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Published: April 24, 2025
The Integrated Reporting Framework (IReF) is a standardised reporting system developed by the European System of Central Banks (ESCB) to streamline and reduce the reporting burden on banks while ensuring compliance with information requirements.
With increasing regulatory complexity across Europe, IReF aims to replace fragmented reporting structures with a more consistent, automated framework.
This initiative is particularly relevant for banks operating with the Eurozone, as it mandates standardised reporting. National central banks of non-euro area EU member states can voluntarily adopt the IReF through national legislation in part or in full. The framework is designed for credit institutions and deposit-taking corporations, ensuring more efficient regulatory reporting across the financial sector.
| Challenges | Issue | Impact |
| Differing National Data Models | Heterogeneous dictionaries leading to inconsistencies | Complicates data interpretation and standardisation |
| Varied Transmission Parameters | Differences in frequencies, timelines, and aggregation levels | Inconsistencies in reporting structures and challenges in data synchronisation |
| Duplication & Overlap | Complex reporting schedules and processes | Increased workload, potential errors, and resource inefficiencies. |
| Revision Policy Disparities | Varying approaches to revisions | Lack of uniformity, affecting data reliability and comparability |
| Derogations and Data Exchange Challenges | Differences in policies and formats | Hinders seamless data exchange and collaboration |
| Systems Integration | Adaptability of current systems to change | Ease of Integration |
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Benefit:
Singular data model
Outcome:
Less data reconciliation, increased data accuracy
Benefit:
Unambiguous definitions, common data collection methods
Outcome:
Simpler adoption and implementation
Benefit:
Streamlining reporting processes
Outcome:
Minimises redundancies and overlaps, ensuring data accuracy
Benefit:
Eases the reporting workload for banks
Outcome:
Enhances efficiency and compliance
Benefit:
Improved underlying granular data
Outcome:
Reliable and consistent data for decision-making
Benefit:
Facilitates automated data processing
Outcome:
Reduces manual effort and enhances efficiency
Benefit:
Minimises costs for future data changes
Outcome:
Ensures adaptability without significant financial impact
Benefit:
Integrated requirements for banks across countries
Outcome:
Consistent and standardised reporting across borders
Benefit:
Enhanced cross-country comparability
Outcome:
Facilitates improved data analysis and policymaking
Are you ready to take your reporting to the next level? Our expert team can help you harness the power of Integrated Reporting to create more impactful, comprehensive, and future-focused disclosures.
Reach out to First Derivative today for tailored support with IReF and beyond!
Aoife Martin
Principal Consultant – Regulatory Solutions
11 years of experience in providing capital markets knowledge and support to our clients, within Regulation and Compliance.
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Hiren Gondhia
Principal Consultant – Regulatory Solutions
Capital markets consultant with 9 years experience, managing regulatory change initiatives for our Tier 1 and Tier 2 Investment Banking clients.
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