Banks remain dependent on supervisory feedback to identify and correct reporting errors
A new BearingPoint study of 50 European financial institutions finds that 76% of banks cite supervisory feedback as a key trigger for identifying and correcting reporting errors, revealing data quality and governance gaps that automation and centralization alone cannot solve.
Management and technology consultancy BearingPoint has released a new study on regulatory reporting in European banks, finding that three in four banks cite supervisory feedback as a key trigger for identifying and correcting errors in their reports, a sign that internal data quality and governance controls have yet to keep pace with rising regulatory demands.
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Based on a survey spanning nine European countries, the study finds that while banks have established a broad set of data quality controls with 90% of participants having a minimum of three data quality controls in place and 66% have centralized their data architecture, fundamental governance gaps persist. Only 18% of institutions report full implementation of BCBS 239 principles, and just 24% have extensive data lineage documentation across their reporting processes.
