best practices and key standards that can be deployed by regulators to help meet those best practices. The paper details where and how the Bank of England aligns to these best practices and what data standards the organisation has deployed. This paper could serve as a guide for regulators on the application of best practices and data standards to how data can be collected more efficiently over time and also for regulated financial institutions on the expectations they could have on their regulators.
Keywords: RegTech; Legal Entity Identifier; LEI; XBRL; ISO 20022; regulatory reporting; data collection; SupTech; digital reporting
The full article is available to subscribers to the journal.
Author's Biography
Beju Shah is the Head of Data Collection and Publication in the Technology Directorate at the Bank of England. Beju leads a high-performing team accountable for the strategy and delivery of a portfolio of regulatory, data and digital change as well as operational accountability for critical data services and collection platforms. Beju has over 13 years’ experience in leading digital transformation programmes in the public and private sectors. He and his team were awarded ‘Best Use of RegTech’ at the Banking Technology Awards, 2018. He is a member of the board of XBRL International, the open international standard for digital business reporting.
