The first annual report and accounts from the Prudential Regulation Authority (PRA), released today, sets out the regulator’s ambition to develop a data strategy as part of its business aims for the current financial year.
The PRA was formed and became part of the Bank of England in April 2013 when the Financial Services Authority was split into a prudential regulator and a conduct and consumer interests regulator, the Financial Conduct Authority.
Elsewhere the annual report explains that development and execution of the PRA’s data strategy is overseen by the PRA Data Board. “A central element in the development of the strategy has been a detailed analysis of the PRA’s data requirements against existing data collections,” it says. “Over the past year analysis has focused on balance sheet, profit and loss, capital, and market risk data from banks, building societies and investment firms.”
The PRA says that, over the last year, the Firm Data Submission Framework within the Analytics and Risk Technology infrastructure “has increased substantially the speed of data translation, validation and reconciliation between the PRA and the major UK banks, thereby improving efficiency”. The PRA has been working with the US Federal Reserve and the European Banking Authority in this area.
PRA’s annual report and accounts 2014 can be downloaded by clicking here.