<p><span>Reporting of risk data has never been the easiest of tasks, either for banks or regulators. Different firms capture the information in different ways, which then needs to be submitted to different regulators across numerous jurisdictions in a variety of formats, creating an operational headache and the potential for errors and inconsistencies. There’s now an opportunity to change this amid increased use of a common standard for risk data – a development that, as adoption grows further, will dramatically reduce the burden of compiling and interpreting risk data, increase the accuracy and consistency of the information reported, and pave the way for greater automation.</span></p>
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