Bundesbank Updates List of Deactivated Validation Rules for Reporting
Bundesbank updated the information on additional audits by ECB and the list of deactivated validation rules for reporting by banks. It updated the list of deactivated validation rules, which—from the NGAAP perspective in Germany—are not in line with the respective reporting requirements. This list does not represent a final and complete overview of the questionable validation rules. The additional audits by ECB apply to all credit institutions within the meaning of the Capital Requirements Regulation (CRR).
These updates are a part of banking supervision under the harmonized reporting framework in EU. ECB has formulated data quality requirements for uniform supervision under the Single Supervisory Mechanism (SSM). As part of this, the quality of reported data is being assessed on the basis of the five criteria of punctuality (meeting the prescribed submission deadlines), completeness, correctness and consistency, continuity, and plausibility. It is important for a banking supervisor to ensure that the reported data are consistent and correct. The criteria of correctness involves ensuring that the transmitted messages are in line with the respective valid reporting requirements and this encompasses ensuring compliance with the validation rules (XBRL and non-XBRL) of EBA.
Related Links (in German)
Keywords: Europe, Germany, Banking, Reporting, Validation Rules, NGAAP, CRR, Bundesbank
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