BoE calls for changes to regulatory reporting
Current reporting methods are too costly and produce “crap data”, senior official says
A new initiative from the Bank of England could reduce the cost of regulatory reporting by more than 90% and improve data collection in the process, according to a senior official responsible for the project.
Citing estimates that the UK financial sector spends £2 billion ($2.76 billion) to £4.5 billion a year on regulatory reporting, Angus Moir, senior manager for data collection transformation at the BoE, said current approaches to meeting reporting requirements were excessively costly and
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