What is AnaCredit?
Analytical Credit Datasets (AnaCredit) is a three-stage project that started in September 2018. It requires credit institutions and their branches across the Eurozone (plus some other European countries on a voluntary basis), to deliver granular credit and counterparty information.
AnaCredit introduces a step-change in the amount of granular data that is required to be reported on such a frequent basis – daily in some cases. AnaCredit was initiated by the ECB, as part of the Single Supervisory Mechanism (SSM) to improve monetary policy, risk management, financial stability, and to underpin economic research and statistics within the Eurozone. Firms are expected to have up-to-date expertise around data requirements and local discretions. They should also have processes in place to monitor effects on both their single and multi-country operations in the future.
In the event that firms submit poor quality data on a regular basis and have to frequently resubmit, it’s not unrealistic to then expect a Pillar 2 charge for poor data management and governance as a consequence of a SREP review. This can be avoided with the OneSumX AnaCredit solution.
Benefits of OneSumX AnaCredit solution
OneSumX AnaCredit is a powerful reporting and data lineage tool, it has the scalability to handle large volumes of data, and includes process automation. It also gives you the ability to re-use data to address FinRep, CoRep, and local statistical and prudential requirements.
Aggregate data intelligently so you can meet requirements and ensure individual counterparty and exposure is correct. Organizations can also reduce project duration, and deliver consistency of reporting across multiple scopes through data re-use.