The European Central Bank Urges Integration in Risk Data Reporting

The European Central Bank Urges Integration in Risk Data Reporting

By Prathamesh 2 April, 2024
news

Elizabeth McCaul, a member of the ECB’s Supervisory Board, emphasizes the need for enhanced risk data aggregation and reporting (RDARR) in banking operations. With many banks lagging in this area, the ECB calls for integrated risk reporting processes spanning the entire organization.

Internal risk management systems must quickly identify and address risks, aligning with regulatory reporting requirements. The ECB plans rigorous enforcement, including recommendations, progress reports, and potential sanctions.

Integration of internal and supervisory reporting ensures access to high-quality data for both supervisors and banks. The ECB will publish a guide on effective RDARR and refine supervisory tools to bolster banks’ capabilities in risk data management.

To find out more details please visit : https://www.xbrl.org/