Welcome back to FinTalk by Vermeg, where we explore the most pressing topics in FinTech and RegTech.
In the fourth episode of season 2, our host Jawad Akhtar invites Andrew Turvey, Director of Prudential Risk at Belmont Green, to delve into the Transforming Data Collection (TDC) programme.
During the episode, Andrew provides insights into the TDC programme’s objectives, the importance of industry participation, and the role of data standards in regulatory reporting. He encourages firms to actively participate in shaping the programme and align their data management practices with the TDC’s goals.
This episode of FinTalk covers:
“You’ll see the deadlines and you’ll see how that’s been implemented into the reg returns. I imagine there’s a lot of firms out there who’ve got TDC on their horizon scanning, and they know that it’s out there. There’s been publications about it. They’re wondering, “Well, what does that actually meet? Well, when will my reg returns actually going to change and how are they going to change and what’s that going to look like?” And one of the key ways in which this is different is that actually because it’s a joint program, we don’t have any power to change regulatory returns.”
“On the firm side, if you are actually storing your data natively in those formats already, it means that you’ve got much less to do in terms of transformation, in terms of interpretation. One of the big things that’s come across as a pain point is the amount of interpretation that’s required when you’ve got a new reg return. Actually all of your new reg returns are created with respect to existing data standards which firms are already know, they’re already familiar with. That just makes the whole process so much easier for everybody.”
“So I mean, personally, I’m more in favor of something which is more about endorsing existing standards rather than creating new standards. There’s a lot of good standards out there. You think about things like the ISO standards, currency codes or country codes, all those different things. Things like LEIs. So on the data transmission side you’ve got things like XML, FBML and so on. And in terms of data layers, so standard data reports, you’ve got all sorts of different things like the ICMA bond data and the Bank of England mortgage data tape.”